By Laksiri Fernando –
Dr. Laksiri Fernando
The lead article of The Island newspaper (22 November) on “Bond Scams: PM says Govt. Awaiting AG’s Instructions” written by Saman Indrajith has raised several public interest and public policy issues. As he has reported, the Prime Minister has stated in Parliament that “The Attorney General instructed the government to obtain expert knowledge on public auction and private placement methods.”
‘Private placement’ is not the correct term that should be used, but ‘direct placement’ as previously pointed out by Dr W. A. Wijewardena. It may be the jargon at the Central Bank, but it gives a prejudicial view on the latter method in contrast to ‘public’ auctions. It is only few countries that still use the old term ‘private placement.’
More pertinently, the PM has stated (following AG’s instructions) “I wrote to the IMF and the World Bank. There is no point in asking others for instructions.” I wish to dispute the second claim. It may be OK to ask the IMF and the WB, but they clearly favour the auctions in contrast to direct placements (See ‘Guidelines for Debt Management’ by IMF and WB, 2003). It is possible that the previous Governor, or the PM himself, opted for auctions following the IMF and WB guidelines. Therefore, there is no point in asking them.
Even after the IMF/WB guidelines, still there are countries which use both or mixed methods extensively, with so many merits. Australia is one such country. The Netherlands, to the best of my knowledge, uses the direct placement method to issue around 60 percent of their treasury bonds (T-bonds) and Japan around 40 percent. Therefore, completely abolishing the direct placement method in Sri Lanka is highly questionable.
The IMF/WB guidelines to favour the auction method is to develop a strong debt market in the private sector. There can be some merits in this guideline if used cautiously and fairly.
Transparency and accountability are two principles that the IMF/WB have been advocating throughout their guidelines. However, these were the very principles which were violated in the Sri Lankan case.
It may be true that through the auction method a government could utilize quick liquidity in an emergency. Even if that were the case, in February 2015 there was no need to continue with the same method solely throughout the year, disregarding long term repercussions and implications. The direct placement method open to the public sector funds (public banks, public insurance, pension funds etc.) could enhance security and financial viability in those sectors, which is beneficial for the mixed economies like in Sri Lanka. However, if Sri Lankan wants to go for complete ‘neo-liberalism’ and forget about the public sector, the Auction system may be OK. However, in the case of the February 2015 bond issue, there was no need to increase the issue amount from 1 billion to 10 billion without much knowledge of all primary dealers. Here the principle of transparency and fair dealing in the auction was violated.
It is also customary, when auction awards are allocated, not to give a single bidder more than 25 percent. But in the case of the controversial February 2015 bond issue, the Perpetual Treasuries was allocated almost 50 percent. This is highly questionable and dubious. In the USA, where the auction method is extensively used, there are strict rules and many have been convicted for fraud and insider trading. Even an extreme policy of market economics should not allow fraudulent transactions or extreme profit making through insider trading quite detrimental to the public interest of the people.
The PM has also stated “You could file a case. But that would yield no results.” It is not clear why he has reached this conclusion so prematurely.
On the February 2015 bond issue, there was a clear ‘conflict of interest’ as it was apparently admitted by the former Governor of the Central Bank. This may be the case even after his son-in-law resigned from the Perpetual Treasuries, as the COPE report states that the former Governor himself had an interest in the Perpetual Treasuries.
It may be true that the laws in Sri Lanka are vague in curtailing conflicts of interest let alone punishing them. However, from my limited experience as a former Director of the Colombo Stock Exchange (CSE), the laws are clear on punishing ‘insider trading’, although those were not implemented for political and other reasons in the past. As far as I could understand, there have been several issues of ‘insider trading’ between Perpetual Treasuries and the Central Bank that the PM, the Government and the Attorney General should take up. There may be some other laws applicable to punish the wrongdoers.
The PM’s position seems to be to consider the prevailing laws as inadequate. As reported by Saman Indrajit, the PM has said “My duty is to hand over the issue to this House. The COPE is a committee of this House. You cannot file a case without amending laws, if the Attorney General permits it.”
