16 October, 2019

Blog

Arjuna Mahendran’s Bond Scam May Crack Coalition Into Two

Slight cracks in the Yahapalanaya Government have surfaced just days since the COPE report on the Central Bank Treasury Bond was released, with ministers from the Sirisena camp threatening to involve the Interpol amidst reports that ex-Governor of Central Bank, Arjuna Mahendran has fled the country.maithripala-and-ranil-pic-via-maithripala-sirisenas-facebook

Highly placed political sources said that the COPE report was the ‘talk of the town’ during the weekend between SLFP and UPFA MPs, and many had expressed their displeasure over the fact that Mahendran had left the country just before the COPE report was presented.

“Some of the ministers have already spoken to President Maithripala Sirisena in this regard, and they have requested him to pressure Prime Minister Ranil Wickremesinghe to guarantee that an impartial investigation against the scam at Central Bank will be conducted,” the source told Colombo Telegraph.

The ministers from the SLFP and UPFA camps are adamant that this matter be not swept under the carpet, and they fear that the UNP will work in a way to scuttle the investigation, if launched.

Amidst allegations that he has fled, Mahendran has claimed that he hopes to return to Sri Lanka soon. On the eve of the COPE report being presented, Mahendran in his official Facebook page said, “I deny reports that said I have fled the country, when I have in fact left Sri Lanka on a personal tour. I hope to return to my motherland soon.”

Meanwhile, a group of frontline Ministers from the Yahapalanaya government are also scheduled to meet the President to discuss the COPE report, and the future course of action. The JHU has also expressed its support to the SLFP/UPFA camp and have insisted that an investigation against the scam be launched immediately.

“Some of the ministers are adamant that action must be taken, even though Prime Minister is also accused of being involved in it. But, it’s a very sensitive matter because both parties need each other to survive, so it will be very interesting to see how the President will respond to this, and if he would actually uphold the transparency and good governance he promised before January 8, 2015,” the source noted.

Meanwhile, Minister of Fisheries and Aquatic Resources Mahinda Amaraweera, who is also the General Secretary of the United Peoples Freedom Alliance (UPFA) has declared that the government was ready to use even the assistance of Interpol to bring back Mahendran, if he doesn’t return back to Sri Lanka. He had made this statement at an event held in Hambantota where he had also insisted that the culprits behind the bond scam will be punished.

The 55 page report by the Committee on Public Enterprises (COPE), which was presented by the Committee chairman Sunil Handunnetti on October 28 found Mahendran guilty as he was directly responsible for the Treasury Bond transaction at Central Bank in 2015 and 2016. The scam resulted in the country losing Rs. 1.6 billion, while primary dealer of Central Bank, Perpetual Treasuries Limited, which is linked to Mahendran’s son-in-law Arjun Aloysius, recorded a profit of Rs. 5.1 billion for the year that ended in March 2016, an increase of 430% in profits in comparison to the previous year. ( By Munza Mushtaq )

Print Friendly, PDF & Email

Latest comments

  • 14
    15

    This man is a disgrace to all Tamils. He as one of the first appointees by Ranil.

    • 9
      13

      ….a disgrace to all sri lankans, here and globally.

    • 19
      5

      Typical Sri Lankan style! Not a clue about what this whole “Arjuna Mahendran’s Bond Scam” is. Yet again going to make a fool of Sri Lanka in the eyes of the international community!!! Does anyone really know what is the crime!? Just a bunch of fools shouting foul… has anyone looked at the methodology used by the previous CB governor and how that distorted and manipulated the market that was illegal!? You lot are real jokers all the best making fools of yourselves in front of the world.

