1 October, 2020

Blog

A Child’s Guide To Forensic Audit Reports: The Monetary Board Should Weed Out Dishonest Officers To Save Its Reputation

By W A Wijewardena

Dr. W.A Wijewardena

A child’s guide to forensic audit reports – Part III

Asani, the bright AL student and Sarath Mahatthaya, her grandfather, have been having frequent interactive conversations on issues that have risen to the boiling point in Sri Lanka’s society. They started a fruitful discussion on one such issue, namely, the forensic audit reports prepared by two audit firms of international repute – BDO India and KPMG India – at the instance of the Monetary Board, the corporate body that owns the institution known as the Central Bank of Sri Lanka. These reports have been highly technical and, therefore, had been beyond the comprehension of even the educated that have not been familiar with the operation of bond markets. Hence, it carried the risk of some uninformed readers picking up numbers from here and there and using them against their political rivals. In the first conversation, Sarath Mahatthaya clarified to Asani that the loss calculations done by forensic auditors for both pre-2015 and post-2015 periods have been fictitious and imaginary and could be refuted by other analysts. In the second conversation, he disabused her mind about the role of the Monetary Board in handling the funds of EPF. Special attention was paid to the fact the in making investments or raising funds for the government, the Monetary Board and the Central Bank officers could make genuine mistakes since they were making all these choices in a world of uncertainty. Having recognised this reality, the Parliamentarians in 1949 and 1971 had given full protection to the Monetary Board members and the Central Bank officers from legal action on two counts. First, no legal action should be taken against any mistake done in good faith. Second, if there is any loss or damage, the Bank should indemnify them. It is only the acts of misconduct or wilful default that warrant disciplinary or legal action. Hence, the Monetary Board has to carefully assess all acts purported to have been committed in the Bank and identify genuine mistakes from wilful mistakes before proceeding with further action on the findings of forensic audit reports. They continue their conversation further.

Asani: Since the loss calculations are defective and auditors have not been fully conversant with the Monetary Board’s role in EPF, shouldn’t we dismiss all the reports, Grandpa?

Sarath Mahatthaya: It’s not like that. Though they’ve been weak in these two respects, they’ve been strong in identifying the irregularities in share market investment by EPF after around 2011 and bond market investments after 2015, the Monetary Board should have a close look at them. On one side, it should identify culprits and weed them out. On the other, it should take preventive action to ensure the non-recurrence of them in the future.

A: How does this EPF investments in the share market come about? Isn’t it against the statutory mandate of the Monetary Board?

S: As I mentioned earlier, the original EPF Act enacted in 1958 had authorised the Board to invest the surplus funds of members in securities and sell them in the market. But securities had not been defined in the interpretation section of the Act. In a way, that was not necessary because in 1958 the only securities available in the country was the government securities. There was no open stock market for rupee companies in old Ceylon and share transactions were done as private transactions through share brokers. But since then commercial practices in the country had undergone significant changes. When the Employees Trust Fund was set up in early 1980s permitting the working class of the country to own company shares, the ETF Act defined securities broadly to include not only the government securities but also private bonds and debentures and company shares.

Clearly, by late 1990s there was a necessity to have a relook at the definition of securities in the light of the changed commercial practices and the replacement of the hitherto existed non-tradable rupee securities issued by the government with tradable Treasury bonds. So, the Monetary Board which had a long consultation with the Attorney General was informed that the term securities in the original EPF Act includes private debt securities and shares as well. But AG advised the Board to take all those preventive measures to assure the safety of those investments when investing in private debt securities and shares.

A: What were the safeguards which the Board introduced to protect the monies of EPF members in line with AG’s advice?