The questions that need to be answered are:
Does or doesn’t the PM think there has been something wrong in the issue of 50 percent of bonds to a single bidder?
Does or doesn’t the PM think that the bidding for such an amount was possible, if not for inside information?
Does or doesn’t the PM think that there was an issue of family and business interest between the former Governor and the Perpetual Treasuries?
Does or doesn’t the PM consider clearing the name of the Central Bank, the Government and his as the PM is necessary to promote transparency, accountability and good governance in this country?
Please see further my initial article “Awoth Atha Thamai: Cabraal is no Excuse for Mahendran” (23 May 2015).
Don Stanley / November 24, 2016
Prof. Laksiri, Thanks for this.
As you say, No point going to IMF and WB because they are part of the problem and not the solution to corruption, poverty and INEQUALITY in the world today. They represent the global 1 percent and make the poor pay 9VAT) taxes to pay for the corruption of the rich.
What Ranil should write to the IMF and WB as they are supposed to the global Financial Governance Institutions is about Financial Crime and what they are doing to stop it and return funds stolen from the global South that are kept in off shore bank accounts in the Global North.
Ranil should ask IMF and the World Bank that calls itself the knowledge bank (Ha, Ha, Ha) to get their so called “experts” to track down all the funds looted from Sri Lanka and stored in off shore bank accounts of corrupt politicians and their business cronies and repatriate the funds stolen from Sri Lanka by the Mahinda Jarapassa family and cronies to pay off the massive National debt.
IMF knows about massive corruption of politicians looting of countries like Greece and Sri Lanka but keeps mum about corruption, rather than making corruption investigations and accountability of politicians a condition for AID. Rather, IMF subsidizes corrupt politicians and piles on the taxes like VAT on poor people, thus exacerbating poverty and inequality and violence in the third world!
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Dodo / November 24, 2016
Don and Prof: Ranil Wickramasinghe is running around like a headless chicken with a begging bowl but there is no FDI going to Sri Lanka because of the corruption, lack of transparency, and policy stability. No foreign investor will go to Sri Lanka with its tanking currency and corrupt politicians!
Ranil has been running behind – IMF, World Bank, China, Washington, EU, UK, while he and the corrupt UNP and SLFP politicians are beggaring the people with their luxury lifestyles, duty free SUVs, and now proposed salary increases for the corrupt morons at the Diya-wenna Parliament, that are bribes from the Prime Minister to turn a blind eye to his Bond Scam!
IMPUNITY for Financial Crimes is the meaning of the term ‘Parliamentary Privileges” that Ranil waxes eloquent about!
So now there is another delay tactic: Co-cabinet Spokesman and Media Minister Gayantha Karunathilake said the government on Ranil’s instruction has paid its attention on restructuring anti-corruption institutional structure and it has been proposed to establish a fully powered Serious Fraud Office in Sri Lanka which is similar to the Serious Frauds Office in United Kingdom! Now Ranil will run behind UK with a begging bowl for funds for this new FCID!
Who would not laugh if such a man there be,
Who would not weep if Ranil were he!
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Kalupahana / November 24, 2016
Great idea Don!
Peoples Voice against corruption and Civil society groups should hold a protest outside IMF and write to the Washington twins – IMF and WB – to ask them to track down off shore accounts of corrupt Sri Lankan politicians and cronies and return funds stolen from Sri Lanka to pay off the national Debt.
This should be the main job of the IMF and WB which are supposed to be doing financial governance whose primary role should be ending Financial Crime and looting of poor people in Asia and Africa.
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Dinuk / November 25, 2016
2 Wrongs do not make a right!
Ranil is are talking now about Greek Bonds and Nivard Cabraals’s scams at CB and calling for investigation ONLY now, when in fact Arjuna Mahendran did precisely the same financial crimes under Ranil’s order. Aloysius was was insider trading with Cabraal and then with Mahendran – More of the same shit!
The gross insincerity and double dealing of Ranil Wickramasinghe with regard to corruption at the Central bank is clear.
