Colombo : In a landmark ruling, the Sri Lankan Supreme Court declared that former President Gotabaya Rajapaksa, along with his brothers, Prime Minister Mahinda Rajapaksa and Finance Minister Basil Rajapaksa, and other top officials, are accountable for the economic crisis that led to the country’s bankruptcy. The five-judge bench asserted that the actions of the former President and his associates violated public trust and fundamental rights by mishandling the nation’s economy.
The court’s judgment emphasized the role of the ex-President, who is currently abroad, in the economic downturn. Additionally, the ruling implicated key figures such as the former Central Bank Governor and former Treasury Secretary for their roles in the mismanagement of the Indian Ocean island nation’s economy.
Calls for accountability came from various quarters, including Transparency International Sri Lanka (TISL), a corruption watchdog, academics, and civil rights activists who filed several public interest litigations. These petitioners sought legal action against those responsible for the economic crisis, which triggered public unrest leading to the government’s overthrow last year.
The complaints detailed a series of alleged wrong decisions by the ex-President, including the awarding of tax reliefs amounting to nearly Sri Lankan Rupee 680 billion to selected businessmen. The devaluation of the local currency, exacerbated by heavy money printing in trillions of rupees, especially during the COVID-19 pandemic, was also cited as a contributing factor. Criticism extended to the delay in seeking assistance from the International Monetary Fund (IMF) and the repayment of a USD 500 million sovereign bond amid a severe economic crisis.
The repercussions of these decisions, as outlined in the legal filings, resulted in what is being described as the worst economic crisis in post-independent Sri Lanka. The Supreme Court’s verdict adds a significant dimension to the ongoing discourse surrounding accountability, transparency, and economic governance in the nation.
