Wednesday, August 12, 2015

Full Text: Misuse Of EPF Funds Case Against Rajapaksa And Cabraal

August 12, 2015

The case against Mahinda Rajapaksa and Ajith Nivard Cabraal in Connection with the misuse of EPF funds in the purchase of shares to be supported in open courts today.

The complainant states the Employees Provident Fund (EPF) monies that have been invested in the stock market of Sri Lanka with intent to boost up the values of certain shares irrationally and arbitrarily at the expense of the Employees Provident Fund resulting in a total loss of approximately 12 Billion SLR.

Sri Lanka's President Mahinda Rajapaksa (C), Governor of Central Bank Ajith Nivard Cabraal (L), and Economic Development Minister Basil Rajapaksa (R) speak during the presentation of the 2010 Central Bank of Sri Lanka annual report, in Colombo April 11, 2011. Sri Lanka's central bank on Monday forecast economic growth of 9.0 percent for 2012, and said it expected foreign exchange reserves this year to climb 21 percent to $8 billion. The central bank in its 2010 annual report also forecast post-war credit growth to cool to 18.8 percent by the end of the year versus 25.1 percent at the end of 2010. The speed of credit growth has raised some inflationary concerns. REUTERS/Dinuka Liyanawatte (SRI LANKA - Tags: POLITICS BUSINESS)

These are all the documents that were filed in the Magistrates Court of Colombo;

Full text;

IN THE MAGISTRATE’S COURT OF COLOMBO
In the matter of application in terms of section 136(1) and 139 (1) of the Criminal Procedure Code

Kelum Kumarasinghe
No.38, Bodhirukkarama Road,
Galborella,
Kelaniya

Complainant

-Vs-

1. Ajith Nivard Cabraal
6/31 School Lane,
Nawala,
Rajagiriya
2. Mahinda Rajapakse
Carlton House
Tangalle

Accused

On this …… day of August 2015

TO HONOURABLE MAGISTRATE OF COLOMBO:

1. The complaint of the complainant appearing by his Attorney at Law Gayani Dilrukshi states as follows :

2. The Complainant states that he is an Attorney at Law.

(a) The Complainant states the 1st Accused is the former Governor of the Central Bank and has caused a loss of Rs.12 Billion to the EPF Fund by intentionally investing in low shares in the stock market, and by being party to a process referred to as pumping and dumping with full knowledge of the fact and has thereby committed the offence of criminal breach of trust.Read More