      • 5
        0

        Happy to see sanity prevails at least in some. It is a highly technical and complex issue, and still w don’t know in what crime the GoCB was guilty of. Although I didn’t like the nomination of Mahen as he is not a local, there was nothing to say what the crimes were. Do we have proof that he used the methodology that he used to issue bonds in question knowing this would ended up in loss to the Government. Just because his nephew happened to be in one of the companies that bought these bonds and stood to benefit not sufficient to say there was a scam. Maybe GoCB, with his experience, should have foreseen that his credibility would be tainted by alleged pecuniary interest of his nephew. GoCB as the head of CB should be responsible for every action of the CB. However, has he in-charge for the issue of the bonds?. Definitely not, there should have been a high officer handled the issue. If that was the case, did he record any direction given by the GoCB that led his relative’s company to benefit over and above other companies or, such directions were questionable and quite abnormal in the issuance of bond issues?.

        Outcome of COPE report seems to suggest that there is enough grounds for an inquiry to be conducted, and to see what not only the GoCB but others who involved in this offer had to say. If there had been irregularities found and proven that made to benefit the Perpetual deliberately by GoCB, then he should be punished. Kind of publicity and the hype we saw in this regards issue seems like we have passed the stage of interrogating the GoCB and he found to have committed crime.

        Most of the members of the COPE who are representing political parties of their own have vested interests, have to make sure their party gaining some mileage out of this difficult situation. For SLFP MPs, many of them committed crimes knowingly that they break them in the previous regime, wants to see the current regime being bogged down in this issue so the focus on rounding them up will be diminished. So, the outcome of the report seen to be hijacked by quorum rather than to be based on the facts.

        It is PM’s judgement handling this issue call into question, his motive not to support any inquiry from the beginning of the issue seems to be that he saw commissioning an inquiry itself damage the government’s image regardless of whatever the findings will be, and he still seems to believe there were no wrongdoings. But his approach seems to have backfired now, backfired big time and has the potential to break the collation into three. The current president is largely elected by UNP votes, not by those who are shouting the political correctness. Only able to laugh to hear that GLP saying the President can dismiss the PM. What a joker he himself, carrying out orders of the rogue Sajin Vass once, is raising his head up seizing the opportunity. He didn’t have a problem with killings that happened under his Government even in Colombo or white van raids. Now he finds an opening, why not give it a try.

      • 2
        0

        In Sri Lanka they expect it to be upside down you have to pay the government interest to borrow from them hahaha…

        Then the country would always make a profit hahaha..

        What the market is willing to pay for the bonds are determined by the stability of the country.

        With the damage caused to the country by the Rajapaksas it is only natural that the market will not touch these bonds unless it comes with a high interest rate.

  • 8
    21

    Ranil wickramasinghe showed that he is just low life.

  • 8
    1

    The cracks must be due to the fact that Ali Baba did not share the booty with them and certainly not because the 2nd precept has been violated. The big boss seems to be angry. But what can he do? The Balangoda man (I mean Ali Baba) scratched his back when the son was in trouble. Now common decency demands that the big boss should return the favor. So if the disappointed thieves think that the Big Boss will help them to get the something, then they have another think coming.

    As a member of the grass eating janathawa, I look at these things philosophically. In Socialism everyone gets according to his output. In communism everyone gets according to his needs. In Yahapalanaya every one gets according to how much one steals.

  • 13
    0

    No means this will divide the govt. There are also billion high frauds being delayed on the UPFA side – if Bond issue to be given the priority why not Srilanken and other high profile frauds to be delayed anymore.

    That is whatthe people would raise. Both sides have their own scandals. So not only bond scam issue but also all other Rajakashe related issues should be treated eqal and investigated without delay. Basta.

  • 8
    6

    Tamils still keep screwing the gullible Sinhala politicians

  • 1
    7

    I wish the split will occur. I also wish this Yamapalanaya will come to an end.

    But then what after. When all the Sri Lankan politicians have turned out to be utterly corrupt, greedy and top class con artists where will the end of yamapalanaya get us to. MARA and his mafia again? I shudder to think.

    ‘Though every prospect pleases, and only man is vile'(Reginald Heber 1819).

