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Petition In the matter of an Application under and in terms of Articles 17 and 126 of the Constitution of the Democratic Socialist Republic of Sri Lanka. 1. Dr. Athulasiri Kumara Samarakoon The Open University of Sri Lanka, PO Box 21, Nawala, Nugegoda 2. Soosaiappu Neavis Morais 49/7 Cyril Peiris Mawatha, Palliyawatta, Wattala 3. Dr. Mahim Mendis 301/1A, Kotte Road, Mirihana, Nugegoda PETITIONERS SCFR Application No : -Vs- Page 1 of 40 Petition 1. Hon. Ranil Wickremesinghe Minister of Finance 2022 - Present 2. Mahinda Rajapakse Former Cabinet Minister of Finance 2019 - 2020 2A. Basil Rajapakse Former Cabinet Minister of Finance 2020 - 2022 2B. Ali Sabri PC Former Cabinet Minister of Finance 2022 3. Prof. G. L. Peiris 4. Dinesh Gunawardena 5. Douglas Devananda 6. Dr. Ramesh Pathirana 7. Prasanna Ranatunga 8. Rohitha Abeygunawardena 9. Dullas Alahaperuma Page 2 of 40 Petition 10. Janaka Wakkumbura 11. Mahinanda Aluthgamage 12. Mahinda Amaraweera 13. S. M. Chandrasena 14. Nimal Siripala de Silva 15. Johnston Fernando 16. Udaya Gammanpila 17. Bandula Gunawardena 18. Gamini Lokuge 19. Vasudeva Nanayakkara 20. Chamal Rajapakse 21. Namal Rajapakse 22. Keheliya Rambukwella 23. C.B. Ratnayake Page 3 of 40 Petition 24. Pavithra Devi Wanniarachchi 25. Sarath Weerasekera 26. Wiman Weerawansa 27. Janaka Bandara Thennakoon The 1st to 27th Respondents are all former Members of the Cabinet of Ministers of the Republic and presently sit as Members of Parliament of the Republic. Parliament of Sri Lanka Sri Jayawardenapura Kotte 28. The Monetary Board of the Central Bank of Sri Lanka Central Bank of Sri Lanka PO Box 590 Colombo 01 29. Ajith Nivaad Cabraal Former Governor of the Central Bank of Sri Lanka 32/7 School Lane, Nawala Page 4 of 40 Petition 30. W D Luxman Former Governor of the Central Bank of Sri Lanka No. 224, Ihalayagoda, Imbulgoda 31. S.R. Attygalle Former Secretary to the Treasury No. 23, Madapatha, Pilliyandala 32. S. S. W. Kumarasinghe Former Member of the Central Bank of Sri Lanka No. 62/4, 11th Lane, Wickramasinghepura Road, Battaramulla 33. Hon. Attorney General Attorney General’s Department Colombo 12 34. Chulantha Wickramaratne Auditor General 306, 72 Polduwa Road, Battaramulla 35. Hon. Justice Eva Wanasundera Page 5 of 40 Petition 36. Hon. Justice Deepali Wijesundera 37. Mr. Chandra Nimal Wakishta Members of the Commission To Investigate Allegations Of Bribery Or Corruption 36, Malalasekera Mawatha, Colombo 07, Sri Lanka. 38. Mr. P. B. Jayasundara Pelawatte, Battaramulla. 39. Mr. Dhammika Dasanayake Parliament of Sri Lanka Sri Jayawardenapura Kotte RESPONDENTS On this __ day of June 2022 TO: HIS LORDSHIP THE CHIEF JUSTICE, AND THEIR LORDSHIPS THE OTHER HONOURABLE JUSTICES OF THE SUPREME COURT OF THE DEMOCRATIC SOCIALIST REPUBLIC OF SRI LANKA The Petition of the Petitioners appearing by Mrs. Shiranthi Gunawardena Associates, their registered Attorney-at-Law state as follows: Page 6 of 40 Petition THE PETITIONERS 1. The Petitioners are a group of qualified academics presently working within the Republic. True copies of the biodata of each of the Petitioners are annexed hereto marked as P1(a), P1(b), and P1(c) and are pleaded as part and parcel hereof. 2. The Petitioners bring this application on behalf of their own interest and on behalf of the interest of the public citizenry of the Democratic Socialist Republic of Sri Lanka (“The Republic”). THE RESPONDENTS 3. The Petitioners state as follows: (a) The 1st Respondent is the current Prime Minister of the Republic, who was installed as such on 13.05.2022 and is the current Cabinet Minister charged with the subject of Finance; (b) The 2nd, 2A, and 2B Respondents are the Former Cabinet Ministers charged with the Subject of Finance, who were responsible for the state of the economy of the Republic at times material to this application; (c) The 3rd to the 27th Respondents are the remaining members of the Cabinet of Ministers who held the above captioned positions at the time at which the Cabinet Decision to reduce taxes, and the other decisions complained of therein were taken, which led to the economic hardship contained herein occurred, and whose decisions are under scrutiny in this application. Inter alia the said Respondents are responsible for the Page 7 of 40 Petition detrimental impact suffered by the economy of the Republic, and the hardship caused to the general citizenry of the Republic; (d) The 28th Respondent is the Monetary Board of the Central Bank of the Republic, a body corporate with perpetual succession and a common seal which may sue or be sued in its corporate name in terms of Section 9 of the Monetary Law Act (as amended); (e) The 29th to 31st Respondents are the former Governors of the Central Bank and the Secretary to the Treasury of the Republic, who were members of the 28th Respondent by virtue of the captioned positions held thereby in terms of Section 8(2) of the Monetary Law Act. The 32nd Respondent is a former appointed member of the 28th Respondent; (f) The 33rd Respondent is the Hon. Attorney General who inter alia is made a party to this Application in terms of Article 126 read with Article 35 of the Constitution of the Democratic Socialist Republic of Sri Lanka; (g) The 34th Respondents is the Auditor General, who is made a party to this application for the purposes of conducting the audit morefully prayed for below; (h) The 35th to 37th Respondents are members of the Commission To Investigate Allegations Of Bribery Or Corruption; (i) The 38th Respondent is the former Secretary to His Excellency the President, and has been named as being responsible for the decisions taken by the 28th Respondent prior to his resignation from such position on 15.01.2022; (j) The 39th Respondent is the Secretary General of Parliament and is made a party to this application for the purpose of obtaining the minutes of the Committee On Public Enterprise meeting held on 25.05.2022. Page 8 of 40 Petition 4. The Petitioners respectfully reserve their right to add any further parties and / or any person exercising powers thereunder, should the necessity so arise during the course of the hearing of this Application. 5. The Petitioners further state that the actions of any one or more of the 1st to 37th Respondents hereinafter set out and impugned in this application constitutes “executive or administrative action” within the meaning of Article 126 of the Constitution. THE PETITIONERS’ APPLICATION IN A NUTSHELL 6. The Petitioners are aggrieved by the significant economic hardship faced thereby, and by the citizens of the Republic, including (1) high levels of inflation, (2) the non-availability of vital resources, goods, commodities and other essential items, including fuel, Liquid Petroleum Gas, medicine and food, and (3) the dearth of foreign currency all of which arose consequent to the mismanagement of the economy of the Republic by several of the Respondents to this application. 7. The Petitioners are further aggrieved by the acts of the 29th to 32nd Respondents in their official capacities as members of the 28th Respondent, who by neglect and willful default caused loss and damage to the Central Bank of Sri Lanka, and consequently the Citizens of Sri Lanka at large. THE STATE OF THE ECONOMY OF THE REPUBLIC PRIOR TO THE ELECTION OF HIS EXCELLENCY THE PRESIDENT IN 2019 8. These Petitioners state that prior to His Excellency the President being installed on or about 18.11.2019, the key economic statistics of the Republic were as follows: Page 9 of 40 Petition (a) The Gross Domestic Product of the Republic had grown by 2.3% from the previous year; (b) The Republic’s total debt as a proportion of GDP amounted to 86.8%, and foreign debt as a proportion of GDP amounted to 41.3%; and (c) The Republic’s reserves of foreign currency amounted to USD 7,642,000,000/-. 