For the first time in history, the Hamilton Reserve Bank of the United States has filed a lawsuit (Civil Action No. 1: 2022cv05199) against the Government of Sri Lanka for non-payment of sovereign bond loans. Examination content of this case reveals several corrupt dealings of the Rajapaksa family in Sri Lanka and their pro-government political elites. The lawsuit alleges that the Rajapaksa family stole billions of dollars and other immovable property secretly in Dubai, Seychelles, and the St. Matin Islands.
The case has been filed for breach of contract due to non-compliance. Hamilton Reserve Bank holds a sovereign bond of $ 1 billion, and the installment of $ 257,539,331.25 is due by July 25, 2022, with a double extension. Some of the plaintiff's claims must include attorney and other fees and interest on the loan up to the date of the decision. The same bank has two more $ 500 million bonds to pay on April 18, 2023, and April 18, 2028.
Also, Basil Rajapaksa, a US citizen, has become known as “Mr.Ten Percent”, the lawsuit alleges that a 10% commission was received on all projects implemented under the Mahinda Rajapaksa presidency and that he acquired several properties in the United States.
Another point in the case is that the bondholders were required to pay interest and total value at maturity. This includes the $ 500 million paid abruptly before Cabraal's departure. But the payments have been suspended on bulk bondholding foreign banks and financial institutions such as Fidelity Investments, Black Rock, and JP Morgan. It is stated in the accusations that the Government of Sri Lanka has violated the principle of equality in such non-payment.
According to the agreement, Sri Lanka will have no legal rights, jurisdiction, or immunity, and the accusing Hamilton Reserve Bank of the United States will be able to acquire any assets, property, or source of income in Sri Lanka based on the decision of the Federal Court of New York. The law firm representing the Hamilton Reserve Bank states that the Government of Sri Lanka has consented to this.
The main issue here is that the case is not against the Rajapaksas or Cabral, but against the Sri Lankan government. Sri Lankans will have to bear the cost of defending the case, such as lawyers representing the government, Finance Ministry and Central Bank officials, and the embassy to intervene. Our people spend a few dollars in foreign countries.
Those who stole these will live happily ever after with their families. Or they may fly to those countries where their assets are hidden. But what do you do? That is to say, this is not a problem we have created, but the result of a crime committed by one family.
But for those who do not want to spit a word against the Rajapaksa regime, this could be a genetic mutation caused by an evolutionary complication in their desire to live as a less fortunate nation.
The Hamilton Reserve Bank has attached 17 documents to
the case copy to confirm them. The purpose of this article is to present to you
some of the facts in the relevant case.
The Central Bank of Sri Lanka issued an official statement through the Ministry of Finance suspending all foreign loan and sovereign bond payments on April 12, 2022. The current total debt of Sri Lanka is over 60 billion US dollars.
By Polito
0 comments:
Post a Comment