S: While keeping the final approval power with itself, it delegated the authority to make investment decisions, subject to its approval before investment or subsequent ratification if investment could not wait until the next Board meeting, to an Investment Committee headed by the Deputy Governor in charge of EPF. This Committee came up with an Investment Policy Statement that broadly defined the purpose and the limits of investing in company shares or private debt securities. Accordingly, the approved statement by the Board imposed several limitations on itself. One was that not more than 2% of the total funds of EPF should be invested in company shares. Another was that of the issued share capital of a company, only up to 5% should be held by EPF since it didn’t have intention of managing companies. Thus, EPF was made a passive investor in the market. Another important limitation was that EPF should not invest in tradable shares of any financial institution which is being supervised the Board. The reason was that since the Board had access to internal information relating those banks and finance companies, the public would wrongly conclude that the Board had bought or sold those shares after knowing of their internal secrets. A fourth one was to establish a reserve fund out of the current earnings of EPF to absorb any loss arising from such investments. Therefore, there were some broad protection measures introduced by the Board to protect the monies of the members.

A: The Auditors had faulted the Board for investing in the non-tradable shares of Regional Development Banks. Isn’t it a violation of its own restriction on investing in the shares of financial institutions that are being supervised by the Board?

S: That was not a decision made by the Board but one that had been dictated to it by Parliament when it enacted the Regional Development Bank Act in 1997. That Act had wanted EPF to invest in the share capital of RDBs along with the People’s Bank, Bank of Ceylon and National Savings Bank. Thus, the Board did not have a choice but to comply with it. But as soon as it became practicable, the Board sold those shares back to the Government at a profit and got itself freed from that responsibility. Apparently, the auditors had not been properly apprised of this.

A: The forensic audit report number 3, authored by KPMG India, has extensively highlighted the EPF’s investments in the banking and financial firms deviating from the Board’s earlier resolution to refrain from doing so. Should the Board be faulted for this?

S: The Board has all the freedom to change its investment policy at any time if it desires to do so. Hence, you cannot fault it for changing its earlier stance after 2010. But in those investments, the Board has gone up to close to 10% of the issued share capital of leading private commercial banks like HNB, DFCC, Commercial Bank, Sampath Bank, NDB and Seylan Bank.

It appears that the Board has done this not to augment the earnings of the members but to enable the government to take over the management of these private banks through the share market. This has been done by getting the government institutions functioning under the Ministry of Finance like NSB, ETF, and Insurance Corporation together with EPF to own majority shares in those banks. It has enabled the Ministry of Finance to appoint majority of directors to these banks and in some cases to nominate the Chairman as well. This isn’t an advisable course of action which the Monetary Board would have taken. It’s a de facto nationalisation of private banks and therefore, Sri Lanka has no more a banking sector owned by the private sector. It also creates a problem for the Board to conduct its financial sector stability policy. This is because it now has to favour the banks which are owned by EPF and the other governmental bodies. It has reduced the Board to the awkward position of playing two conflicting roles. That is to function as a player by owning their shares, on the one hand, and as a referee in playing its role as a deliverer of the financial system stability, on the other. From the point of other banks, it denies them of equal opportunity in competing in the market which analysts call ‘denying a level playing field’ for them.

Everyone expected that the government that came to power in 2015 promising the delivery of good governance would reverse it. But what they did was to continue to enjoy this new power of managing the private banks as well. Since these banks account for a total of 85% of the banking sector assets, one can say that Sri Lanka doesn’t have a private sector owned banking system but a system managed by the state.

A: The integrity of EPF’s investment in certain types of shares has also been questioned by forensic auditors. This has happened from 2010 onward and continued till end 2016. Doesn’t it dent the reputation of the Monetary Board as a professional body?

S: Yes, it’s actually a misuse of Board’s powers relating to EPF. It’s apparent that, from the evidence unearthed by KPMG India, there has been serious violation of the investment powers of the Board. The current Monetary Board cannot just ignore it and allow its good name to be tarnished. All these cases have to be further investigated and appropriate action should be taken prevent the reoccurrence of such events.

One consolation is that EPF’s equity portfolio has on a net basis generated a marginal gain of just 1%, according to 2016 numbers, for the members. However, this is a gain down from the 6% in the previous year. Since an investor cannot bring about profits from each type of investments he has made, what should be looked at is the overall profitability. In that context, the Treasury bond portfolio of EPF will generate a gain of 11% for members when the bonds mature in the future over their purchase costs. Hence, on balance one can say that EPF’s investment portfolio is not that bad. But these numbers are now dated since they pertain to 2016 and we’re now in 2020. To make a proper analysis, one needs to have updated numbers.