9. The Petitioners further state that after 2008, the various appointed Governments of the Republic have increased the Republic’s reliance on foreign sources for financing the Republic’s debt. In particular, the Petitioners state that between the years 2015 to 2019, 46% of the Republic’s fiscal debt was financed by foreign financing means. Consequent thereto, the Republic’s exposure to foreign debt also commensurately increased. 10. Consequent to the aforementioned policy decisions taken, as at 2018, when the 1st Respondent was the Prime Minister of the Republic, the foreign debt owed by the Republic to foreign nations was almost equivalent to the local debt thereof. 11. Accordingly, the Petitioners state that when His Excellency the President was elected as the President of the Republic, the fiscal debt of the Republic had risen to a proportion as high as 86.6% of the Republic’s GDP. Further, His Excellency was also faced with increasing foreign debt. A true copy of the Keynote Address given by Professor Lalith Samarakoon titled “Perspectives on Sri Lanka’s Debt Burden and Policy Options” is annexed hereto marked as P2 and is pleaded as part and parcel hereof. THE PREMISE OF HIS EXCELLENCY’S ELECTION IN 2019 Page 10 of 40 Petition 12. The Petitioners state that prior to his election to such post, His Excellency the President published an election manifesto titled “Vistas of Prosperity and Splendour” containing the several policy changes, inter alia for the purported purpose of providing “emergency relief” to people and local ventures who were suffering under the previous government’s policies. To such end, His Excellency the President promised to deliver a “new people oriented policy on economics focused on reducing the cost of living and taxes imposed”. A true copy of “Vistas of Prosperity and Splendour” circulated by His Excellency the President is annexed hereto marked as P3 and is pleaded as part and parcel thereof. 13. The Petitioners state that at pages 36 - 37 of the aforesaid Manifesto, His Excellency the President undertook to replace the Inland Revenue Act, with a system which would achieve the following outcomes: “ a. Income tax on productive enterprises will be reduced from 28 to 18 percent. b. The Economic Service Charge (ESC) and Withholding Tax (WHT) will be scrapped; c. A simple value added tax of 8 percent will be introduced replacing both the current VAT of 15 percent and the Nation Building Tax (NBT) of 2 per cent; d. PAYE tax will be scrapped and personal income tax will be subject to a ceiling of 15 percent; e. A five year moratorium will be granted on taxes payable by agriculturists and small and medium enterprises; Page 11 of 40 Petition f. Various taxes that contribute to the inefficiency, irregularities, corruption and lack of transparency of the tax system will be abandoned. Instead a special tax will be introduced for different categories of goods and services; g. Import tariff on goods competing with domestically produced substitutes will be raised; h. A simple taxation system will be introduced to cover annual vehicle registrations and charges for relevant annual services, replacing the cumbersome systems that prevails now; i. Various taxes imposed on religious institutions will be scrapped; j. A zero VAT scheme will be adopted in the case of businesses providing services to Tourist hotels and tourists, if they purchase over 60% of the food raw materials, cloths and other consumer items locally; k. Service charges levied on telephones and Internet will be reduced by 50%; l. Special promotional schemes will be implemented to encourage foreign investments; m. A tax free package will be introduced to promote investment in identified subject areas; n. A clear and uncomplicated system of taxing will be in place with the use of internet facilities, special software and other technological services; o. Information Technology (IT) services will be totally free from taxes (Zero Tax), considering said industry as a major force in the national manufacturing process; Page 12 of 40 Petition p. All the Sri Lankans and Foreigners, who bring Foreign exchange to Sri Lanka through consultancy services are excepted from income tax.” 14. Thus, the Petitioners state that it was part and parcel of His Excellency’s election manifesto to reduce the taxes which would be payable by the citizenry of the Republic. THE TAX REDUCTIONS IMPLEMENTED AND PROPOSED CONSEQUENT TO THE ELECTION PROMISES MADE BY HIS EXCELLENCY THE PRESIDENT 15. The Petitioners state that to upon promising to effect several tax reductions in “Vistas of Prosperity and Splendour”, the Government of the Republic as directed by His Excellency the President caused the taxes payable by the general citizenry of the Republic to reduce. 16. Such reductions were detailed by the 2nd Respondent during the budget speech made thereby for the year 2021. A true copy of the budget speech for the year 2021 made by the 2nd Respondent is annexed hereto marked as P4 and is pleaded as part and parcel hereof. 17. By the aforementioned budget speech, the 2nd Respondent stated as follows: “ (a) As stated in “Vistas of Prosperity and Splendour”, the government simplified the tax policy with effect from January 2020 in order to better facilitate tax payers and to make the tax administration more efficient; (b) I propose to maintain the VAT unchanged at 8 percent, for businesses 7 with a turnover of more than Rs. 25 million per month engaged in the import and manufacture of goods or provision of services, except in the case of banking, financial and insurance sectors; Page 13 of 40 Petition (c) Personal Income Tax will apply on earnings from employment, rent, interest, dividends or any other source only if it exceeds Rs.250, 000 per month. Withholding tax on rent, interest or dividends and the PAYE tax (Pay As You Earn) and taxes on interest have been abolished;” 18. Further, the 2nd Respondent proposed to effect further reductions in taxes in the aforementioned Budget Speech, in the following manner : “ (a) Individuals and companies engaged in farming, including agriculture, fisheries and livestock farming will be exempted from taxes in the next 5 years. Earnings from both domestic and foreign sources by those engaged in businesses in Information Technology and enabling services and also their earnings when made while being resident or non-resident will also be exempted from income taxes (b) So as to promote the listing of local companies with the Colombo Stock Exchange, I propose to provide a 50 percent tax concession for the years 2021/2022 for such companies that are listed before 31 December 2021 and to maintain a corporate tax rate of 14 percent for the subsequent three years. (c) I propose to simplify the Taxes on Capital Gains, where such taxes will be calculated based on the sale price of a property or the assessed value of a property whichever is higher. I propose to exempt the tax on dividends of foreign companies for three years if such dividends are reinvested on expansion of their businesses or in the money or stock market or in Sri Lanka International sovereign bonds. (d) In order to promote the Colombo and Hambanthota ports as commodity trading hubs in international trading, and to encourage investments in bonded warehouses and warehouses related to offshore business I propose to exempt such investments from all taxes.” Page 14 of 40 Petition 19. Accordingly, the Petitioners state that His Excellency the President, together with the 2nd Respondent have consistently and consciously decided to reduce the taxes payable by the citizenry of the Republic, for the sole purpose of delivering the election promises made thereby in the Election Manifesto P3, and was purely politically motivated. 