Hedging Deal Cabraal Quizzed

Published : 9:39 am  March 31, 2015 | No comments so far |  | 


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By Kurulu Koojana Kariyakarawana

Former Central Bank Governor Nivard Ajith Cabraal, who was also one of the top economic advisors of the Rajapaksa regime, was yesterday quizzed by the Police Financial Crime Investigation Division (FCID) yesterday over the controversial oil hedging deal.

Police Spokesman Ruwan Gunasekara said Mr. Cabraal arrived at the FCID office in Kollupitiya at 9.30 a.m. and was interrogated for more than five hours and his statement recorded. He was the 10th official to be interrogated over the controversial transactions of the hedging deal which resulted in the country incurring a massive loss of US$ 200 million.


Among the nine officials previously interrogated by the FCID was the former Ceylon Petroleum Corporation Chairman Asantha De Mel.
The controversial fuel hedging deal was the first complaint to be lodged with the FCID which is now investigating several other major financial frauds that had been committed during the previous regime.  Voice against Corruption Convener and JVP provincial councillor Wasantha Samarasinghe lodged the complaint on February 28 just two days after the FCID was set up.

The FCID filed a report in the Fort Magistrate’s Court a few weeks ago and a further report will be filed on April 24.
A five-year-long dispute between the Sri Lankan government and the Standard Chartered Bank over the flawed oil hedging deals ended in June 2013 with a US$60 million or Rs.7.5 billion being paid to the bank by the CPC.