Causing Rs. 12 b loss to EPF – Cases filed against MAHINDA & former CB Governor

A soldier looks at campaign posters of Sri Lankan President Mahinda Rajapakse, in Colombo December 17, 2009. Rajapakse today submitted his applications for the January 26, 2010 presidential elections, with his main contender being Sri Lanka's retired general Sarath Fonseka. Sri Lanka's election commissioner on Thursday accepted a record 22 nominations for the January presidential poll, in which economic policies, and not war strategy, are expected to dominate the campaign. REUTERS/Stringer (SRI LANKA - Tags: POLITICS ELECTIONS)

Two cases have been filed in the Colombo Magistrates’ Court yesterday against former President Mahinda Rajapaksa and former Central Bank Governor, Ajith Nivad Cabraal on corruption charges.

The cases filed under the Penal Code accuse them of causing a loss of Rs. 12 billion to the EPF fund and causing a loss of Rs. 2.14 billion to the Central Bank of Sri Lanka.

Counsel Kelum Darshana Kumarasinghe filed charges against Rajapaksa and Cabraal at the Magistrates’ Courts. According to Counsel Kumarasinghe’s application, the former Central Bank Governor, has caused a loss of Rs. 12 billion to the Employees Provident Fund (EPF) by intentionally investing in low shares in the stock market.

The former Central Bank Governor had acted in a fraudulent manner with intent to cause a loss of Rs. 2.14 billion to the Central Bank of Sri Lanka, as a result of an investment made in the purchasing of Greek Bonds to the value of Euros 30 million from the secondary market, contrary to the guidelines of the Monetary Board, he had said in his charge sheet.

A soldier looks at campaign posters of Sri Lankan President Mahinda Rajapakse, in Colombo December 17, 2009. Rajapakse today submitted his applications for the January 26, 2010 presidential elections, with his main contender being Sri Lanka's retired general Sarath Fonseka. Sri Lanka's election commissioner on Thursday accepted a record 22 nominations for the January presidential poll, in which economic policies, and not war strategy, are expected to dominate the campaign.    REUTERS/Stringer  (SRI LANKA - Tags: POLITICS ELECTIONS)

A soldier looks at campaign posters of Sri Lankan President Mahinda Rajapakse, in Colombo December 17, 2009. Rajapakse today submitted his applications for the January 26, 2010 presidential elections, with his main contender being Sri Lanka’s retired general Sarath Fonseka. Sri Lanka’s election commissioner on Thursday accepted a record 22 nominations for the January presidential poll, in which economic policies, and not war strategy, are expected to dominate the campaign. REUTERS/Stringer (SRI LANKA – Tags: POLITICS ELECTIONS)

He has charged former President Mahinda Rajapaksa, the second accused in his application, for allegedly aiding and abetting former Central Bank Governor Ajith Nivad Cabraal for the alleged charges.

He had also stated in his application filed against Cabraal and Rajapaksa that the second accused (Mahinda Rajapaksa) has publicly admitted that he had prevented any action being taken against persons who had committed offenses under his tenure, and has thereby committed the offense of aiding and abetting.

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