22 September, 2018

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Govt Tries To Slip ‘Protect Mahendrans’ Clause Into Debt Management Bill

The Yahapalan Government, in the process of introducing new regulations governing the management of the country’s debt, has scripted in provisions granting immunity against prosecution to Central Bank officials and members of the Monetary Board ‘if they act in good faith.’

Dr. Indrajit Coomaraswamy – Governor CBSL

The proposed regulations has ben gazetted and will be presented to Parliament within the next three months as the Active Liability Management Bill.

The said immunity is included in Section 9 which deals with ‘defence in criminal or civil proceeding.’ Accordingly members of the Monetary Board, officials of CB and those working for the line Ministry ‘cannot be held liable, either for criminal matters or civil matters for performing in good faith the duties and/or exercising the powers given to them by this Act or any regulation, Order, decision or directive issued and made.’

Deputy Minister of National Policies and Economic Affairs Dr Harsha de Silva pooh-poohed concerns over the immunity clause. He told the Sunday Times that ‘most of the laws have this as a standard clause and there is nothing to be alarmed about.’

The Sunday Times, quoting unnamed analysts opined that ‘the immunity clause in the Active Liability Management Bill appears to have a wider meaning than what is contained in other bills.’

There is, for example, a safeguard through a connected clause in the Monetary Law Act under Section 47 on ‘Protection for acts done in good faith,’ where it is clearly stated that ‘No member of the Monetary Board or officer or servant of the Central Bank shall be liable for any damage or loss suffered by the bank unless such damage or loss was caused by his misconduct or willful default.’

In the case of the Central Bank bond issue scam, for example, misconduct and willful default have been established by the various commissions and committees inquiring into the same. As such the plea ‘I acted in good faith,’ does not stand.

The current wording in the gazette, on the contrary, had it been in force at the time the bond issue scam was perpetrated would have given wrongdoers a lifeline.

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Latest comments

  • 3
    4

    will it include arch villain cabral as well

    • 15
      4

      What is the purpose of including the image of this very honourable man Indrajit Coomaraswamy in this article?

      Harsha Iran and Indrajit are three men who could be trusted to do the right thing even though Harsha could sometimes display signs of emotion which can be counter productive. As a threesome, they are in a class of their own.

      • 11
        2

        I understand when the truth is told it will hurts some, but what’s said above is the truth however unpalatable it may seem, to some.

        Everyone in the UNP isn’t despicable. And IC isn’t UNP or the SLFP. He is just CR & FC.

    • 10
      2

      Bonscam Ranil Wickramasinghe, who has obstructed the rule of law and course of justice must be removed from office and impeached before he does more damage to the economy and passes more laws to protect criminals and entrernch corruption and impunity and immunity for corrupt politicians and their cronies.

      • 4
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        D.
        Spot on.
        It’s time to introduce time limits and term limits to elected political office. Young bright politicians is the need not cronies; enough is enough.

        • 1
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          Sarrij ~ “……….Young bright politicians is the need……….”.
          Namal is young but is he bright enough?

      • 2
        1

        Well Said, He must resign and join his friend the fraudster Mahendran, whom he defended double heartedly. People are not prepared to excuse Ranil for defending and covering up Mahendran. Can Ranil bring Mahendran Back to Sri Lanka and ask him to face the charges in the Courts. Has he commented on bringing Mahendran Back. This white collar criminal Mahendran in VI P garb should be tried according to Chinese or Islamic Law. Sri Lankan Law is soft , Criminals escape, Lawyers become billionaires . Ranil has destroyed UNP, which he managed to hold preventing disintegration. Before fully destroying the party , UNP ers must elect a new Leader.

  • 8
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    What is in good faith? How to measure this faith will be a very big problem. The good faith and will fully directing people working under some one does not construed as in good faith. Who is thi Harsha de Silva to give an opinion on a very serious legal definition.

    • 8
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      Dr.De Silva was the one who proclaimed that the VW factory would be setup in Kuliyapitiya – ‘in good faith’ of course.

  • 6
    6

    Of course Mahendran acted in good faith to make as much mone for his his son in law. Good family man following the foot steps of MR. and the rest .

    • 0
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      The problem here about “Good Faith”,is that it is an abstract idea.
      It is difficult to test.
      What is GF for one may not appear same for another, or others.

  • 5
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    so mahendran is not going to jail after all,and cabraal also can sleep in peace now.

    • 0
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      Quote Pussweddila “Arsikland” or better known factually round the world among wealthy professional Thieves, Crookes, Looters, Rapist, Murders, Drug lords Money launders no Sri Lankan locale crooked politician or their family member close friend or a rapist, murderer drug lord, EX-RB Governor,government department head or wealthy private company owner will not loose a wink of sleep any given night worrying about law and order unless they are in a Whore house having a difficulty with accidental Johnny Amarthunga hard-on taking to many Viagra tablets.

