{"id":244901,"date":"2025-12-17T02:57:57","date_gmt":"2025-12-16T21:27:57","guid":{"rendered":"https:\/\/www.colombotelegraph.com\/?p=244901"},"modified":"2025-12-31T07:12:24","modified_gmt":"2025-12-31T01:42:24","slug":"ajith-nivard-cabraal-greek-bond-issue-more","status":"publish","type":"post","link":"https:\/\/www.colombotelegraph.com\/index.php\/ajith-nivard-cabraal-greek-bond-issue-more\/","title":{"rendered":"Ajith Nivard Cabraal – Greek Bond Issue & More"},"content":{"rendered":"

By Sam Panditha<\/a> –<\/b><\/span><\/p>\n

\"\"

Dr Sam Panditha<\/p><\/div>\n

Cabraal went on TV and said he was unconditionally discharged by the Court (\u0db1\u0dd2\u0daf\u0ddc\u0dc3\u0dca<\/span> \u0d9a\u0ddc\u0da7<\/span> \u0db1\u0dd2\u0daf\u0dc4\u0dc3\u0dca<\/span>). Another YouTuber \u201cSL LEADERS\u00a0 <\/span>(Abeetha Edirisinghe<\/span><\/a><\/span>)\u201d watch at least from 5th<\/sup><\/span> minute, confirms the same story. He calls Cabraal at the 5th<\/sup><\/span> minute in the video, and Cabrral<\/a><\/span> answers immediately and says he was unconditionally discharged by the Court (\u0db1\u0dd2\u0daf\u0ddc\u0dc3\u0dca<\/span> \u0d9a\u0ddc\u0da7<\/span> \u0db1\u0dd2\u0daf\u0dc4\u0dc3\u0dca<\/span>). The real situation can be extracted from the Actual court record, as quoted in Bharatha Tennakon’s YouTube<\/a><\/span>.<\/p>\n

As per the judgment delivered- Yes he was released, but on condition that he must pay within three months Rs 1.84 BN. If he fails to pay, the state has the right to file a fresh case. The reality is that he is unlikely to pay the fine. If he pays, he will face additional charges on how he earned that much money, and has he paid proper income tax on that earning?<\/p>\n

So it is highly unlikely Cabraal will pay and it is more likely that the Judiciary may file a new case.<\/p>\n

\"\"

Cabraal<\/p><\/div>\n

Question remains, why did Cabraal apply for this judgement? Most likely to buy time, knowing very well court cases go on for many years, and a new case may not get a judgement. In his life time. A new case his lawyers can start by contesting paper work.<\/p>\n

On the other hand, it will be difficult for CIABOC to prove the case. Incident happened in 2012 so long ago. It is about an investment decision. Though as many Rajapaksa era deals, buying Greek bonds<\/a><\/span> at a time when the World knew country is bankrupt, is questionable. Did someone benefit from the deal- buying basically a junk bond, <\/i>and pocketing from the seller who held the junk bond, and getting a solid underhand payment. Cabraal can say his analysis at the time, it was a prudent investment. Though common sense dictates foolish to buy bonds linked to a bankrupt country proving a crooked investment deal is difficult.<\/p>\n

Other Possible Cases Against Cabraal\u00a0<\/span><\/strong><\/p>\n

More easier to prove and needy two cases against Cabraal are: the US Lobbying payment by the Central Bank, and the Sri Lanka Commonwealth games 2018 bid funds, which Cabraal managed.<\/p>\n

US Lobbying Case\u00a0<\/span><\/strong><\/p>\n

\u201cThe Sri Lankan Government in 2014 paid US$ 6.5 mn through its Central Bank to an American businessman, Imaad Shah Zuberi who was a CIA mole<\/a><\/span>, to buy influence and fix its image in the US\u201d, an investigative report in the Wall Street Journal<\/i> (WSJ) now reveals, \u201cfollowing his sentencing for 12 years in prison after pleading guilty to tax evasion, foreign-influence peddling and campaign finance violations\u201d.<\/p>\n

More information available in the US department of Justice Report<\/a><\/span> February 2021 \u201cPolitical Donor Sentenced to 12 Years in Prison for Lobbying and Campaign Contribution Crimes, Tax Evasion, and Obstruction of Justice\u201d\u00a0<\/b><\/p>\n

