Sujeewa Arjune Senasinghe vs. Ajith Nivard Cabraal and others – SC F.R. 457/2012-2014

In the case between Sujeewa Arjune Senasinghe (petitioner) and Ajith Nivard Cabraal (Governor, Central Bank), members of the Monetary Board, and other related officials (respondents), the court addressed whether investments in Greece Government Bonds by selected members of the Monetary Board constituted an unlawful or arbitrary exercise of power. The court held that such investment decisions fell within the discretionary authority conferred under the Monetary Law Act and the Foreign Exchange Reserves Management Guidelines, despite allegations of non-compliance with an internal guideline (Clause 5.2.9), which was found not to be an actual part of the applicable regulations. It was established that complex economic policy decisions involving a mix of risk-free and risk-bearing allocations co