  • 14
    4

    If SLFP and JO are pressing so much for an inquiry into Arjuna Mahendran going abroad why they do not use the same pressure to bring Rajapakse brothers and sons to court. What about Rajapakse relative who was involved in the MIG deal with Gothabaya? Why are they not putting pressure on these cases. President Sirisena is fast becoming a Rajapakse by blocking the inquiry into the Lasantha murder case. Why they do not put pressure to find the killer of Lasantha?

  • 7
    4

    RE: Arjuna Mahendran’s Bond Scam May Crack Coalition Into Two

    This is what happens when Dimwits*, Nitwits*, Blockheads* and Simpletons* are put in charge.

    * Alternate names are given below:

    a stupid person, moron, fool, idiot, ass, blockhead, dunce, dolt, ignoramus, imbecile, cretin, dullard, simpleton, clod; informalnitwit, halfwit, dope, ninny, nincompoop, chump, dimwit, dingbat, dipstick, goober, coot, goon, dumbo, dummy, ditz, dumdum, fathead, numbskull, numbnuts, dunderhead, thickhead, airhead, butthead, flake, lamer, lamebrain, zombie, nerd, peabrain, birdbrain, scissorbill, jughead, mouth-breather, jerk, donkey, twit, goat, dork, twerp, hoser, schmuck, bozo, boob, turkey, schlep, chowderhead, dumbhead, goofball, goof, goofus, galoot, lummox, knuckle-dragger, klutz, putz, schlemiel, sap, meatball, dumb cluck, mook

    “What moron left ice cream on the stove?” The Yahapalanayas, the “Good Governance” headed by the above.

  • 11
    0

    ” …. so it will be very interesting to see how the President will respond to this, and if he would actually uphold the transparency and good governance he promised before January 8, 2015,…”

    Those “promises” the President made to get our votes were broken consistently from the very start when he appointed his brother to head SLT. And since then there has been a string of “promises” littering the road of progress of the promised Yahapalanaya.

    This President has proved himself to be a liar – just like his predecessor and now we have ‘Mr. Clean’ who has dug himself into a hole of his own making, with his customary arrogance not helping anyone!

    By the way, what news of Daham???

    • 7
      0

      Pollygrapher

      “Those “promises” the President made to get our votes were broken consistently”

      The “President” is a traitor to the Voters, is taking the bribes from the Rakapaksa Horas and Killers. and is called Gon Sirisena Gamarala.

  • 8
    0

    These people don’t know even the meaning of the word SELF RESPECT and they are just shameless.

    They are simply rats. Their way is stealing and eating and destroying where they live.

    How many times, they have to be reminded to act like respectable leaders.

    There are holes every in the system made by these people and the system is leaking. They steal from one side, from another side, they come and talk about economic development.

    If they don’t understand what people say, what else to be done ?

    they are typical rats which can not understand human language.

  • 12
    0

    How can Duty Free Car permits SCAM perpetrators point finger at another (Central Bank) SCAM?
    First let them wipe their slates clean before accusing Mahendran – not that he is innocent.

  • 3
    6

    Can Aiyoo Sira sweep it under the carpet?..It is bigger than Brigg’s heist..

    FIL & SIL to turn a USD 6 Million turnover into a USD 50 Million pure unadulterated profit for PT in just 14 months is nothing but phenomenal..

    And the Yahapalana Bonds they arranged have another 29 years to run.

    With the Yahapalana PAYE taxpayers contributing the most of the instalment payments year after year, it will be darn hard to make them forget.

    Yahapalana corruption fighter Nagananada hasn’t even done any computations yet , except saying that the Yahapalana PM’s days are numbered.

    Just imagine what action he will take when he digests the COPE Report.

  • 5
    2

    Is it the end of ranil and is karu going to be the next leader of the UNP?

  • 7
    0

    Good lesson for the PM. Always bringing foreigners/buddies of his which eventually shortens the life-span of the incumbent government in power thereby plunging the country into further chaos. For a government which was elected to office on the principles of good governance this controversy may be a point of no return.

