K.H. Lasantha Goonewardena vs. Monetary Board of Sri Lanka – SC FR 388/2016-2025

In the case between K.H. Lasantha Goonewardena and the Monetary Board of Sri Lanka, the Central Bank, and connected officials, the issue concerned the legality of the petitioner’s appointment as Director and Chairman of Lankaputhra Development Bank Limited (LDBL) under the Companies Act, the Banking Act, and the Bank’s Articles of Association. Key questions included compliance with required appointment procedures, satisfaction of the statutory “fit and proper” criteria, and the validity of subsequent actions taken by the Director of Bank Supervision and the Monetary Board regarding the petitioner’s status. It was determined that the petitioner’s appointment was not made in accordance with governing laws and that subsequent actions and conduct further diminished the petitioner’s standing as