A: KPMG India has also implied that some of the investments made by EPF in listed and unlisted shares have been made by the Monetary Board by yielding itself to the pressure coming from outside. This isn’t a good certificate for the Board, is it, Grandpa?

S: Yes, there have been some investments which raise this issue. For instance, EPF’s investments in the loss-making Sri Lankan Airlines, property developer Canwill Holdings, and hoteliers Jetwing Symphony and Weligama Hotel have been made, according to KPMG India, without proper pre-analysis. These investments amounting to some Rs. 6 billion have not brought in any dividend to EPF. Even the Auditor General has repeatedly categorised these investments as non-earning investments. Of them, EPF has exited Sri Lankan Airlines by selling the shares back to the Treasury. A similar arrangement should be made with the Treasury regarding the Canwill Holdings, since it is owned by the Treasury. Some investments can backfire but the correct strategy should be to exit them as quickly as possible.

A: What about the EPF’s dealings in the bond market in the post 2015 period? Have these investments been made safely?

S: This period has been covered by BDO India in its 4th report. One can say that its analysis in this report is a fairly acceptable one. It has drawn attention to many instances where EPF has not bid at the primary auction though it had been given a seat in the auctions as a special participant by the Monetary Board in 1997. The findings made by Auditors have been a further elaboration of what had been revealed in the evidence placed before the Presidential Commission and subsequent investigations by CID. The Auditors have documented the foot-trail of certain Treasury bonds which have been purchased by Primary Dealer PTL from the primary auction at a low price and landing them on EPF through a series of transactions done with a network of primary dealers at a higher price. These have been done almost on the same day within a time gap of a few minutes in most of the cases. Since they have been purchased by EPF from the secondary market at prices significantly above the face value, the yield rate had been lower than the primary market yield rate, on the one hand, and will bring in a loss to it at the time of maturity when the Public Debt would pay only the face value. This is a matter for the current Monetary Board to take disciplinary action against those employees who have been a yielding hand to the ominous scheme perpetrated by the primary dealer concerned.

A: So, what is your overall assessment of the forensic audit reports, Grandpa?

S: Except report number 3 and a part of report number 4, all others contain refutable analyses. Even the findings in those two reports have been in public knowledge for some time and one cannot give credit to forensic auditors for bringing them to light. It’s now questionable whether the current Monetary Board has undertaken a worthwhile exercise by spending Rs. 275 million for producing these reports.

*The writer, a former Deputy Governor of the Central Bank of Sri Lanka, can be reached at waw1949@gmail.com

Print Friendly, PDF & Email

Latest comments

  • 0
    4

    If DEVANIs as in Negombo are there in the monetary board, it would work. I think educated politicians (except Raajitha like ones) would not do legalized- or immoral-, unethical-, system abusive- thefts to show officials not following due diligence. Devanis can not be expected when officials mature, because their families and school going children are dependant on the parents for expenses. The best example is, one female politician says when one official was asked, may be she, began crying. There was another Tamil official went to Supreme courts, once the bond scam came out, asking not to ask him anything about it. The best option is prosecuting executive politicians. Compare sri lankan Cabinet members escapes the prosecution how in other countries go to jail.
    The most important thing is two govts in a raw emptied the EPF/ETF funds and shared with others.They both do not give a hoot on that. They know it.
    My only bet is their conscience know it but right now they do not believe in after life. So, their day com.
    DO NOT TRUST WEST BASED COMPANIES. THEY ARE FOR BUSINESS. They do not want to lose business. I think Forensic report is political and saves Mafia gangs in the banking system from the courts.

  • 15
    0

    This guy is trying to save his neck! Did he benefit from Cabraal’s game?

    • 5
      0

      Buddhist ,

      “This guy is trying to save his neck! Did he benefit from Cabraal’s game?”