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Amarasiri / November 24, 2016
Dr. Laksiri Fernando
RE: Alleged Bond Scams: Some Questions For The Government
Thanks for the write up.
Is it the time to write the Common Sense Pamphlet on the Republic of Paras?
The New “Weimar” Republic of Paras has a bond scam problem. Is that the only problem for the 2,500 Year-Old Sinhala “Buddhist” Civilization? Don’t they have Debts of close to US $70 billion with debt service id around $3.0 Billion annually, and increasing? Does the New Weimar Republic of Paras have enough maids and expatriates to export to bridge the deficit?
The Weimar republic was a semi-presidential representative democracy, which emerged in the aftermath of the German Revolution of 1918–19. A national assembly was convened in Weimar, where a new constitution for the Deutsches Reich was written, and adopted on 11 August 1919. In its fourteen years, the Weimar Republic faced numerous problems, including hyperinflation, political extremism (with paramilitaries – both left- and right-wing); and contentious relationships with the victors of the First World War. The people of Germany blamed the Weimar Republic rather than their wartime leaders for the country’s defeat and for the humiliating terms of the Treaty of Versailles. However, the Weimar Republic government successfully reformed the currency, unified tax policies, and organized the railway system. Weimar Germany eliminated most of the requirements of the Treaty of Versailles; it never completely met its disarmament requirements, and eventually paid only a small portion of the war reparations (by twice restructuring its debt through the Dawes Plan and the Young Plan). Under the Locarno Treaties, Germany accepted the western borders of the republic, but continued to dispute the Eastern border.
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EDWIN RODRIGO / November 24, 2016
Amarasiri, Don’t you think it is all the fault of Gon MS? There is a saying ‘Balloth Ekka Lagggoth Makkoth Ekka Nagitinna Wenava’ (If you sleep with dogs, you will wake up with dog ticks).
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Amarasiri / November 25, 2016
Dear EDWIN RODRIGO
“There is a saying ‘Balloth Ekka Lagggoth Makkoth Ekka Nagitinna Wenava’ (If you sleep with dogs, you will wake up with dog ticks).”
Amarasiri started his comment with:
“Thanks for the write up.” AND
“Is it the time to write the Common Sense Pamphlet on the Republic of Paras?”
Amarasiri has been bugging the Prof. Laksiri Fernando, for well over two years, to write the Common Sense Phamplet of the Paras, just like what Thomas Paine did for the Americans. Your proverb could be a preamble for a chapter on Turncoats, Traitors, Gonas, Mala-Perethayas and Idiots in the Land of Native Veddah Aethho.
Common Sense is a pamphlet written by Thomas Paine in 1775–76 advocating independence from Great Britain to people in the Thirteen Colonies. Written in clear and persuasive prose, Paine marshaled moral and political arguments to encourage common people in the Colonies to fight for egalitarian government. It was published anonymously on January 10, 1776, at the beginning of the American Revolution, and became an immediate sensation.
https://en.wikipedia.org/wiki/Common_Sense_(pamphlet)
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S.Modaya / November 24, 2016
Last week, 3 corruption cases where postponed for 6 months because the AG’s office did not provide any guidance and/or was not even present when the cases were taken up in Court.
Ranil Wickramasinghe and the AG delay every single case because they are corrupt.
Sending the Cope Report to the AG is a delay tactic and ploy of Ranil to bury the Cope report because AG will take 10 years to study the Bond Scam Report!
Cases against Basil, Avant Guard, Gota, Shiranthi’s brother, Wimal Buruwansa, are all delayed by the AG office failure to perform. AGs office seems to be full of incompetent and corrupt folk.
What can you expect with the corrupt Avant Guard clown Wijedasa Rajapaksa, so called Minister of Injustice, who is spreading Hate Speech against Muslims to distract the people from his CORRUPTION, running the Ministry of Justice ?
Its Jarapalanaya wheels within wheels and there is no justice.
