On Tuesday, the Supreme Court of Sri Lanka delivered a verdict holding former President Gotabaya Rajapaksa, along with his brothers, Prime Minister Mahinda Rajapaksa and Finance Minister Basil Rajapaksa, as well as other high-ranking officials responsible for the economic crisis that ultimately led the country to bankruptcy.
A five-judge bench of the apex court ruled that the former President, who is currently outside the country, and his siblings, along with the former Central Bank Governor and Treasury Secretary, had breached public trust and violated the fundamental rights of the people through mismanagement of the island nation's economy.
Several public interest litigations were filed by Transparency International Sri Lanka (TISL), a corruption watchdog, along with academics and civil rights activists, urging action against those deemed responsible for the economic downturn.
The petitioners highlighted various grievances, including the ex-president's decisions such as granting tax reliefs totaling nearly Sri Lankan Rupee 680 billion to selected businessmen, allowing the local currency to depreciate significantly through extensive money printing in trillions of rupees—especially during the COVID-19 pandemic—and the delay in seeking assistance from the International Monetary Fund (IMF).
Furthermore, the postponement of the repayment of a USD 500 million sovereign bond amid a severe crisis contributed to what is now considered the worst economic crisis in post-independent Sri Lanka.
The ruling sheds light on the legal repercussions of the alleged mismanagement, emphasizing the impact of economic decisions on the nation's stability and the subsequent public outcry that led to the government's downfall last year.
(With Agency Inputs)
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