{"id":186839,"date":"2018-01-29T13:56:14","date_gmt":"2018-01-29T08:26:14","guid":{"rendered":"https:\/\/www.colombotelegraph.com\/?p=186839"},"modified":"2018-01-29T13:56:14","modified_gmt":"2018-01-29T08:26:14","slug":"govt-tries-to-slip-protect-mahendrans-clause-into-debt-management-bill","status":"publish","type":"post","link":"https:\/\/www.colombotelegraph.com\/index.php\/govt-tries-to-slip-protect-mahendrans-clause-into-debt-management-bill\/","title":{"rendered":"Govt Tries To Slip \u2018Protect Mahendrans\u2019 Clause Into Debt Management Bill"},"content":{"rendered":"

The Yahapalan Government, in the process of introducing new regulations governing the management of the country\u2019s debt, has scripted in provisions granting immunity against prosecution to Central Bank officials and members of the Monetary Board \u2018if they act in good faith.\u2019<\/p>\n

\"\"<\/a>

Dr. Indrajit Coomaraswamy – Governor CBSL<\/p><\/div>\n

The proposed regulations has ben gazetted and will be presented to Parliament within the next three months as the Active Liability Management Bill.<\/p>\n

The said immunity is included in Section 9 which deals with \u2018defence in criminal or civil proceeding.\u2019 Accordingly members of the Monetary Board, officials of CB and those working for the line Ministry \u2018cannot 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.\u2019<\/p>\n

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 \u2018most of the laws have this as a standard clause and there is nothing to be alarmed about.\u2019<\/p>\n

The Sunday Times, quoting unnamed analysts opined that \u2018the immunity clause in the Active Liability Management Bill appears to have a wider meaning than what is contained in other bills.\u2019<\/p>\n

There is, for example, a safeguard through a connected clause in the Monetary Law Act under Section 47 on \u2018Protection for acts done in good faith,\u2019 where it is clearly stated that \u2018No 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.\u2019<\/p>\n

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 \u2018I acted in good faith,\u2019 does not stand.<\/p>\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

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