Divide, Distract and Rule the Moda Masses was the Motto of the Mahinda Jarapassa regime and Wijedasa Rajapaksa takes his orders from Gota the White Van Goon using Hate Speech against Muslims to Distract people from the real criminals who are the UNP and SLFP politicians – a Super Caste of parasites in the Miracle of Modayas!.
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Kali Amman / November 24, 2016
Extracting a justifiable solution to the broad daylight robbery is in the hand of the civic-minded people of this country. PM cannot find a solution to this matter as he too is a party to this fraud. He is shielding the robber barons.How can anyone expect an impartial solution to this matter from the PM. He is now on a mission to ensure that his friend the international robber and the connected looters are not found guilty and the loot is not recovered.If he is a clean man as claimed, he should keep away from this whole issue and let the President handle it.
It is the President as the Head of the Executive has to act further on this matter. People voted him, not RW in the name of Yahapalanaya to clean up the corrupt system. People have not given PM a clear mandate to govern and behaves as if this country is his feudal backyard.If the President is not willing to act in this instance and allow the PM to do justice, President is at fault, you are not doing what the people want you to do in a national crime of this nature. PM continue to shield the international robber baron Mahendran against the interest of the 20 + millions of people of this country. The only way out to punish the robbers and recover the loot is to appoint a full powered Presidential Commission as many claims. Why is the President not acting decisively? President has to give a responsible answer to this question. Otherwise, people should get on to the streets and agitate democratically until justice is done to the people of this country. The leaders of the civil society movements, OVER TO YOU.
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Asaipillai / November 24, 2016
Dear Dr. Fernando
You have conveniently for gotten the fact that the CB is bound to respond to the Finance Ministry when they order CB to raise funds. This is a unique but a serious flaw in our system of governance. No where I know in the developed world this is so. The CB in developed world are independent and are not subject to orders from the FM.
As far as I remember this whole urgent need to raise funds to meet loan repayment commitments arose as result of FM sitting on their bums and not planning ahead to meet commitments. The time given was less than 24 hours (leaving aside the weekend) to raise the billions needed.
It is my contention that this flawed arrangement of CB having to act on the orders of FM must be done away with.
In my frank opinion no legal action can be taken against the former governor. SL laws are so weak to prosecute this case. The existing laws at that time (2015) or even now? are not framed to prosecute this case. If you ask me whether there was a unusual gain to Perpetual Inc – I would say yes. It is true that 50% of the issue went to Perpetual but not illegal. As you say it is only a convention to limit 25% to one PDs.
But one good that will come from this is that SL will at least now streamline governance and legal loopholes.
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Sri -Krish / November 24, 2016
Dr Laksiri Fernando,
We don’t care what the PM thinks.
What is important is, What benefits the country much more than who does what.
The Good Governance is not simply a slogan
The Good Governance especially Rule of Law is the sine quo non for the good of the country.
We defeated a Government because of corruption and nepotism
We don’t want another in our living memory!
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thondamannay / November 24, 2016
COPE report should have been first tabled in parliament and debated.
If one goes through the handbook issued by the IMF & WB on such bond issues, it is clearly laid therein what a Monetary Authority of a country
should do and should not do.
I believe the Monetary Board of the CB would have flouted all the DON’Ts that is stated therein.
Sending to AG and referring to the IMF are all Ranil’s ploys. Ranil is the biggest crook.
IMF will only advise what not to do in future.
Ranil thinks people are idiots.
In a way Yes. Because the people have failed upto now to pressure Ranil to resign the way people of South Korea have been relentlessly agitating for their President to be removed.
With the pro Sirisena crowd and loosers appointed are with Yahapalanaya.
SO, WE CAN NEVER ACCEPT ANY GENUINE ACTION IN PARLIAMENT AGAINST THIS BOND SCAM.
Sirisena & Ranil are playing games with the 20 million people taking turns at the expense of the public looting.
NOW ITS LEFT TO THE HAND OF GOD TO PUNISH THE CULPRITS AS THERE IS NO ONE CAPABLE PUNISHING RANIL & HIS COHORTS IN THIS LOOTING OF PUBLIC COFFERS IN SRI LANKA.
