In 2022, Sri Lanka faced its worst economic downfall in its post-independence history with the Government officially declaring bankruptcy and defaulting on its debt for the first time.  While the Government declined calls to approach the International Monetary Fund (IMF) for a bailout and debt re-structuring programme for a considerable period, the remainder of foreign reserves were utilised to source essential imports and energy.  The continuous economic decline exacerbated by the political inertia of decision-makers, led to shortages of essentials including food, medicine, fuel and LP Gas, victimising the entire nation in an unprecedented manner.  

In light of this, in June 2022, TISL along with three other petitioners, filed a Fundamental Rights petition in the Supreme Court naming thirteen respondents including the Attorney-General (representing former President Gotabaya Rajapaksa), former Prime Minister Mahinda Rajapaksa, former Finance Minister Basil Rajapaksa, former Central Bank Governor Ajith Nivard Cabraal, former Secretary to the Treasury S.R. Attygala and former Prime Minister and incumbent President Ranil Wickremesinghe. This Petition, filed in the public interest, sought to hold the decision-makers accountable for their acts and omissions that brought Sri Lanka to its knees.  

The petition highlighted that the reduction in Government revenue caused by the tax breaks for corporates, the failure to reverse the tax breaks, the decision to continue servicing sovereign debt without any restructuring, and the refusal to seek the assistance of the IMF in time, were among the main factors that caused this economic crisis.   

In October 2022, the Supreme Court granted leave to proceed in this matter. It issued travel bans on key Respondents including the former Prime Minister Mahinda Rajapaksa and former Finance Minister Basil Rajapaksa, in the immediate context of the protests. The Court also granted a few interim orders requiring the Auditor General, Governor of the Central Bank and the Monetary Board to conduct and submit an audit report, produce copies of all communications and recommendations given to several respondents and reports given to former Ministers Mahinda Rajapaksa and Basil Rajapaksa respectively.