  • 10
    0

    Anyway, even though “Some of the ministers have already spoken to President Maithripala Sirisena in this regard, and they have requested him to pressure Prime Minister Ranil Wickremesinghe to guarantee that an impartial investigation against the scam at Central Bank will be conducted,
    ”, how can MS ask for an “impartial investigation”, when he has some serious problems being impartial himself?

    His recent outburst that resulted in the resignation of Dilrukshi, his blatant defense of Gota and his murderous goons and Avant Garde crooks, among other matters, puts him in a glass house!

    Aiyo Sri Lanka!

  • 4
    0

    “Some of the ministers have already spoken to President Maithripala Sirisena in this regard, and they have requested him to pressure Prime Minister Ranil Wickremesinghe to guarantee that an impartial investigation against the scam at Central Bank will be conducted,” the source told Colombo Telegraph.’

    Yes Yes… Patali Champika has requested PM post and he is trying to convince with 17 UNP MPs.

    • 1
      0

      SF

      //“Some of the ministers have already spoken to President Maithripala Sirisena in this regard,..?

      “President” Gon Sirisena Gamarala is a turncoat and traitor.

      At least in the case Ranil, it is his stupidity, Dimwit-ness, bit one cannot accuse him of being a turncoat and traitor.

  • 11
    1

    CT as usual will fish in any imagined troubled waters, and give their two cents bit thinking they have a scoop. How can they otherwise survive ? That is the bane of most journalists of today ! There is no news reporting, just raking up of any muck, and then they sit back and watch what happens. This is what takes place when there is freedom given to the wild ass !

    Journalists must be made accountable for their mud raking as there will not be a limit to what they can write about and what repercussions can arise. In my opinion freedom of the press MUST NOT entitle journalists to write thrash as it is extremely dangerous. Like wagging a loose tongue that sets fire to a whole Country, they wield a wild pen that does the same thing.

    • 2
      0

      My motives are selfish. Where else can I comment on what is going in my country and get insulted, bullied and occasionally praised except in forums like this? Even with all those insulting comments I get a relief just by writing them.

      Good work CT! Thanks for publishing my 1 cent worth.

    • 2
      0

      You must be joking, right ?

      When the newfound freedom is used by a news outlet against Yahapalanaya, it’s wrong, otherwise good. What a logic is that.

      Are you OD’ed ?

      • 0
        0

        Read the 1st sentence above which says everything you have to know, you dumbhead.

  • 0
    1

    Just who [Edited out] who compiled this pile of dung report out of the drifting away gossip?[Edited out]

  • 4
    0

    Ranil is pig headed, arrogant and behaves more and more like a clown in parliament.

    He stubbornly refused to let the investigation take its course. As a matter of personal loyalty to Mahendran, this can be understood but even when the President publicly gave him a veiled warning not to sully his name and reputation he arrogantly defied MS and insisted on Mahendran continuing as CB governor and finally wanted one his his own RC OB club side kicks named. Finally, the moment Mahendran was sent out, without any shame or sensitivity to the public who voted the UNP in on an anti- corruption good governance ticket, named him to a high powered committee.

    What do you call such a purblind person ? By his actions he has placed the UNP and some of its reluctant MPS in an untenable position and sabotaged the government just 1 year old.

  • 3
    0

    I wish that “I scratch your back – You scratch mine” game should come to an end for the sake of the public, since independence one set of crooks replaced the other set of crooks by the name of democratic elections.