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jim softy / November 25, 2016
When Ranil appointed three UNP lawyers, and not independant lawyers, people should understand it is highway robbery all; the way. Ranil knew they were stealing money.
Only thing, Sri lanka is paradise for politician thieves.
Ranil is a thief.
He is just like Mahinda Rajapakse. MAhinda Rajapakse also had all the money to live a good life. He only wanted only for his extended family and to do politics. Ranil wickramsinghe is doing the same. Ranil also does not have family.So, he has to live his dream with peoples money.
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jim softy / November 25, 2016
As he has reported, the Prime Minister has stated in Parliament that “The Attorney General instructed the government to obtain expert knowledge on public auction and private placement methods.”
Ranil wickamrasinghe is asking AG opinion after losing Rs 5 billion.
Ranil Pretends he did not know it. IF so, why did he appoint lawyers to see it’s legal legality of the process. then he appointed UNP lawyers and not independant lawyers to see the legality of that. Since then it has become a political process including the COPE process.
So, he is waiting AG’s advice, can any one believe it ?
It is all Arrogance, dishonesty and disrespect to voters from Ranil wickrmasinghe.
Tell me if it is something else.
They just waste money and think they are chosen people to goven the country. there are many idiots to go with that.
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AJ / November 26, 2016
You indicated if something has happened in a westernsn country, it’s completely acceptable for it to happen here in Sri Lanka. Large scale corruption has happened in western countries. Ex sponsorship scandal by Liberal Party in Canada
According to your logic , this is normal here. Just take a deep breath , why are you getting upset about something normal (based on your logic )
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KA Sumanasekera / November 25, 2016
CB Monetary Board which is supposed to have the best brains in all aspects of Economics including Bonds, didn’t challenge the Singaporean’s decision to give the whole lot to SIL..
Is it because the Singaporean used the Yahapalana PM’s direct insttructtions to him to bludgeon the MB to silence?
Or could it be that MB didn’t know much about Bond Trading?.
Which ever way, the SIL was smarter than the whole lot. bar the FIL.
Otherwise how can be call the BOC on the blower, right in front of the the FIL and UNP Malik and borrow LKR & Billion just like that, as soon as the FIL asked for the whole 10, instead of 1 Billion which the MB recommended with the maximum of 1.5 Billion limit to test the waters…
But nothing will happen to the FIL or SIL.
And Yahapalana PM Batalanda Ranil has already been cleared by the JVP COPE Boss as well as Bodhi Sira’s SLFP High Committee on Good Governance.
Although this stinks to High Heavens..
But the poor Yahapalana Suckers in the PAYE Tax bracket and their children and even grand children will be paying the debt for the next 45 years.
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Jay / November 25, 2016
What ever said and done there is a clear conspiracy of this bond issue. This clearly shows when you take the profits of perpetual treasuries. No company could earn such massive profits within an year of operation and having no significant capital. This is the mystery.
Further I have seen CB clarifying and answering the footnotes of the cope report. Who has requested such clarification at this satge, this should go to FCID and legal proceedings. I see this as a delay tactic of PM.
Further according to this article AG asked government to clarify the mode of placement. These all contribute to delay .
What a pity.
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justice / November 25, 2016
Perpetual Treasuries was favoured at the highest level, the father-in-law of its major shareholder being the Governor of the Central bank.
The major national bank – Bank of Ceylon – stood ‘surety’ for a loan earlier by the bond bidder.
This was corruption at the highest level.
Billions lost, and to be lost yearly for thirty years in total, while the citizens tighten their belts further as required by the latest so called budget.
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Point Blank / November 25, 2016
Prof. Dr. Fernando MBE, BB
The bond scam is not “alleged” anymore as your title suggests. It is proven with evidence.
Secondly, you say “However, from my limited experience as a former Director of the Colombo Stock Exchange (CSE)…” Surprised of that “and can’t remember when!” But your reference to insider trading on this Bond scam issue shows why our country is in such dire straits.
People unqualified to do these jobs are appointed to these mammoth tasks. Look at the stock exchange today.