      Yes.

      They sold bonds above the market price, and pocketed the difference. This was going on since 2002.

      Yes. There was a scam. The dispute is on the extent of the scam. Some say it is very large. Some say it is small. Some say that the bond scam is less than the Air Bus/Air Lanka scam. Amarasiri says, “Follow the money and find out to whose pockets it dropped”.

      Does not matter what math is used. It can be the Buruwansa math, 2/2 =0, or the Algebra 2/2=1, follow the money and the pockets to which the money dropped.

      There is no smoke without some fire. Scientifically, it is called oxidation, transfer of electrons. Need to find out where the money transfers went and how much.

      https://groundviews.org/2015/03/26/the-bond-issue-controversy-an-analysis/amp/

      “The Sunday Times reported on March 8 , 2015 that ‘The money markets were in an uproar on Friday, February 27 , 2015, when the CBSL announced that it was accepting bids worth Rs. 10.0b at 9.50%-12.50% whereas clients and most primary dealers had made bids between 9.50% and 10.50%, not in the 11%-12% range. Only a few bids, including those by Perpetual Treasuries were made in the 12% range.”

      They sold bonds above the market price, and pocketed the difference. This was going on since 2002.

  • 1
    4

    Everybody can cry out loud saying it is a MEGA ROBBERY. Yet do they care. See how courageous and how confident one instigator Ranil. He is hanging there and he has hopes for becoming PM in 2025. That is not because he is going to change. He knows this is cyclic. They take turns.
    Then takes the trip to India to claim that SRI LANKA IS ALMOST ON THE VERGE OF BANKRUPTCY. See how confident and how courageous that act is. He has gone with 69 of the entourage which included relatives and all the politicians were those who had baggage.
    How can you counter act this kind of bravery ?
    I heard, what happened that minister confronting DEVANI is another beginning of something. Rs 1000 million had been allocated in 2014. Rs 300 million has to go to a pocket. So spend the balance on it.

  • 2
    0

    There should be legal protection for honest officers from removing. They should be allowed to expose.

  • 10
    0

    By reading these article I wonder Grandpa has become the voice of former Governor Cabraal. If goes by Granpas answers there is a strong possibility that he might get recalled for active service from retirement.

  • 0
    2

    The Monetary Board should weed out all issues with conflicts of interest. First is the handing over the management of the EPF to an independent body with representation by the Employers and the Trade Unions.

    Second issue is while preventing investors from holding more than 10% of the shares of any bank, abusing the shareholdings held by EPF, ETF, SLIC, NSB and BOC to fill the Directorates of Banks with political appointees and thereby destroy Shareholder and Stakeholder Value.

  • 3
    0

    Here, there is something hiding as all the reports starting from the beginning. Dr. Wijewardane was a deputy governor not long ago. You were a DEPUTY GOVERNOR during one of those period. Why don’t you be BRAVE and expose it. Are you scared ?

  • 4
    0

    WAW,
    Well, isn’t it too late for you to misdirect the thieve’s whereabout? This play book, very popular among politicians, is well exposed already. Ranil has already learned the lesson hard way. MaRa/GoRa are safe for now only b’cos nobody around them is clean enough challenge them; rather they live off each other. You also cannot come clean unless ready to name those who are involved!

  • 0
    4

    WOW , You have a genius grand daughter..Just imagine what she would ask when she is in the Final Year of Economics.

    I think the good girl should specialize in Share Markets and Bond Trading and Political Science as an Optional subject.

    Company Stocks aka Equities ., Bonds and Property are the 3 pillars of any EPF fund from North to South and East to West.,
    They must be registered companies with good regulatory Practices in Place.. .

    Looks like Monetary Board dudes at the Grandfather’s old joint have no clue about Investing .our poor Inhabitants life savings..
    Whether it is deliberate or not , I am not sure.

    But my gripe is how this Forensic Bond Report couldn’t find any fault with the Monetary Board Dudes lending our Dalits Life Savings to Aloysious. at 6 %

    And buy them Yahapalana Bonds with 13%,
    When the EPF administrators could have bought the Bond themselves without Aloysious and FIL getting a cut of nearly 6% after all the expenses.