20. Consequent to the above, the tax revenue made available to the Republic, so as to fund its general expenditure was compromised. The Petitioners state that it is because of such reduction in taxation that the Republic has suffered enormous and unprecedented economic damage, as morefully set out below. 21. The Petitioners state that the 1st Respondent has sought to alter and / or otherwise reverse the aforementioned tax policies, but no formal alteration thereof has yet been given effect to. THE STATE OF THE ECONOMY OF THE REPUBLIC AT PRESENT High Levels of Inflation 22. The Petitioners state that the citizenry of the Republic at present is facing unprecedent economic hardship, with extreme levels inflation causing the price essential goods and services to increase at extreme rates. In particular, the Petitioners state that as at April 2022, the price of essential goods had increased from the previous year in the following extents: (a) The price of Petrol had increased by 85%; (b) The price of Diesel had increased by 69%; (c) The price of a cylinder of Liquid Petroleum Gas had increased by 84%; Page 15 of 40 Petition (d) The price of Turmeric had increased by 443%; (e) The price of Bread had increased by 433%; (f) The price of Rice had increased by 93%; (g) The price of Dhal had increased by 171% A true copy of an article published in the Hindustan News Hub dated 10.04.2022, and an article published by the Department of Census and Statistics are annexed hereto marked as P5(a) and P5(b) respectively and are pleaded as part and parcel hereof. 23. The Petitioners further state that since such article was published, the price of several and / or all of the aforementioned goods has further increased, to wit: (a) On the 27th of April 2022, the price of Gas Cylinders was further increased, causing a 12.5kg cylinder of Liquid Petroleum Gas to cost Rs. 4,860/-; (b) On the 19th of May 2022, the price of a loaf of bread was increased by Rs. 30/-, to Rs. 170/-; (c) On the 2nd of May 2022, the Consumer Affairs Authority impose a Maximum Retail Price on certain varieties of rice, setting the maximum price at which a kilogram of “Red Nadu Rice”, “Red and White Samba” and “Keeri Samba” could be sold at Rs. 220/-, Rs. 230/-, and Rs. 260/- respectively; (d) On the 19th of April 2022, the Ceylon Petroleum Corporation increased the price of Petrol (92 Octane) to Rs. 338 per litre Page 16 of 40 Petition True copies of article published in the Island Online dated 23rd May 2022, NewsFirst.lk dated 19th May 2022, NewsFirst.lk dated 3rd May 2022, and Outlook India dated 23rd May 2022 are annexed hereto marked as P6(a), P6(b), P6(c), and P6(d), respectively and are pleaded as part and parcel hereof. 24. The Petitioners further state that the abovementioned high levels of inflation is further evinced by the statistics published on the website maintained by the Central Bank of the Republic, which states as follows in respect of Colombo: “Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2013=100) increased to 29.8% in April 2022 from 18.7% in March 2022. This increase in Y-o-Y inflation was driven by the monthly increases of both Food and Non-Food categories. Subsequently, Food inflation (Y-o-Y) increased to 46.6% in April 2022 from 30.2% in March 2022, while Non-Food inflation (Y-o-Y) increased to 22.0% in April 2022 from 13.4% in March 2022.” 25. The Petitioners further state that the overall rate of inflation as measured by the National Consumer Price Index on a year on year basis is 33.8% in April 2022, which is the highest recorded in the history of the Republic, and the South Asian Region. True copies of the Press Release published by the Central Bank of the Republic of the Notice published by the Department of Census and Statistics dated 23.05.2022 and 31.05.2021 are annexed hereto marked as P7(a) and P7(b) respectively and are pleaded as part and parcel hereof. 26. The Petitioners state that consequent to the abovementioned high levels of inflation, the general citizenry of the Republic are unable to afford basic and fundamental goods which they require to maintain their standards of living, and that several It is because of such high levels of inflation that a large portion of the citizenry of the Republic staged protests throughout the Republic. Page 17 of 40 Petition Scarcity of Essential Imported Goods 27. The Petitioners state that in conjunction with the aforementioned high levels of inflation, the Republic is presently facing a scarcity of fuel, Liquid Petroleum Gas, and Medicine, which the citizenry of the Republic must necessarily possess and utilize to survive in the Republic. 28. The Petitioners state that the dearth of Fuel and Liquid Petroleum Gas has caused the Citizenry of the Republic to form queues’ on roads throughout the Republic, in desperate hope that they would be able to obtain the same so as to attend work and / or allow their children to attend school and / or cook meals for themselves and / or their families. The said queues continue to build, even at the time of filing this application. A true copy of newspaper articles evincing the said queues for fuel and LPG are annexed hereto marked as P8 and are pleaded as part and parcel hereof. 29. The Petitioners further state that consequent to the aforementioned scarcity of fuel, the Petrol and Diesel Filling Stations maintained by the Ceylon Petroleum Corporation and the Lanka Indian Oil Corporation have limited the amount of fuel which will be distributed to the public therefrom. The said limits apply, even at the time of filing this application. True copies of the Newspaper Articles available on NewsFirst.lk dated 15.04.2022 and 08.05.2022 are annexed hereto marked as P9(a) and P9(b) respectively and are pleaded as part and parcel hereof. 30. Moreover, the Petitioners state that consequent to the lack of fuel available to operate the powerplants utilized by the Republic to generate electricity, the citizens of the Republic have suffered and will continue to suffer interruptions to their power supply, causing interruptions to the businesses owned by citizens of the Republic and further interfering with the ability of the citizenry Page 18 of 40 Petition at large to perform work and / or attend to their academic obligations. The said interruptions in electrical power supply continue to occur, even at the time of filing this application. A true copy of an Article published on the Business Standard website titled “Sri Lanka to suffer 12 hour power cuts as economic crisis worsens” dated 01.04.2022 is annexed hereto marked as P10 and is pleaded as part and parcel hereof. 31. Further, the Petitioners state that the Republic has not been able to import and provide the citizenry of Sri Lanka with several necessary, essential medicines which are required by doctors and hospitals so as to perform medical procedures. Furthermore, the Petitioners state that even essential food items such as milk powder are not available to the public, and children are being deprived of essential nutrients which they require to survive. 32. Consequently, the aforementioned doctors and / or hospitals are not able to perform life-saving procedures for their patients because they do not have the necessary drugs to perform the same. In protest thereof, several doctors and / or medical professionals have demonstrated their frustration, so as to bring awareness to the severity of the aforementioned shortage in medicine. A true copy of an Article published on Al-Jazeera dated 23.05.2022 is annexed hereto marked as P11 and is pleaded as part and parcel hereof. 