Ajith Nivard Cabral, former Governor of Central Bank of Sri Lanka, a member of CA Sri Lanka. He had a duel responsibility as the governor of central bank and a chartered accountant.  He has openly violated all ethical practices and trust people would place on a chartered accountant.

In this case, we would refer to following sections of Code of Ethics 2020 published by CASL, which he has openly and publicly violated.

1.  Subsection 111 - Integrity

2. Subsection 112 - Objectivity

3. Subsection 113 - Professional competence and due care

4. subsection 115 - Professional behavior

5. Section 120 - The conceptual framework

As the Governor of Central Bank Sri Lanka, he has openly mentioned that  money printing and inflation has no relationship and advised central bank to print SL Rupees limitlessly. Even a GCE (AL) commerce student would know when money is printed limitlessly in any country, the inflation cannot control. As a result of money printing, today (07 APRIL 2022) USD is valued between  Rs. 299.00 - 302.00 by banks. Prices of all goods have escalated by more than 50% and going up everyday at sky rocket speed. The entire country is suffering because of the wrong advise given by this charted accountant.

He has mislead the poorly educated people and youth of Sri Lanka by his statement. School children have started to question what their teachers are teaching about the relationship of money printing and inflation. Poorly educated people who would believe what an "Educated" person say, and they are totally misled by him.

Ajith Nivard Cabral has acted as an uneducated politician and not as a professional charted accountant. sometimes back a minister of this government has mentioned that the government would run the country by printing money. He is not an educated person. There is no difference between that Politician and the Governor of Central Bank.

We refer to section 120.2 of the Code of Ethics 2020.  It is very clear that the former governor, Ajith Nivard Cabral has openly violated it by giving wrong advise. 

This is not the first time he gave such wrong advise. Even when he was functioning as the governor of CB from 2006 to 2010, he wrongly advised to invest in Greek Bonds, when the Greece was economically going down and SL lost about Euro 8.4 M. He could have decided his investment, without speculation like an amateur investor, by checking the Fitch Ratings of Greece at least. This is not an advise expected from a charted accountant.

By keeping person of this caliber as a member of CA Sri Lanka would downgrade all charted accountants in Sri Lanka and even CA Sri Lanka in the international forum.

We therefor request CA Sri Lanka to cancel his membership and not give it again to him under any circumstance.