    Now the bond scam has elevated the game to another level, You Strangulate me – I Strangulate you – this is a good opportunity for the Executive Office to get hold of the scrubs of neck the Both side’s Culprits and dump them where it deserves if proven for fraud, and plundering of public finances and property, none can be shown impunity to escape on any basis.
    If a hero of war against terrorism that is a hero of WAR AGAINST VANDALIZING PUBLIC LIFE, PROPERTY, ADMINISTRATIVE SYSTEM – involve himself in total lawlessness of same all above mentioned unlawful demeanours he/she is all a terrorist’s demeanour – cannot be considered a hero. Terrorism cannot be given an ethnic twist for whatever reason!
    The President who is still in hold of the executive powers shall act wisely and objectively to eradicate fraud and corruption once and for all.
    If the President takes the side of a political party then everything goes back to square one, where we started the crook plunders would replace the other set of mega crook plunders!

  • 2
    0

    Not so. Look on the positive side. This is a golden opportunity for the President, PM and rest of the government to demonstrate that no one is safe if they commit crimes. Independent processes to kick in and serve justice.

    NB: If Mahendran elopes, that would push PM into an abyss of no return.

  • 3
    0

    When you look at the whole issue there positive evidence of corrupt practices during the issuance of bonds. Not sure who prevented EPF to place bids direct also why EPF bought bonds through secondary market with a lesser yield.

    In a different note, those who make big noises are the ones who misused their powers and stolen public funds for their indulgence. (MaRa and his clan). These blokes want to destroy this so called Yahapalana and in a mission bring back MaRa. Sirisena needs to look at these sensitive issues very carefully and make a decision as he promised during his campaign irrespective of he was elected – whether it was from UNP TNA or JVP votes.

    Siresena needs to investigate all issues and wrongdoings committed during the previous regime of MaRa and should not swept under the carpet.

  • 4
    0

    Sri lanka will always remain a 3rd world country, Blame it on the fools including me for electing these Gavapalanaya from the Horachinthanaya regime.it is crystal clear that these ZOMBIES have made deals all along & screwing up the nation in all aspects big time so sad.

    • 2
      0

      Gavapalanaya indeed. I believe that there are 2 kinds of voters in Sri Lanka. (1) Humans who eat grass & (2) Cattle who eat rice (Bath kana harak). For both types, there cannot be any system of government better than Gavapalanaya.

  • 1
    1

    In the photo Ranil looks like he is really pissed off with someone.

    Could it be with Mahendran or with COPE???

  • 1
    0

    Now since the hands of both Parliament Joker RW and Gamarala Sirisena is dirty wheeling dealing Malik S.CBK and the group will try keep the govt going somehow for their survival. Pacha Ranawaka who has been unusually silent is slowly waking up and licking his lips as he sees an opportunity to grab power. Hopefully respective people like Eran W takes over the leadership and direct the country in the correct path. These are good lessons for SL leaders. They entertain these untested so called educated foreign citizens who haven no love towards SL, shower them with positions that come with unlimited benefits (duty free allowances and so on) and finally see being let down. AM may have been holding a good job overseas but you don’t have the luxury of getting duty free permits, recognition, dozens of household servants, chauffer driven luxury cars free housing, recognition, free partying and dinning, no income tax and so on. If Hillary comes to power, Soros and corrupt global corporations (and Jewish lobby) will keep the govt going and young MPs such as Harsha De
    Silva, Senasinghe including PM will get few assignments as TA or courses at the Harvard or MIT that will keep them happy, improve their resumes and while they continue to defend the corruption. Malik will use his position to continue developing his business while people who voted for this govt. to power will keep praying that Mara and his gang will one day be brought to justice.

  • 3
    0

    Never take your own revenge, beloved, but leave room for the wrath of God, for it is written, “VENGEANCE IS MINE, I WILL REPAY,” says the Lord.Romans 12:19
    —-

    This is not karma , it is egoism and partly insincerity.

    never mind. at-least we know we have only black pots and black kettles in sri lanka.

    Until ,and unless , we have a leader and government who is daring to let go the grip on the following and appoint 100% Public administration by duly appointing among gentleman and ladies of good repute , do not not have any hope with any Politician .

    monitoring committee
    =======================
    1) Central bank

    2) Police “

    3) Customs and Aviation and Immigration

    4) Government tenders

  • 2
    0

    Lot of talk ,Ranil is to step down , and after The president came out strong against the arrest of Gotabaya Rajapakshe , a compromise is to be made .

    he will be brought in under a national list by removing a senior Muslim Politician .

    new nationality classifications to be strictly introduced.

