A veritable storm of sorts unrelated to Cyclone Ditwa struck earlier this morning. It was pointed out by some that Governor Cabraal had been discharged ‘conditionally’. Others stated that there were no conditions attached.
Mr Cabraal speaking to the press said he “always had faith in judicial process”. The crux of the matter was that under the new Anti Corruption laws in place CIABOC is able to ask for reimbursement of any stated losses and provide a time line for such payment. In the case of Governor Cabraal, the CIABOC counsel withdrew the current case on the basis that they expected payment of Rs 1.84 billion within a given three months.
On the other hand Counsel for the former Governor, did not give any undertaking of such repayment and maintained the position as set out in their representations to CIABOC.
In the event that CIABOC do not get satisfaction in terms of the payment from the former Governor, provisions exist in law for CIABOC to refile the case.
So in the matter before court CIABOC withdrew the case thus releasing Mr Cabraal. CIABOC although having requested the withdrawal of this case, maintained their right to bring about fresh action if no such payment was forthcoming.
Several interesting elements arise. One is the presumption of innocence, another the lack of mens rea or intention at the outset as claimed by Mr Cabraal’s legal team, another that in the past the Supreme Court had found that officials at the Central Bank including Mr Cabraal had acted within the rules and guidelines and could not be held liable for losses arising from such investments and additionally that the alleged loss was being sought solely from the former Governor.
Speaking to the media, Cabraal said he was happy with the court’s decision. “Many tried to exert immense psychological pressure on me with this allegation. But that didn’t affect me. I had faith in the judicial process, and I’m happy the case has been withdrawn,” he said, thanking those who stood by him and his associates.
A source with knowledge of this matter disclosed that legal teams for Mr Cabraal had not agreed to pay any monies towards the amount claimed by the Bribery commissioners.
The case against Former Central Bank Governor Ajith Nivard Cabraal in relation to the CBSL’s investment in Greek Bonds in 2011 was taken up 10.12.2025 before the High Court No 6.
At the outset, the Counsel for the Bribery Commission stated that in accordance with the Legal Submission made by Mr Dilan Ratnayake PC under Section 67 of the new Anti Corruption Act – on behalf of Mr Ajith Nivard Cabraal, the Bribery Commission wished to withdraw the Indictments against all four Accused.
At the same time, the Commission also sought damages of Rs.1.8 billion from the 1st Accused Mr Cabraal only.
Thereafter, the HC Judge Mohomed Mihal, having considered the submissions of Mr Dilan Ratnayake PC and the Counsels for the other Accused, ruled that the cases against all Accused be forthwith dismissed.
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