33. The Petitioners state that the aforementioned goods are imported into the Republic, and have been so imported for time immemorial. Accordingly, the Republic is necessarily required to pay for the same by foreign currency, and maintain sufficient foreign reserves and / or foreign currency so as to pay for the aforementioned imported goods. 34. The Petitioners state that as morefully set out below, the Republic has not been able to maintain its foreign currency reserves and / or collect sufficient revenue in foreign currency so as to pay for the aforementioned essential Page 19 of 40 Petition goods, causing the above-mentioned shortages, and causing grave prejudice and loss to the citizenry of the Republic at large. The Depletion of Foreign Currency Reserves and Default of Foreign Debts 35. The Petitioners reiterate that prior to His Excellency the President taken office on 16.11.2019, the foreign currency reserves available to the Republic amounted to approximately USD 7.6 Billion (vide P2, above), and the aforementioned reserves were / could be utilized by the Republic to purchase the aforementioned essential imports, prior to the matters set out herein. 36. The Petitioners state that sequel to His Excellency the President being appointed, the world at large was effected by the Covid-19 pandemic. Consequent thereto, the foreign currency earned by the Republic from tourism and / or tourism related enterprises was reduced. However, the Petitioners note that other countries in the South Asian region have performed better than the Republic due to do the implementation of sound economic policies thereby. 37. However, the Petitioners state that since 2019, the foreign currency reserves available to the Republic were intentionally depleted by the 28th Respondent, to wit, the value of the usable Foreign Exchange reserves maintained by the Republic: (a) As at February 2022 amounted to USD 2,300,000,000/-; (b) As at March 2022 amounted to USD 1,930,000,000/-; (c) As at May 2022 amounted to a sum below USD 50,000,000/-; A true copy of an Article published on the Business Standard dated 05.05.2022, is annexed hereto marked as P12 and is pleaded as part and parcel hereof. Page 20 of 40 Petition 38. The Petitioners state as follows: (a) From time to time, the Republic would obtain foreign aid by issuing International Sovereign Bonds in exchange for foreign exchange; (b) The Republic would then from time to time be required to service the aforementioned International Sovereign Bonds using its foreign currency reserves; (c) From time to time, the Republic has duly serviced the aforementioned International Sovereign Bonds, the most recent payment being made in January 2022; (d) However, sequel to the aforementioned payment, the Republic’s foreign reserves were severely depleted, and consequent thereto the Republic has since defaulted on subsequent obligations to service foreign debt. 39. Accordingly, the Petitioners state that the severity of the Republic’s intentional depletion of foreign currency reserves under the watch of the 28th to the 32nd Respondents, and the 2nd and 2A Respondent and / or one or more of them is further evident by the Republic’s default in servicing foreign debt owed thereby. True copies of the statement published by the Ministry of Finance dated 12.04.2022, and an Article titled “Sri Lanka Defaults on Debt for the First Time in History” as published by the BBC are annexed hereto marked as P13(a) and P13(b) respectively and are pleaded as part and parcel hereof. 40. Furthermore, the Petitioners state that at the COPE Committee Meeting held on 25.05.2022, Dr. Nandalal Weerasinghe, the Governor of the Central Bank of Sri Lanka and member of the 28th Respondent stated that the Republic does not possess any and / or sufficient liquid foreign currency reserves to pay its Page 21 of 40 Petition foreign debts or to purchase necessary imported goods, and the assistance of the International Monetary Fund and foreign nations is required to assist the Republic in this regard (vide P20(a) and P20(b) below). CAUSES FOR THE ECONOMIC CRISIS FACED BY THE REPUBLIC 41. The Petitioners state that the aforementioned circumstances effecting the economic situation can be attributed to the willful ill-management and / or mismanagement of the economy by the 38th, 2nd, 2A, and the 29th to the 32nd Respondents, who were in control of the 28th Respondent at the times material to these events, as morefully set out hereinunder. 42. Moreover, the Petitioners state that the Hon. 2B Respondent, during his brief tenure as the Cabinet Minister of Finance of the Republic, provided a realistic, transparent overview of the state of the economy of the Republic and in doing so unveiled the following: (a) ……in late 2019, the government introduced substantial tax cuts, aimed at stimulating economic activity without addressing the fundamental weaknesses; (b) However, the intended results of this measure were not realized with the outbreak of the COVID-19 pandemic in Sri Lanka, which aggravated the situation in Sri Lanka; (c) Further, the revenue foregone due to the tax cuts introduced in late 2019, which was estimated to be more than Rs. 500 billion, has resulted in sovereign rating agencies to downgrade Sri Lanka to near default levels. (d) In my view, these tax cuts should have been gradually reversed in the new environment created by the COVID-19 pandemic. (e) What transpired instead was that the revenue loss led the Central Bank to print money and help the government to finance the deficit. Page 22 of 40 Petition (f) The rating action amidst volatility in global liquidity conditions, constrained Sri Lanka from accessing international capital markets (g) This prevented the government from raising fresh capital to refinance the maturing debt. (h) As such, the country gradually utilised its foreign currency reserves to maintain its unblemished debt service record. (i) Meanwhile, the major hit to the tourism industry together with the slowdown in the workers’ remittance inflows, further aggravated the tight foreign currency liquidity position in the market, exerting further pressure on reserves. (j) The price controls, in the form of a fixed exchange rate, regulated interest rates, unrealistic petrol, diesel and LP gas prices, and other administered prices, made the situation more complex. The release of these pressure points is now reflected in high inflation. (k) The developments in the global economy after the COVID-19 pandemic and the more recent Ukraine crisis added further pressures on the Sri Lankan economy. (l) By end 2019, the Central Bank reserves amounted to USD 7.6 billion. By end 2020, the reserves were declined to USD 5.7 billion as a result of gross inflows of USD 5.8 billion and outflows of USD 7.8 billion, including foreign currency debt service payments of USD 6.0 billion. The reserves declined further to USD 3.1 billion by end 2021 consequent to the gross inflows of USD 7.9 billion and outflows of USD 10.4 billion, including foreign currency debt service payments of USD 6.8 billion and provision of foreign exchange of USD 1.2 billion to finance essential imports. (m)Given the shortage of foreign currency flows to the commercial banks, the official reserves at the Central Bank were utilized to meet foreign exchange needs related to the import of essential items, including fuel, Page 23 of 40 Petition coal and LP gas, pharmaceuticals, and other essential items, starting from August 2021. (n) Consequently, officials reserves declined to USD 1.9 billion by end March 2022. However, the bulk of these reserves, including the USD 1.5 billion equivalent SWAP facility from People’s Bank of China (PBOC), are not usable to settle USD denominated payments. (o) Hence, as of now, the usable liquid reserves are at negligible levels, severely impacting importation of essentials, including fuel, LP gas and pharmaceuticals. (p) I would not hesitate to inform this august assembly that the government is struggling to find enough foreign exchange to finance these essential imports. Therefore, we need urgent solutions as a country to restore supply chains on 6 essential items, to address the grievances of the people and to move forward on a reform programme and to work on bridging financing and also to implement medium to long-term growth-related policies. 