“Govt can seek indemnity from those responsible for losses incurred in Treasury Bond issue”

“Govt can seek indemnity from those responsible for losses incurred in Treasury Bond issue”

“Govt can seek indemnity from those responsible for losses incurred in Treasury Bond issue”

Written by Keshala Dias

07 Mar, 2017 | 5:34 pm

The Attorney General, responding to a letter addressed by the General Secretary of Parliament on the controversial bond issue, says that in the event of the government incurring any liability with regard to treasury bonds, by result of a default of a direct participant, such participants shall be liable to be indemnified by the government with respect to liability.

The letter by the Attorney General was tabled in Parliament by Speaker Karu Jayasuriya.

The letter says a reasonable estimation of damages must be done before a Court of Law by the Auditor General’s Department with the assistance of independent experts.

Finally, the letter by the AG says filing a police complaint is a prerequisite for a criminal prosecution against any person or entity.

The AG in his letter adds that the CBSL Governor has already made a written complaint to the police adding that the CID has been directed to expedite investigations and report its progress to the AG’s Department.

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