As the then Central Bank Governor, that approved payment, three key questions Cabraal has to answer<\/span>:<\/p>\n

1. What is the role of Central Bank in promoting the image of Sri Lanka in the USA? If it was done by the Foreign Ministry, one can understand.<\/p>\n

2. How was ZUBERI selected to promote the image. Was there a tender process and transparency, or Cabraal simply picked him?<\/p>\n

3. Was the entire US$ 6.5 Mn paid to Zuberi? Were there kickbacks (highly likely)?<\/p>\n

Despite the US justice Department jailing, ZUBERI, has the Central Bank or the Sri Lanka Government carried out an investigation? As Government funds were wasted, and Cabraal responsible as CB Governor, a case must be filed by CIABOC\/ Bribery Commission<\/p>\n

Commonwealth Games Bid<\/b><\/span><\/p>\n

In 2010, Sri Lanka made a bid to host the 2018 Commonwealth Games. Rs 702 Mn was used<\/a><\/span> in the \u201cCommonwealth games fund\u201d The Organizing Committee was co-chaired by Mahindananda Aluthgamage, then Minister of Sports and Ajith Nivard Cabraal, then Governor of the Central Bank<\/b>.\u201d<\/p>\n

Many questioned why so much funds were wasted, merely as some said to boost Rajapaksas (Namal in particular). Cabraal headed the funding and the role was questioned.<\/p>\n

\u201cViability of Lanka\u2019s C\u2019wealth Games bid questioned \/ There are innovative ways of raising funds \u2014 Cabraal \u2013 Transparency International Sri Lanka<\/a><\/span>\u201d<\/span><\/p>\n

\u201cConfusion And Secrecy Surrounds Funding For 2018 Commonwealth Games Bid\u201d<\/b> Close to USD 1 Mn spent<\/a><\/span> on Hotel accommodation.<\/p>\n

\u201cWith an entourage, numbering 130 people, to St. Kitts and Nevis in the Caribbean, the group chartered a flight from the government owned national carrier \u2018SriLankan Airlines\u2019. The contingent consisted of former cricketers, businessmen and even a prominent actress and her ever present mother\u201d.<\/p>\n

BBC report<\/a><\/span> – \u201cSri Lanka says that it \u201chas what it takes\u201d to host the 2018 Commonwealth Games.\u201d<\/p>\n

\u201cA senior member of the Sri Lankan committee, the Central Bank Governor Ajith Nivard Cabraal, denied that the bid is extravagant when many northern Sri Lankans have yet to be properly resettled after the war. Cabraal said \u201cyou need to move forward from conflict, from turmoil. That\u2019s what Sri Lanka is doing. And I think we have every right to do so, and we are doing that without neglecting in any way other people who need to be supported as well\u201d. We have seen videos of Cabraal, Namal Rajapaksa and actresses dancing in a hotel in St. Kitts and Nevis, and having a gala time, with the 130 Sri Lankans that went there.\"\"<\/p>\n

A colossal waste of Government funds. Cabraal to answer the following:<\/p>\n

1. What is his role as Central\u00a0 <\/span>Bank Governor, heading this bid and wasting time and money?<\/p>\n

2. He was paid by the Central Bank and did the job description cover his role and time utilized in the wasted event?<\/p>\n

3. He must present the detailed accounts on how close to Rs 800 Mn was spent, and a forensic audit initiated by Government.<\/p>\n

Here again sufficient evidence for CIABOG and Bribery Commission to file a case against Cabraal<\/p>\n

Let\u2019s\u00a0 <\/span>hope these cases will be filed soon!<\/p>\n","protected":false},"excerpt":{"rendered":"

[…]<\/p>\n","protected":false},"author":1682,"featured_media":1730,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,2186,46,8,2375],"tags":[],"class_list":["post-244901","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-colombotelegraph","category-featured-news","category-constitutional-reforms","category-editorial","category-stories"],"yoast_head":"\nAjith Nivard Cabraal - Greek Bond Issue & More - Colombo Telegraph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.colombotelegraph.com\/index.php\/ajith-nivard-cabraal-greek-bond-issue-more\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ajith Nivard Cabraal - 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