43. Accordingly, the Petitioners state that the aforementioned tax reductions, which were imposed for no reason but for the politically motivated deliverance of an election promise made by His Excellency the President, and such further mismanagement of the economy of the Republic have caused the dire economic situation faced by the Republic. A true copy of the speech given by the Hon. 2B Respondent in Parliament dated 04.05.2022, as available on newswire.lk is annexed hereto marked as P14, and is pleaded as part and parcel hereof. 44. The Petitioners respectfully state that the Parliamentary Hansard containing the aforementioned speech made by the Hon. 2B Respondent is not available on the website maintained by the Parliament, and the Petitioners reserve the right to tender a copy of the same to Your Lordships’ Court upon the same being made available thereto. Page 24 of 40 Petition 45. The Petitioners state that the views expressed by the Hon. 2B Respondent have further been reiterated by the officials of the International Monetary Fund (hereinafter referred to as the “IMF”) who have been liaising with the Republic for the purpose of alleviating the present economic crisis faced thereby. Specifically, the Managing Director of the IMF, Mrs. Kristalina Georgieva when speaking to NDTV stated as follows: “It is breaking my heart to watch the pictures of what is happening in the country that was once quite prosperous. It is a result of mismanagement, and therefore the most important thing to be done is to put the country back on a sound microeconomic footing” A true copy of the article published on the DailyFT on 27.05.2022 is annexed hereto marked as P15, and is pleaded as part and parcel hereof. 46. The Petitioners accordingly state that the Petitioners only became aware of the extent of the mismanagement of the economy by the 2nd, 2A, and the 29th to the 32nd, and 38th Respondents consequent to the transparent views expressed by the Hon. 2B Respondent, in the exercise in his duties as an erudite and honest Cabinet Minister of Finance of the Republic, and was further made aware thereof by the comments made by Mrs. Kristalina Georgieva of the IMF. 47. The Petitioners state that specifically in respect of the 29th to the 32nd, and 38th Respondents, the Petitioners only became aware of the acts perpetuated by the same which caused the aforementioned mismanagement of the economy of the Republic on 25.05.2022, as morefully set out below. 48. The Petitioners state that prior to His Excellency being appointed as the President of the Republic, the Republic had agreed with several foreign nations to implement several projects which would have generated substantial revenue in foreign exchange, including the Light Rail Project, East Container Terminal Project between the Republic, India, and Japan, the Page 25 of 40 Petition Central Highway Phase 3 and 4 with Japan and India, and the MCC Agreement with the United States of America. 49. The Petitioners state that under the control of His Excellency the President, and the 2nd to 19th Respondents, the aforementioned projects were done away with, and accordingly the Republic was denied the foreign exchange which it could have obtained via the aforementioned projects. Had such foreign exchange been made available to the Republic, then the Petitioners verily believe that the current economic situation faced by the Republic would not have materialized. 50. The Petitioners state that the 1st Respondent, prior to being appointed as the Prime Minister of the Republic shed light as to the loss suffered by the Republic by not taking the aforementioned projects, and valued the same at approximately USD 4,000,000,000/-. 51. The 1st Respondent further stated that an IMF Facility had been available to the Republic in a sum of USD 400,000,000/-, which the Republic under the control of His Excellency the President did not accept, and thus forewent. Had such foreign exchange been made available to the Republic, then the Petitioners verily believe that the current economic situation faced by the Republic would not have materialized. A true copy of an article containing the details of an interview with the 1st Respondent dated 24.01.2022 is annexed hereto marked as P16 and is pleaded as part and parcel hereof. 52. The Petitioners further state that consequent to the Election Manifesto P3, His Excellency the President caused an import ban to be imposed by the Republic, preventing the import of chemical fertilizer into the Republic, and causing the citizenry of the Republic to use organic fertilizer. 53. The Petitioners state that consequently, the Republic was faced with significant food shortage, and was required to import several varieties of food Page 26 of 40 Petition including rice and vegetables which were otherwise locally produced, and available to the citizens of the Republic. 54. Furthermore, due to the aforementioned policy imposed by His Excellency the President, the Petitioners state that the Republic was required to expend further sums to import such food items which were previously grown in Sri Lanka, to prevent a shortage of food. A true copy of the article titled “Government assures guaranteed prices, other incentives to farmers” dated 01.06.2022 is annexed hereto marked as P16A and is pleaded as part and parcel hereof. 55. The Petitioners further state that the aforementioned depletion of foreign currency reserves and the inability of the Republic to obtain essential imports is due to the failure of the Central Bank of Sri Lanka to set the Sri Lanka Rupee to United States Dollar exchange rate at a price which reflected the true value of the Sri Lanka Rupee. 56. The Petitioners state as follows: (a) On 01.01.2020, 1 USD was the equivalent of Rs. 181.50; (b) On 01.07.2020, 1 USD was the equivalent of Rs. 186.23; (c) On 01.01.2021 1 USD was the equivalent of Rs. 185.39; (d) On 19.03.2021 the Sri Lanka Rupee depreciated further, such that the value of 1USD was equivalent to Rs. 199.28; (e) Subsequently, on 08.04.2021, the value of the Sri Lanka Rupee amounted to Rs. 200 per USD; (f) By 31.12.2021, 1 USD was equivalent of Rs. 200.43; (g) Between 03.01.2022 and 08.03.2022, the value of the USD was held a value below Rs. 203/-; Page 27 of 40 Petition A true copy of the Exchange Rate variations as recorded by the Central Bank of Sri Lanka between 01.01.2020 and 08.03.2020 are annexed hereto marked as P17, and is pleaded as part and parcel hereof. 57. The Petitioners state that due and owing to the 28th Respondent then deciding to artificially maintain the value of the Sri Lanka Rupee as against the USD at such rate, the 28th Respondent was required to release substantial amounts of foreign currency into the local market, and accordingly further reduced the supply of foreign currency available to the Republic for the purchase of essential imported items such as fuel (vide P20(a) and P20(b) below). 