    I think the Grandad should explain to her how it was done , which she would not be able to learn even in Uni.
    Because even our Yahapalana Minister like Senasinghe and Ajith Perera had to get Tuition from Aloysious himself ,while attending the COPE deliberations to find out how Dr Ranil’s ex Royal Mate and his SIL FIXED the very First Yahapapalana Bonds…

    And the other important lesson should be how the CB Boss Father in Law told the Monetary Board Dudes to hold back the Bond Closure Time m until Aloysious came up with money, which will be covered under Insider Trading.

  • 8
    1

    The very same Wijewardhana cant act as he is an outsider as we are all. He had then been one another deputy to CB and should be well aware of the ground realities which ruled without an independent legal entity to CB then.
    I think this grandpa himself is that Wijewardhana and make every effort to whitewash the situation so that the provable charges fell on former Rajaakshe athoritarian rule to be mitigated. I question as to why THIS guy was one of the frequently called invitees to SIRASA bond scam coverages. Sirasa did the job upon the request made on them, by BURUWA SIRISENA. There some untold frequencies were illegally offered to SIRASA sender, but nothing came out abou tthat. Kili is against RANILA wickramasigne so as Dayana Jayathilaka would mix up the personal vendetta with RW and hit him in public. But RAJAKSHE BPS have looted it to the core all these BLUE flies would not seem to reveal lot more about that TRUE picture of Rajakshe mafia deals.

  • 8
    0

    Dear Friends, my dear SINHALA man and Native Vedda,@
    I dont know about you, but I feel if majority of people down there would eat “asuchi/excreta” as their staple food, all others too have no other choice but to go for it. That is the ground reality of our god punished land, particularly with on going politics.

    Bps became leaders, nothing not even an inch of progress achieved towards the pledges madeto the very same audience whose political literacy is below those tribal folks in African continent.

    If we are well aware of the facts, the LEADERs came to power have no proper vision, to expect lot more is like ” pigs might fly”:
    :
    These days we are compelled only to watch or hear only bad about SO CALLED Saidbaba, none other than Mahinda Rajaakshe the modaya’s hero, grabed the power pormising much but not doing the little. Anyways, this is good old srilanka, where majority of people are caught by myths, blatant lies, and untruths of politicians and MAHASANGA RATHANAYA (skin heads in saffron robes).
    I think so long majority mind set would not change by a paradigm shift – almost everything would reamin further. Those dreams to be an another SINGAPORE and IT Hub etc would be just dreams for another few decades. Gotler is good at being silent, but nothing has done sofar to give us WOW effect..

    • 2
      0

      They thought it is easier to balance everything. Previous govt based on good governance did lot more good to this nation winning the misleading hearts and minds of the international community. But thugs and their rascals, never allowed the truths be sowed in the society and people praise accordingly. Latter was done by Basil led fund pumping bodies to lanken MEDIA mafia.
      Media mafia made everything upside down from a day to other, not caring about the the size of the damage they make. Even that FAKE govt lasted just 52 day was an act of media which misled former stupid man – PRESIDENT sirisena. Sirisena is today like a man, who was stoned and thrown to the edge. He has no place neither of the sides that he thought would hold him in altar.
      Today the bugger talks about coming back to politics through national seats, and then again, the debate is there – the very same punnaku eaters in Polonnaruwa could send the man again to parliament.
      I think all in all, this is the ” wound of a beggar” -style lanken politics and its course.
      Nothing new would ever be the case, but like a man driving on a round about, the very same mistake is being repeated.
      Both voters and their representatives are to be blamed. Not to International community as that BP Chapa or Wimal Ponnawanse make every effort to paint it.
      International community donot care even if we would be sunken oneday… but one thing should be clear, only International community can bring progress to the lanka.
      As they did it with varioius countries in Africa.
      Lankens should be made to learn to open up to the world leaving all the myths and rabblerousing tactics of Mahinda Rajaapkshe-like ABUSIVE politicians.
      ONLY educated people could do lot more to this country not Rajaakshes.

