The Colombo High Court has acquitted five defendants, including Ajith Nivard Cabraal, the former governor of the Central Bank of Sri Lanka, who were accused of causing a 1.84 billion rupee loss to the government through investments in Greek treasury bonds in 2012.
Cabral and the defense attorneys raised preliminary objections, arguing that the case filed by the Bribery Commission was improperly managed and could not be sustained. The presiding judge upheld these objections, leading to the dismissal of the charges.
In delivering the verdict, the judge highlighted a procedural oversight: the indictment against the defendants was signed on March 26, before the appointment of a new Director General under the updated anti-corruption act on April 2. The judge noted that the Director General under the old act lacked the authority to sign a charge sheet under the new legislation, rendering the charge sheet invalid.
As a result of this procedural flaw, the judge concluded that the charges could not legally be maintained and ordered the release of the defendants.
This ruling underscores the necessity for strict adherence to procedural requirements in legal processes, particularly in cases involving significant financial allegations.