58. Furthermore, once the 28th Respondent arbitrarily allowed the value of the USD to float freely against the Sri Lanka Rupee, the cost per Dollar increased disproportionately in an inordinately short period of time, causing the abovementioned high levels of inflation, and depletion of foreign currency reserves to materialize. A true copy of the Report published by Dr. H.N. Thenuwara titled “Causes of Economic Crisis in Sri Lanka & Lessons for a New Age”is annexed hereto marked as P18 and is pleaded as part and parcel hereof. 59. The Petitioners further state that the abovementioned economic crisis was further compounded by the 29th Respondent preventing the Republic from obtaining financial assistance from the IMF. True copies of an article titled Sri Lanka is Not Meeting IMF For Debt Restructuring” dated 12.03.2022 and “Sri Lanka’s Central Bank Governor says Country Does Not Need IMF Relief Amid Inflation Concerns” dated 24.01.2022 are annexed hereto marked as P18(a) and P19 respectively and are pleaded as part and parcel hereof. THE ROLE OF THE 28TH RESPONDENT Page 28 of 40 Petition 60. The Petitioners state that the Central Bank of Sri Lanka is the apex body and authority of the Republic which is responsible for the administration, supervision and regulation of the monetary, financial, and payments system of Sri Lanka, and is charged with the duty of securing economic and price stability, as well as financial system stability with a view to encouraging and promoting the development of productive resources belonging to the Republic. The 28th Respondent is vested with the powers, duties, and functions of the Central Bank, and responsible for the management operations and administration of the Bank. 61. The Petitioners state as follows: (a) in terms of Section 66 of the Monetary Law Act, the 28th Respondent is required to maintain among the assets of the Central Bank of the Republic an international reserve adequate to meet any foreseeable deficits in the international balance of payments, so as to maintain the international stability of the Sri Lanka Rupee, and to assure the greatest possible freedom for its use for current international transactions; (b) As an extension thereof, in terms of Section 68 of the Monetary Law Act, when the 28th Respondent anticipates that there is an imminent threat of a serious decline in the International Reserve, or whenever the International Reserve actually falls to a level which the board considers to be a threat to the international stability of the Sri Lanka rupee, or whenever international payments or remittances are being made which in the opinion of the 28th Respondent constitutes an actual or a potential threat to such stability or are prejudicial to the national welfare, the 28th Respondent is required to adopt such policies, and to cause such remedial measures to be taken, as are appropriate; (c) Further, the 28th Respondent is required to submit to the Minister in charge of the subject of Finance a report containing an analysis of the nature, causes, and magnitude of the actual or potential threat to the international stability of the Rupee, and the measures taken by the 28th Page 29 of 40 Petition Respondent and the further steps the 28th Respondent proposes to take in relation thereto. 62. The Petitioners reiterate that the value of the Republic’s reserves fell below USD 50,000,000/- in May 2022, and further states that the Hon. 2B Respondent in his speech to Parliament stated that the state that “the usable liquid reserves are at negligible levels, severely impacting importation of essentials, including fuel, LP gas and pharmaceuticals” (vide P14). 63. However, the Petitioners state that the 29th Respondent, whilst in control of the 28th Respondent did not take any action whatsoever as mandated by the Monetary Law Act. 64. The Petitioner states that the 29th Respondent resigned from his position as the Governor of the Central Bank of Sri Lanka on 04.04.2022, and subsequently the Hon. 2B Respondent was appointed as the Cabinet Minister of Finance. The speech made by the Hon. 2B Respondent (P14) exposed the duplicity of the 29th Respondent when making such speech. 65. The Petitioners further state that in the Committee On Public Enterprise (hereinafter referred to “COPE”) COPE meeting held on the 26.05.2022, the current Governor of the Central Bank of Sri Lanka and the other learned members of the 28th Respondent were questioned on the ongoings of the Central Bank of Sri Lanka, and provided the following information to COPE: (a) Dr. Nandalal Weerasinghe [who was not a member of the 28th Respondent when the decision to artificially maintain the exchange of the Rupee was taken] informed COPE that there are two ways of controlling the Exchange Rate, one way is to use the reserves to maintain the rate, and the other way is to gradually increase the rate, through a managed float or a managed float. The power to decide the manner to do so lies with the 28th Respondent; Page 30 of 40 Petition (b) Dr. Jayamaha, who is an appointed member of the 28th Respondent, informed COPE that when she joined the 28th Respondent in early 2020, the Government Policy was already that the Exchange rate must be fixed was already in place, for the reason that the Republic’s debt ratios would be more attractive to the international community, and the amount of debt to be repaid would not increase; (c) Dr. Jayamaha and Mr. Jayawardena PC, who are two appointed members of the 28th Respondent, (hereinafter referred to as the “Two Appointed Members of the 28th Respondent”) had informed the remaining members of the 28th Respondent that the instructions they received to use dollar reserves to hold the Rupee as Rs. 203 was wrong, and those objections raised were recorded in the minutes maintained by the 28th Respondent; (d) Further, the abovementioned Two Appointed Members of the 28th Respondent had advised the remaining members of the 28th Respondent that the depletion of the Republic’s reserves [to maintain an artificial exchange rate] was unnecessary; (e) However, as a decision can be taken by three members of the five sitting on the 28th Respondent, the Two Appointed Members of the 28th Respondent were overruled by the remaining members of the 28th Respondent at the time (i.e. by the 30th to the 32nd Respondents); and (f) Mr. Jayawardena PC further informed COPE that on 9 different occasions, himself and Dr. Jayamaha had informed the remaining members of the 28th Respondent that the assistance of the IMF was vital, and that other avenues of obtaining foreign aid were closed to the Republic consequent to the reduction of Sri Lanka’s ratings by foreign ratings agencies. However, such strictures were not taken cognizance of by the remaining members of the 28th Respondent; Page 31 of 40 Petition (g) Dr. Nandalal Weerasinghe further informed COPE that the 38th Respondent heavily influenced the decisions made by the 28th Respondent prior to his appointment thereto. A CD containing a recording of the proceedings held at the COPE on 26.05.2022 is annexed hereto marked as P20, and is pleaded as part and parcel hereof. 66. By the foresaid interview, the Petitioners verily believe that the Two Appointed Members of the 28th Respondent, have met their duties as required by the Monetary Law Act, whilst the 28th Respondent as a body, and the 29th to 32nd Respondents have caused the 28th Respondent to contravene the mandatory provisions of the Monetary Law Act. 67. Accordingly, the Petitioner states that despite the categorical position taken by the Two Appointed Members of the 28th Respondent, the 28th Respondent failed and / or neglected to maintain an international reserve adequate to meet any foreseeable deficits in the international balance of payments, so as to maintain the international stability of the Sri Lanka Rupee, and thus have acted in contravention of Section 66 of the Monetary Law Act. 68. Furthermore, the Petitioners state that in January 2022, the Republic took steps to pay an International Sovereign Bond in a sum of USD 500,000,000/-, notwithstanding the deleting foreign reserves available to the Republic. The ultimate “lucky” beneficiaries of the said ISB payment are as yet unknow. 