  • 3
    0

    an excellent idea written on paper but on this sad sorry made a bankrupt paradise ever since the revolting 1956 era till to this very second will only be a wet dream.?
    =
    this country today has become a petty rogues paradise led by the cheapest of the rajapuka band of merry men along with their merry women are still making hay whilst the sun shines on their ample wide-bodied 747 backsides where only an 8th wonder of the world will set it right.?
    =
    if only velu annai was alive and had his way, this once upon a time pre-1956 granary of a rice exporter would have made countries similar to Singapore be a dumb squib of a pus wedilla [ firecracker ]
    =
    even crimes would and have been a non-exsistence and the old uncles who bring in tons of crimes whose dollars have become this immoral island’s second-best foreign exchange-earners.
    they would have had a bullet through their right ear which will and would have found a comfortable resting place on the left.?.
    =
    in sadness, R. J.

  • 6
    0

    If Ranil Wickramasinge would have knelt down before MODI- neigbouring country’s leader, today local media TOTALLY handled by BASIL rajakashe fund bodies could rabblerouse the nation by today.
    :
    But BP, megalomaniac Mahinda Rajakashe did it, not a single voice came up, except from JVPrs explaining the impact of that CHEAP talk of Mahinda in local media. Diwayina BP stayed silent. Hiru KUDU TV stays mum. So does Derana TV how come ?


    Yesterday keeping BP Mahinda in the same stage, very same MAHASANGA rathnaya accused him of not having done the little of the pledges made to the people, after DUO brother becoming leaders. Their, Rajakashes was searching his thoughts to answer, but audience understood, that MR and GR cheated the nation again. I dont think that the buggers and their henchmen would be given lot more chances in the upcoming GE.

  • 5
    0

    In lanken situation/culture today, not truths or anything near to that would not become good news but anything else would go viral. Those days, ” kunu karawala -by name Jadi” was a delicate kind of fish. But to europeans or any other folks the kind of fish would have been just thrash.
    But lanken media today, focus only on ” aforementioned, kunu karalwala style news pieces”. It is just that Media mafia >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> bigger than Kudu mafia in the country. .
    If the PEOPLE themselves would not stand against – MEDIA mafia, Rajapajshes would ruin it ending up a hell… we are srilankens, we should REMOVE rajaakshes from lanken POLITICS.

  • 4
    0

    …….The present Monetary Board has undertaken an exercise worth Rs.275 Million for producing these Forensic Audit Reports laments Dr.Wijewardena.
    Well then we move on from a Bond Scam to a Bond Sham.
    Arjuna Aloysius is a crooked genius!

  • 4
    0

    Shouldnt you have sorted these all out during your decades at the Central Bank?

  • 7
    0

    If Viyath Maga, GMOA, Mahanayakes, Pohottuwa thugs etc are truly honest they will force the President to instruct the Attorney General to take these report and file cases in the special courts. If not we all know that these guys and also the President and the PM are all rogues.

  • 5
    0

    Dr wijewardana attempted to whitewash himself and Cabral.he was a deputy governor during the massive robbery in the EPF and he knew all transactions happened caused to massive loss.the forensic report highlighted it.so called strath mahaththaya along with Cabral should be arrested and they to be prosecuted .

  • 1
    5

    Did some one check the accounts of the ministry board and their close relatives. Because Bond scam profits were received ministry Secretaries of unrelated ministries, their, TNA MPs drivers, Hakeem’s security details too.
    Forensic report addresses only the questions that were asked from them. I think top most Lawyer knew those. So he was cornered at the top.

  • 1
    8

    According to DEW Gunasekara, Former Chair Person of COPE Committee who appeared in ‘Aluth Parlimentuwa’ program on 2020 February 12 in TV Derana, there are ample evidences in their report to charge Ranil Wickramasinghe for masterminding ‘Maha Benku Mankollaya’. He said Arjun Mahendran told the commission he acted on instructions received from Ranil. What else we need. All the public money spent on commissions, audits are a waste. Those responsible for wasting public money unnecessarily should be hanged from their balls in Galle Face Greens.