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N .Wimaladasa / November 25, 2016
UNP leaders has found and an invented current set of Neo-con Economic application of Capital Formation by Marginal efficiency of capital market by using CB funds.The Mobility of Capital in local market by using that Govt. funds that belongs CB is the capital liquid by ex-CB governor’s son-in-laws company? Needless to say this is New Pattern of Economic corruptions has been an introduce by UNP long-term capital gain from the public funds.
The CB Bond scam led by ex-CB governor has been created break up value, which organization of business with his son-in-law is owner of the Perpetual Primer Traders directly engaged by leaders of UNP political commitments.
It has founded out that Bond scam is inside trading of CB by CB ex-Governor directly motivated act of that scandal initiated by blessing of Premier Ranil W.., Milak S…, Ravi Raruanayake and Kabir Hussan are top Party leadership committed crime against public funds
It is wealth creation business by UNP political party that Corruption was politically back by TNA and JVP of Separatist and Anarchist line of the political destabilization of nation development and democracy.
All in all Bonds obtain by Perpetual Primer Traders that are the Bridging loan was provide by Bank Of Ceylon and Central Bank Provident Funds by Primer-Ministers direct directivities.
And his political authority(Primer) to concern and his consent given by verbally to the enforcement Officers to the Bank of Ceylon and Central Bank Provident Departments or its sections to requirement of Capital for son-in-law company of Perpetual Primer Traders to gain Bond of that capital by public funds.
Therefor all Bridging loans related to Bond purchase by Perpetual Prime Traders has been approved by the concern persons in executives Desk in their within few seconds.
Meanwhile UNP-Ranil W’s …involvement of CB Bond scam was that most paramount an issues has been deleted by JVP leadership in another hidden factor of COPE report.
The Name of main culprit by Ranil W…Bond scam has Not been that mention by JVP led COPE REPORT submitted to Parliament by JVP’s
Dr Hudan Hetti.
The Bond fide of COPE Report is come under fire, that is doubtful how far that Ranil W… this bought by the day book of political deal with JVP and UNP political alliance has extended boon-work money scandal was build by since 2014 to 2015 January 9th Elections.
The capacity of Bond scam output is large scale.
The expected capital yield was higher than previous estimated by UNP leadership and by ex-CB governor.
In fact without Capitalization of reserves that Ex-CB governor has been created Money Capital for Perpetual Primer Traders gain super-profits of 500% to 700% with 10 to 15 months.
They have obtain owned Capital ( UNP Leaders, ex-CB governor and their Trading Company) by that their higher income ration is unpredsedent margin.
This is a set of new example of Neo-liberalism of that loots of Money that belongs to public by UNP leaders support by TNA and JVP!
We have to reinterpreted ——Good Governance and rule of law — that undermined by UNP, TNA and JVP leadership within short period of 15 months.
An Economic revolution has change overall Global Capital market, it has not realized by political classes of irrational elites are far behind long-term gain of Democracy and Development in Island of
Sri lanka.
The so-called elites of empiricism an approaches are more or less not yet that realized endogenous changes of UNP new model of corruptions.
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Adrian / November 25, 2016
Parliament exercises the right to rob.
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lankanath wickramaratne / November 25, 2016
Deargentlemen ! Can anyone enlighten me about this so called bond scam!(it seems to me more like james bond moovie to me !(yesterday my servant said ‘balanako mahaththaya mung ayeth bankuwa bindalane !” Eetath me maha dawal !!) I said not worry ! Because they will have rob the bank for the third time next month (december) when the next bond issue is taking place !(if c/b take (or issue)bond at 11% instead of 9% IT WILL BECOME THE GREAT BANK ROBBERY FOR THE THIRD TIME !!AND C/B BOSS DR KUMARASWAMY WILL BE GO TO JAIL (ALONG WITH A/M AND R/W)(WHEN THE COUNTRY IS IN DEBT FOR BILLION OF DOLLARS/TRILLION OF RS WHO ON EARTH WILL BY OUR BONDS AT LOW INTREST RATES !!!!????? (WHEN THE COUNTRY IS MESSING ATOUND WITH THE ECONOMY IMF/ADB WILL NOT GIVE ASSISTANCE TO TIDEOVER THE CASH DIFFICULTIES ! ETHAKOTA APE HARAK YANAWA GINIPOLI KARAYA LANGATA BONDS KIHILLE GAHAGENA !intrest ?stared at 2002 5% 6% now 9%—-11%(balapuwama 2002 indan mung banku bindala thiyenawa ! (Why ! Issuing bonds at higher intrest rates = a dsylight robbery !!!!!!!ha!ha!ha! A REAL BOND SHOW SIR ! A REAL ONE !!!!!