69. The Petitioners verily believe that the driving force behind the making of this payment was the 29th Respondent, given the content of the statement made thereby at the All Parties Conference on 23.03.2022. True copies of the notice issued on the website maintained by the Central Bank of Sri Lanka dated 09.02.2022 and the Statement made by the 29th Respondent on 23.03.2022 are annexed hereto marked as P21(a) and P21(b) respectively and are pleaded as part and parcel hereof. Page 32 of 40 Petition 70. The Petitioners state that in light of the foreign exchange reserves indicated in the Hon. 2B Respondent’s speech, such payment constitutes an imminent threat of a serious decline in the International Reserve, and / or an international payment or remittance which constitutes an actual or a potential threat to stability of the Sri Lankan Rupee or National Welfare, and as such ought to have taken remedial steps against making such payment. 71. The Petitioners state that by failing to take such remedial steps or policy decisions, the 28th, and the 29th to 32nd Respondents and / or any one or more of them have acted in contravention of Section 68 of the Monetary Law Act. 72. The Petitioners state that since Dr. Nandalal Weerasinghe was appointed to the position of the Governor of the Central Bank, and sequel to the resignation of the 29th Respondent, the Finance Ministry of the Republic has announced that the Republic has since suspended foreign debt servicing for an interim period (vide P13(a)). Accordingly, the Petitioners state that the 2nd, and 2A Respondents together with the 29th to 32nd Respondents, and / or any other members of the 28th Respondents ought to have taken similar steps in relation to the International Sovereign Bond repayment made in January 2022. 73. Thus, the Petitioner states that while the issuance of the statement P13(a) amounts to a step taken by the 28th Respondent in terms of Section 68 of the Monetary Law Act, the failure of the 28th Respondent to take steps in accordance thereof with respect of the International Sovereign Bond repayment made in January 2022 has caused loss and damage to the Central Bank of Sri Lanka by misconduct and / or by willful default. 74. The Petitioners further state that by fixing the exchange rate to a value below Rs. 203 to the USD despite the objections raised by aforementioned appointed members of the 28th Respondent, 29th, 30th, 31st, and 32nd Respondents have by misconduct and / or by default caused loss and damage to the Central Bank of Sri Lanka, and irreparable loss and damage to the citizens of the Republic. Page 33 of 40 Petition 75. The Petitioners state that as far as the Petitioners are aware, the 28th Respondent has not sought to pursue any form of legal proceedings and / or disciplinary action against the 29th to 32nd Respondents and / or any one or more of them, despite their contravention of the provisions of the Monetary Law Act, and by willful default and / or by misconduct causing loss and damage to the Central Bank of Sri Lanka. INVOCATION OF THE JURISDICTION OF YOUR LORDSHIPS’ COURT 76. In the circumstances aforesaid, the Petitioners state that the actions and decision of His Excellency the President, and / or the 2nd to 27th Respondents, and / or the 28th to the 32nd Respondents and / or the 33rd Respondent (in his representative capacity) and / or any one or more of them in mismanaging the economy of the Republic in the manner morefully set out above, and failing to abide by the mandatory provisions of the Monetary Law Act has violated and / or imminently violates and / or continuously violates the Fundamental Right to Equality and Equal Protection of the Law guaranteed to the Petitioner and to the citizens of the Republic under Article 12(1) of the Constitution and further violates the Fundamental Right to the freedom to engage by himself or in association with others in any lawful occupation, profession, trade, business or enterprise guaranteed to to the citizens of the Republic under Article 14(1)(g) of the Constitution, in as much as: (a) The mismanagement of the economy of the Republic and the acts of the 2nd, 2A, 29th to 32nd Respondents, and 38th Respondents set out above have caused high levels of inflation to arise, preventing and / or hindering the performance of lawful trade and occupation inasmuch as the citizens of the Republic may not be able to afford the essential raw materials used for such business / trade; (b) The scarcity of essential imported items including petrol and diesel has prevented and / or hindered the ability of citizens of the Republic to attend Page 34 of 40 Petition to their business and / or trade, inasmuch as the same are prevented and / or hindered from travelling thereto; (c) The sharp rise in the cost of living caused by the high levels of inflation referred to above has rendered several businesses commercially unviable, and / or have caused the said businesses / trades to be rendered insolvent and / or approach insolvency; (d) The citizens of the Republic are vulnerable to succumbing to illness and / or are denied access to effective healthcare due and owing the inability of the Republic to import vital medicines which are used to healthcare professionals and hospitals when treating patients; (e) The 28th, 29th, 30th, 31st and 32nd Respondents and / or any one or more of them have failed and / or neglected to abide by the mandatory provisions contained in Section 66 of the Monetary Law Act, and have by willful default and / or by misconduct have caused loss and damage to the Central Bank of Sri Lanka and consequently to the citizens at large, by failing to maintain any exchange arrangements as are consistent with the underlying trends in the country, by artificially causing the exchange rate of the rupee to be held at arbitrary values; (f) The 28th, 29th, 30th, 31st and 32nd Respondents and / or any one or more of them have failed and / or neglected to abide by the mandatory provisions contained in Section 68 of the Monetary Law Act, and have by willful default and / or by misconduct have caused loss and damage to the Central Bank of Sri Lanka and consequently to the citizens at large, by settling and / or failing to prevent the settlement of the International Sovereign Bond payment due in January 2022 notwithstanding the lack of foreign exchange reserves with the 28th Respondent; (g) The 28th Respondent has failed to take any necessary steps to recover any loss and / or damage suffered by the Central Bank of Sri Lanka consequent to the decisions made by the 29th, 30th, 31st and 32nd Respondent, and has therefore allowed any losses sustained thereby to remain; Page 35 of 40 Petition (h) His Excellency the President, and the 1st to 27th Respondents and / or any one or more of them have acted arbitrarily in reducing the tax revenue available to the Republic by reducing the levels of taxation imposed on the citizens; (i) The lack of essential imports, high levels of inflation, and depletion of foreign currency reserves was caused by the arbitrary and misconceived acts of the 1st to 32nd Respondents and the 38th Respondent and / or any one or more of them; (j) His Excellency the President, and the 1st to 27th Respondents and the 38th Respondent and / or any one or more of them have taken into account irrelevant considerations and failed to take into account relevant considerations inter alia by effecting reductions in tax on the sole premise of the election promise made by His Excellency the President; (k) His Excellency the President, and the 1st to 27th Respondents, and the 38th Respondent and / or any one or more of them are in beach of the principles of natural justice and fairness; (l) The said the 1st to 27th Respondents and the 38th Respondent and / or any one or more of them have acted in breach of public trust and confidence reposed in them. 77. In all the aforesaid circumstances, the Petitioner states that the conduct of His Excellency the President, and the 1st to 32nd Respondents and any one or more of them are thus and otherwise ultra vires, illegal, irrational, unjustifiable, ad hoc, arbitrary and capricious. The aforesaid conduct offends the principles of natural justice, rule of law, transparency, and good governance. 