Court clears way for Cabraal Greek bond trial

Glocal
By Editor_1
The Colombo Permanent High Court Trial-at-Bar on Monday (July 13, 2026) dismissed a preliminary objection filed by former Central Bank Governor Ajith Nivard Cabraal, paving the way for the trial to proceed in a bribery and corruption case over alleged losses caused to the state through investments in Greek bonds – ENCL/File

COLOMBO ‒ The Colombo Permanent High Court Trial-at-Bar on Monday (13) dismissed a preliminary objection filed by former Central Bank Governor Ajith Nivard Cabraal, paving the way for the trial to proceed in a bribery and corruption case over alleged losses caused to the state through investments in Greek bonds.

The unanimous decision was delivered by the bench comprising Judges Manoj Thalgodapitiya, Udesh Ranatunga and Buddhika C. Ragal.

The case relates to allegations that Cabraal, while serving as Central Bank Governor in 2012, caused a loss of more than Rs 1.84 billion to the government by investing state funds in Greek sovereign bonds during a period when Greece was facing a severe economic crisis.

The defence had raised a preliminary objection claiming that the he Special Trial-at-Bar did not have jurisdiction to hear the case. It also argued that the charges were similar to those filed in two previous High Court cases ‒ HCB 271/24 and HCB 33/24 ‒which had already concluded, and that initiating another case on the same allegations was unlawful.

However, the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) told court that the present case had been filed by the Commission’s Director General under the provisions of Act No. 9 of 2018.

After considering submissions from both parties, the three-judge bench ruled that the relevant legislation did not violate constitutional rights and was procedural in nature. The court further observed that any party dissatisfied with a decision of the three-judge Trial-at-Bar had the right to appeal to the Court of Appeal, with the Supreme Court being the final appellate authority.

Accordingly, the court rejected the preliminary objections raised by the defence, stating that they lacked legal grounds, and ordered that the trial commence on July 20.

The indictment alleges that between March 11, 2011, and November 19, 2012, investments were made in Greek bonds using state funds, resulting in a loss of Rs.1,843,267,595.60 to the government.

CIABOC Additional Director General (Legal) Anusha Sampathperuma and Attorney Kaya Rajapaksha appeared for the prosecution, while President’s Counsel Sampath Mendis represented Cabraal.

-ENCL

Editor_1
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