  • 0
    1

    WAW appear to waste time defending an extremely difficult brief.By doing this he has volunteered to add his name to the long list of VIATHUN who defrauded the poor mans money in the EPF. As someone suggested earlier being a Sinhala Buddhist country let us hand this over to punishment envisaged in Buddhism. If any person has stolen poor mans money this bad karma will punish them and those who benefited in this birth next and several birth to come including those who aided and abetted.

  • 0
    1

    I do not know whether they talk about this Bond scam which none of the two govts will solve as top to bottom every politician and more are involved in it. It is good diversionary tactic. People will not think about anything happening right now. None of the officials involve in it unless the prominent politicians at that moment ask them to do so.Some how, both groups are fighting for the PARTY NAME, whether they get the block vote portion of each party and their symbols. It is the same 225 will contest again but they complain saying sri Lankan voters are dumb and every time vote criminals and incompetents.
    I heard, even Involving of 69 with so many having lot of baggage is about depositing all scam money in foreign accounts.
    We elected only the president. All others are same old and same old. If they are not allowed in party, they jump to the next.

  • 2
    0

    The rouges were in the Central Bank. Who was the Chief of the EPF during the time the EPF lost Rs 9.2 Billion? Mrs R Dherrasinghe . After doing all that she was elevated by Cabral to Assistant Governor . The husband the current chairman of Commercial Bank known as the Bond King was rewarded with a private Bank Chairmanship. Talk of interference? The son worked for Capital Allience Broker’s that was one of the benefactors of the bond. The list goes on . Poor workers of Sri Lanka?

    • 0
      0

      Yes these Mrs Dheeradinghe’s Husbsnd Chairman Commercial bank did big bonds with Ajith Devasurenda and became rich. Why did Cabral make him Chairman of a Bank ? To reward the support the wife gave to buy dud stocks for Ravi his BIL to make money. Shame on this man. The a President should chase this man Dheerasinghe

      • 0
        0

        Shame on Commercial Bank to have a rouge like Dheerasinghe . If true. His son worked for Capital Allience the company that made money from the bonds. What a way to screw the EPF.

  • 3
    0

    WAW is beating about the bush when everything is crystal clear that Central bankers EPF and the financiers got together and played out the poor mans retirement funds.With the loot they fattened their bank accounts bought property went on foreign trips and above all educated their children making it worse for the poor mans child when it comes to jobs.

  • 0
    0

    Dr. Wijewardane: Were you in CB, when “PERPETUAL” was registered as “Dealer” and were they “Qualified”. Why don’t you tell your “ASANI – the Bright A Level Student to ask that question?

  • 0
    0

    More information from the parliament

    https://www.youtube.com/watch?v=sCnd2KearAs&feature=youtu.be

    Thank Mr. Eran W. for disclosing the real actors who had misappropriated employees EPF funds. Hope the future all these buggers will be punished for the criminal acts committed

  • 0
    0

    PTL directors were also Airbus Namal’s friends. They were also present in Rocket chichi’s wedding. Why is that not mentioned in forensic audit.

  • 0
    0

    Nivard Cabral says the audit firms are half baked. come on he was an Audit Trainee at KPMG for 5 years. His BIL all were trained there. BDO is managed by Viathmage Sujewa Rajapakse. He is the present Chairman of People’s Bank. He played both sides to get business. They never thought Gota would win. Because of the minorities. So they played with the Government to get the business. Surely the Indian Officers would have consulted their local colleagues. Clear case of Wasi Pathata Hoiya. Now pay the price MR Cabral. You cannot play with public money, especially poor workers money. People curse you Sir when you do that.

Leave A Comment

Comments should not exceed 200 words. Embedding external links and writing in capital letters are discouraged. Commenting is automatically disabled after 7 days and approval may take up to 24 hours. Please read our Comments Policy for further details. Your email address will not be published.