      • 1
        1

        I read, JOhn amaratunga is giving a Advertising contract of $ 650,000 to CNN. May be just one advertisement to NO ONE CARES CNN. How many tourists they would get and why did not they reward the tourist agents or tourists with that instead of giving one advertisement. LEGAL THEFTS ARE STILL OCCURING.

  • 6
    1

    Harsha de Silva is not alarmed at anything. He usually put his foot(note) in his mouth

  • 4
    2

    Don’t forget that this Deputy Minister “DR” Harsha de Silva was the Leader of that “Foot Note” gang, who sat with the Chairman of the COPE into the early hours of a day to fight for and on behalf of that gang to include those notes. Now he is on an EXTENDED MISSION to rescue all those involved in the “Bond Robbery” starting with the ex Governor and all other High Ranking Officers of the CB. This reminds me of a Sinhala village saying: “Loola Nethi Thanata Kanya Pandithaya”. This argument of the “Learned DR”. will give some relief to the Police Officer in Katharagama, who shot dead a motor cyclist for failing to obey the lawful orders given to stop. After all that Police Officer too acted in “Good Faith” to MAINTAIN Law & Order. Also, the both convicted Mr. Lalith Weeratunga and Mr. Palpita would now be able to plead NOT GUILTY in their appeal and say they ACTED IN GOOD FAITH to spend Rs. 600 million to buy and distribute “Sil Reddi” to the Buddhist Devotees for and on behalf of the People of Sri Lanka to enable them to collect merit and attain Nirvana in the next birth. Mr. President: Where are those “Madu Waligaya” and “Kaduwa”? Don’t you think it is time to make full use of those?.

    • 4
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      Not only Harsha De silva every one accused in the Bond report come out and talk like saint. Kiriella looks hysterical. Only problem is why MY3 is not asking or Speaker is not asking them to step down and why AG is not giving orders to arrest them.

      • 2
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        Jim softy

        “Not only Harsha De silva every one accused in the Bond report come out and talk like saint. “

        Because he is a self confessed Sinhala/Buddhist and a southerner.

  • 3
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    Lawmakers draft laws to suit themselves and this is pretty well accepted. For example the Trump tax-break changes.
    No wonder there is such a rush to hold the reins of power.
    The clever learn quickly. Harsha is very very clever indeed!

    • 0
      1

      Unlike Yahalapan’s sudden desire to protect their undemocratic process, Trump’s tax-breaks were within the executive legislature for many centuries, and not after the fact.

  • 1
    1

    The reason why the international community is demanding foreign judges participation is because we have various protection for the elite compared to the normal civilian in the eyes of the law. Its time we voters give serious thought to these illegal protections. Everyone should be equal in front of the law and no one, including the President should have any protection.

  • 4
    1

    They acted in good faith? They acted with much criminality!!! From the very start, when such a wide ball as this was being played, this lot should have known the undemocratic nature of it. They should have known that the money of the struggling masses were being placed on futuristics so delusory, so much so that the population is in panic mode now. If Parliament (which is in place for the democratic aspiration of the masses) hadn’t given approval, how dare these people blatantly do as they please with country money! All should be sacked, fined, or worse.

  • 1
    1

    IS this the work of American – Legal Expert living inside Sirikotha. they did not appoint to countries far corrupt than SRi lanka. but sent one to Sirikotha.

  • 0
    0

    It is all bahubutha. In simple words our courts won’t accept retroactive legislation.Comments show political colours of people.

  • 3
    0

    …………..provisions granting immunity against prosecution to Central Bank officials and members of the Monetary Board ‘if they act in good faith.’
    Deputy Minister of National Policies and Economic Affairs Dr Harsha de Silva says ~ “……………..most of the laws have this as a standard clause and there is nothing to be alarmed about………..”.
    Hmm………….Lasantha assassins acted in good faith.
    Thajudeen autopsy reports written in good faith
    CEO Suren Ratwatte acted in good faith and so on
    .
    Even Gods seem to be acting in good faith!

  • 0
    0

    India has started arresting wattsuo groups for fake news and deforming images of The PM ,
    So next will be Sri Lanka ,you can’t delete a message shared after 7mins ,which means its well secured in some cloud .

    Happy ending ,Sri Lanka a Small country compared to India ,but has the max no of Wattsup groups with slandering not only politicians but also the general public .
    Am sure lot of groups are going to be in big trouble .

    Good ,its these groups who harm innocent people and also the cause for racism and riots .

    TyecPM

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