header logo
Vallibel FD
vallible LE
Latest
Bond commission hands over report to President Sirisena
Dec 30, 201702:03 PM
Bond commission hands over report to President Sirisena
Mobitel inner 1278

The report on the controversial Central Bank treasury bond issuance was handed over to President Maithripala Sirisena by members of the Presidential Commission of Inquiry. 

 

“The Report on the Treasury Bond Inquiry by the Presidential Commission of Inquiry was officially handed over to me, a short while ago,” the President tweeted.

 

The Commission’s Chairman Justice K.T. Chitrasiri handed over the report and two other members of the Commission, Justice P S Jayawardene and retired Deputy Auditor General, V Kandasamy were present together with the Secretary to the Commission, S Udugamsuriya. 

 

Secretary to the President, Austin Fernando was also present on this occasion, the President’s Media Division said.

 

President Sirisena appointed the Presidential Commission of Inquiry to investigate and report on the Central Bank bond issue on January 27, 2017.

 

The Commission is headed by Supreme Court Judge, Justice K.T. Chithrasiri and comprised of two other members, namely, Supreme Court Judge P.S. Jayawardena and Rtd. Deputy Auditor General K. Velupillai.

 

Upon requests made by officials of the Bond Commission, the President had repeatedly extended the term of the Presidential Commission of Inquiry in accordance with the Commission of Inquiry Act considering the current role of the Commission in resolving the Bond scandal. 

 

Sri Lankan Prime Minister Ranil Wickremesinghe made unwelcome political history on Nov. 20, appearing before a presidential commission of inquiry into a 10 billion rupee bond scandal that has shaken his government.

 

Sirisena appointed the commission to investigate the sale after opposition lawmakers demanded an independent inquiry, claiming that the bond issue had raised government borrowing costs by more than $1 billion over the two years.

 

The Central Bank of Sri Lanka rejects those claims, but the government’s credibility began to fade after it emerged that the bank had suddenly decided in late February 2015 to raise 10 billion rupees from a sale of 30-year government bonds with a coupon (fixed interest rate) of 12.5%. It had initially advertised an offer of 1 billion rupees with a 9.5% coupon.

 

Bonds worth 7 billion rupees were snapped up by Perpetual Treasuries Limited, a primary dealer owned by Arjun Aloysius, a son-in-law of Arjuna Mahendran, the then-governor of the central bank. Mahendran, a Sri Lankan-Singaporean banker, was chosen for the top banking job by Wickremesinghe.
 

 

 

 

 

Disclaimer: All the comments will be moderated by the AD editorial. Abstain from posting comments that are obscene, defamatory or slanderous. Please avoid outside hyperlinks inside the comment and avoid typing all capitalized comments. Help us delete comments that do not follow these guidelines by flagging them (mouse over a comment and click the flag icon on the right side). Do use these forums to voice your opinions and create healthy discourse.

Comments

0
Comments are disabled

Note: Due to legal constraints, the Ada Derana Editorial team has taken a decision to disable comments on all articles concerning ongoing court procedures.

MostRead
Mobitel 1278
VideoStories
Will island-wide power cuts end in three days? Govt. says situation will return to normal tomorrow

Will island-wide power cuts end in three days? Govt. says situation will return to normal tomorrow

 Namal Rajapaksa’s Secretary granted bail; Court imposes travel ban, case fixed for December

Namal Rajapaksa’s Secretary granted bail; Court imposes travel ban, case fixed for December

 More factions demand the release Gnanasara Thero; Govt. maintains it cannot override court ruling

More factions demand the release Gnanasara Thero; Govt. maintains it cannot override court ruling

Sarvajana Balaya seeks to emerge as main challenger to Govt

Sarvajana Balaya seeks to emerge as main challenger to Govt

 One-hour daily power cuts from today. Island-wide interruptions until Oct. 21 - NSO

One-hour daily power cuts from today. Island-wide interruptions until Oct. 21 - NSO

 Patali reveals details of pardons granted by President AKD. 334 prisoners pardoned in 2025 and 2026

Patali reveals details of pardons granted by President AKD. 334 prisoners pardoned in 2025 and 2026

 Protests and marches held across Sri Lanka in support of Galagoda Aththe Gnanasara Thero

Protests and marches held across Sri Lanka in support of Galagoda Aththe Gnanasara Thero

 China-backed Colombo Port logistics hub project abandoned. SLPA to pursue new facility

China-backed Colombo Port logistics hub project abandoned. SLPA to pursue new facility

President says govt will not go against Supreme Court verdicts; 'They can shout all they want'

President says govt will not go against Supreme Court verdicts; 'They can shout all they want'

Pinnacle and Chuda Manikya donated by Thailand  to Mihindu Maha Stupa ceremonially unveiled

Pinnacle and Chuda Manikya donated by Thailand to Mihindu Maha Stupa ceremonially unveiled

Court orders postmortem examination and thorough investigation  into tusker Kawanthissa's death

Court orders postmortem examination and thorough investigation into tusker Kawanthissa's death

Buddhist monks continue to occupy Viharamahadevi Park  demanding Gnanasara Thero's release

Buddhist monks continue to occupy Viharamahadevi Park demanding Gnanasara Thero's release

Taxes pose challenges to Sri Lanka’s tourism sector  - British High Commissioner Andrew Patrick

Taxes pose challenges to Sri Lanka’s tourism sector - British High Commissioner Andrew Patrick

CIABOC officers seize safe following search of  Namal Rajapaksa’s Secretary’s home

CIABOC officers seize safe following search of Namal Rajapaksa’s Secretary’s home

Sri Lanka hit by nationwide electricity blackout: System fully restored as cause of outage probed

Sri Lanka hit by nationwide electricity blackout: System fully restored as cause of outage probed

Lassana Flora
Lassana Flora