78. The Petitioners state that, in the totality of the circumstances aforesaid, the Petitioner is compelled to invoke the jurisdiction vested in Your Lordships’ Page 36 of 40 Petition Court under Article 126 of the Constitution, as no alternate remedy is available to the Petitioner. 79. The Petitioners state that the 1st Petitioner has made a complaint concerning the contents of this Petition to the Commission To Investigate Allegations Of Bribery Or Corruption, in particular concerning the payment of the International Sovereign Bond in January 2022. A true copy of the Application made to the Commission To Investigate Allegations Of Bribery Or Corruption is annexed hereto marked as P22 and is pleaded as part and parcel hereof. 80. The Petitioner states that, given that the matters set out herein are of general and public importance and the Petitioner has invoked the jurisdiction of Your Lordships’ Court with the limited documents and material that they have been able to secure and collect within such time including especially due to constraints associated with the present economic crisis face by the Republic, and the rapidly changing events which directly concern this application. Accordingly, the Petitioner respectfully reserves the right to seek the indulgence of Your Lordships’ Court to amend pleadings and furnish further documents and material. 81. For completeness, the Petitioners state that the violations complained of by the Petitioners are continuing as at the date of filing this application, and further state that the Petitioner became aware of the several decisions which caused the said violations by the speech made by the Hon. 2B Respondent and the meeting of the Committee on Public Enterprise dated 25.05.2022. Thus, and otherwise, the Petitioners have invoked the jurisdiction of Your Lordships’ Court in accordance with the Article 126 of the Constitution. 82. The Petitioners have not previously invoked the jurisdiction of Your Lordships’ Court in respect of the matters contained herein. Page 37 of 40 Petition 83. An Affidavit of Dr. Athulasiri Kumara Samarakoon is annexed hereto is support of the contents of this Petition. WHEREFORE THE PETITIONERS PLEAD THAT YOUR LORDSHIPS BE PLEASED TO: (a) Grant Leave to Proceed with this Application; (b) Declare that the Fundamental Right guaranteed to the Petitioners under Article 12(1) of the Constitution is being imminently infringed and / or has been infringed and / or is continuously being infringed by the 1st to 32nd Respondents (save and except for the 2B Respondent) and / or the 33rd Respondent (in his representative capacity) and / or any one or more of the Respondents; (c) Declare that the Fundamental Right guaranteed to the Petitioner under Article 14(1)(g) of the Constitution is being imminently infringed and / or has been infringed and / or is continuously being infringed by the 1st to 32nd Respondents (save and except for the 2B Respondent) and / or the 33rd Respondent (in his representative capacity) and / or any one or more of the Respondents; (d) Declare that the Fundamental Right guaranteed to the Petitioner under Article 14(1)(g) of the Constitution is being imminently infringed and / or has been infringed and / or is continuously being infringed by the 28th, 29th, 31st and 32nd Respondent by causing the Republic to settle the International Sovereign Bond in January 2022 as evinced by P21(a); (e) Make Order directing the 28th Respondent to recover and / or take steps to recover all losses and damages occasioned onto the Central Bank of Sri Lanka by officers of the 28th Respondent and / or former officers of the Central Bank of Sri Lanka, including the 29th to the 32nd Respondents and / or any one or more of them, consequent to the decision made to set the value of the Sri Page 38 of 40 Petition Lankan Rupee at a value of and / or around 203/-, which may be uncovered by an audit prayed for hereinunder and / or otherwise; (f) Make Order directing the 28th Respondent to recover all losses and damages occasioned onto the Central Bank of Sri Lanka by officers of the 28th Respondent and / or former officers of the Central Bank of Sri Lanka, including the 29th to the 32nd Respondents and / or any one or more of them, consequent to the decision made to settle the payment referred to in P21(a), which may be uncovered by an audit prayed for hereinunder and / or otherwise; (g) Grant an Interim Order directing the 35th to 37th Respondents to expeditiously look into the matters contained in the Application (P22) and submit its observations to Your Lordships’ Court within 3 months, or such other time which Your Lordships’ Court may deem reasonable; (h) Grant an Interim Order directing the 34th Respondent to conduct an audit into the affairs of the 28th Respondent, and determine the loss caused to the Central Bank of Sri Lanka by i. the decision made to set the value of the Sri Lankan Rupee at a value of and / or around 203/- in a manner contrary to Section 66 of the Monetary Law Act, and further determine; ii. the delay in obtaining facilities from the IMF by the Republic consequent to the decisions made by the 29th Respondent. (i) Grant an Interim Order preventing the 29th and / or the 30th and / or the 31st and / or the 32nd Respondents from alienating any assets belonging thereto which are situated in the Republic pending the hearing and determination of this application by Your Lordships’ Court; Page 39 of 40 Petition (j) Grant an Interim Order preventing the 2nd and / or the 2A and / or the 38th Respondents from alienating any assets belonging thereto which are situated in the Republic pending the hearing and determination of this application by Your Lordships’ Court; (k) Grant an Interim Order directing the 28th Respondent to produce to Your Lordships’ Court the documents made reference to by Mr. Jayawardena PC and Dr. Ranee Jayamaha at the Committee On Public Enterprise meeting held on 25.05.2022 wherein it was suggested that the Republic should seek relief and /or other financial assistance from the International Monetary Fund; (l) Grant an Interim Order directing the 28th Respondent to produce to Your Lordships’ Court the documents made reference to by Mr. Jayawardena PC and Dr. Ranee Jayamaha at the Committee On Public Enterprise meeting held on 25.05.2022 wherein it is recorded that the appointed members of the 28th Respondent objected to and / or otherwise disagreed with the artificial maintenance exchange rate of the Sri Lanka Rupee at and / or at a level below Rs. 203/-; (m) Grant an Interim Order directing the 39th Respondent to produce to Your Lordships’ Court, the minutes of the Committee On Public Enterprise meeting held on 25.05.2022; (n) Costs; (o) Such other and further relief as Your Lordships’ Court shall seem meet. REGISTERED ATTORNEY AT LAW FOR THE PETITIONERS Page 40 of 40