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Good Governance / November 25, 2016
We have a legitimate right to expect the right from our elected representatives, irrespective of their standing, whether President or Prime Minister or anybody when they sought our vote for good governance or “Yahapalanaya” and we having voted for the same.
It is transpired that Arjuna Aloysius’s company was in the trade even in the past. To some extent we can surmise that the PM knew this and definitely we have to think that Arjuna Mahendiran, the Father in law knew this. In those circumstances, it is nothing but fair that the Father in Law should have told his SIL not to engage in the trade in Sri Lanka as long as he was the Governor, in the name of Good Governance. To the extent of knowledge on the part of the PM of this serious conflict of interest it is reasonable for the normal citizen too to expect the PM to tell the FIL to caution the SIL on this situation.
Had this caution in the name of Good Governance took place, there would not have been a bond scam to complain of. Since this care did not materialize and other activities took place to support the position that indeed a scam took place it is nothing but fair that the parties concerned must pay a price. Moreover we as voters feel that we have been duped.
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Douglas / November 26, 2016
A “New Question” had arisen: The Central Bank has sent a letter to COPE stating that the “Foot Notes” added to the Bond Investigation Report have no bearing on the “Findings & the Recommendations”. Now the Governor of CB has sent another letter asking the COPE to “Disregard” that letter. WHY and WHAT made the Governor to sent that second letter asking the COPE to “Disregard” the first letter? Will the COPE make a clarification on this “Controversy”?
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N.Wimaladasa / November 26, 2016
We want fully clean up CB Bonds scam-corruption, which that undermined CB role of prudence financial policies . By that without Change the key positions led by current CB governor .
Ongoing leadership of CB governor totally FAIL to delivered the Finesse OF AUSTERE FISCAL POLICY by CB. In the vital interest of New Sustainability of Fiscal policies of People’s interest, he has been ignored .
I am demand current CB Governor removed his position, that time we want by immediate replacement, until that put system into order after the CB Bond scam that created crisis cannot be solved by politics. We want the real effectively changes by CB operation .
Indeed present CB governor by his political ideology of Neo-liberal & Neo-con that Crusoe economy policies are playing leading role against Sustsnibility of Financial Institutions Developments. For example like that Central Bank of Sri lanka.
CB has come under fire that such policies of Economic batch quantity guided by present CB Governor. Short-sight policies of CB Governor in power that his set of unwise movement has been created Financial crisis ,it become financial PANIC in BOND AND SHARE MARKET as a whole.
He was unable play intermediaries role BETWEEN GOVERNMENT and MARKET ECONOMIC , that is first fruits of Economic.
In fact CB governor such policies are fully outdated present context of economic development is concern; by its cannot be an economic determinism by categories unsustainability of Fiscal policy of what we really required from that CB’s policies of an institutional development will serve purposed of nation Economic targets.
The CB governor is fully an unawares of ongoing Finance market in
Sri lanka. His approach is beyond outlook of prudence Financial strategies. Such nation cannot achieve their Sustainability of Development has been target by UNO 2020.
We are no longer in position to trust and confidence of current
CB Governor policies who is in-charge of the day to day Financial control and Crude currency management that mismanaged by CB governor . This type Firm (CB) cannot no longer serve country interest First?
How is that CB Governor become Financier of CB?
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Gamarala / November 28, 2016
[Edited out]
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