    1) known s Tier (A)
    Sinhalese Buddhist will endorsed as the only indigenous people of the country.
    (B)
    2) Vedas to be classified as indigenous jungle tribes

    (C)
    3) Sinhalese Christians and Catholics will come under Sinless decedents.

    (D)
    4) Sri lankan Tamils (North and east -as lanka Tamil descents

    (E)
    5) Sri Lanka Moors who can prove paternal of two generations(grandfather and great grandfather) to be born in Sri lanka ,The Term Moor will be replaced with Lanka descent Muslim , others will be known as naturalized lanka Muslims ,including Malays . Borahs,and mermons
    (F)
    6)Indian Tamils and other be known as Naturalized Indo-lankans

    new IDS in different Colors to be issued , this is a compromise to end the enmity with th previous regime and to fulfill the pledge made to the People by the past regime .

  • 0
    0

    [Edited out]

  • 0
    0

    There are all indication if Mahendran ever comes back he will go to prison to save Ranil, and there is no way the Old Royals can find easy way out of all of their investigational problems if they have just sucked the bribery commission director. Deep inquiries are not safe for New King as he is also named as one within the 42 war criminals. So he sacked Dilrukshi. Catching Ranil into this is not easy for Old Royal like to Ranil if he wants to catch Old King into war crimes. Annaikku Poonai is not equal. If the two parties engage into this game and anyone loses, it will hurt Old Royal much more serious than Ranil. They should not even think about defeating Ranil until Secretary Kerry leaves. He still have grudge on SLFP.

    Nobody knows where the March 2017 will go. Secretary Kerry has confessed his failure as it is the SLFP elements blocked changes. If he is there he would still threat to send US troops to capture the Old King the way Manuel Noriega was captured. America has Old Royals Kudu exporting importing proof too. They spoted The Lankawe’s kudu ship leaving Pakistan and asked Old Royals to stop it. But they diverted it. So America would have tracked where the ship ended up and how the kudu was sold out. America knows the Ukrainian pilot who was flying the contraband had said the merchandise was for Lankawe and they for forced the Thailand government to confiscate the contraband. Secretary Kerry all the proofs of international crimes to come into Lankawe and pick up Old King. But he will be gone un-ceremonially, soon. It is unlikely, if comes, Hilary keep him with her even though there are many unfinished business he initiated still remaining to be finished. So, most of the Appe Andu’s speculations about the Lankawe’s investigation gimmicks is going to have an assumption of it now fully falling into the hands of Prince Zeid, the High Commissioner of UNHRC. That is where now SLFP-UNP fire work are programmed to flare.

    So the SLFP side is coming out of the holes and thinking UNP will have less influence in the UNHRC as its supporter Kerry is leaving so that they want their hands back in the Lankawe’s politics. They do not want lose in Lankawe’ politics and lose at UNHRC by UNP losing her friend Secretary Kerry at UNHRC too. They think if they grab back the power they can find Nambiars to bribe and use Thero de Silvas to produce zero casualty lies and thus make the show keep running. How much this game will be success is how much the UNHRC going listen Mangala’s lies of constitutional change to eliminated the need for investigation. Though Sumanthiran and Sampanthar will be Mangala’s right hand in the upcoming UNHRC sitting, it is anybody’ prediction how this Constitutional Amendment game will go at UNHRC and how much of the High Commissioner Prince Zeid’ sincerity is there in finding the truth of the war crime. One don’t know if the new UNSG is also of how much of Old King’s friend like Ban-Ki-Moon was. So the SLFPyers are progressing on their new gambling of dethroning the New Royals after seeing by last week their failed coup, the second one since the 2015 January election.

    This bombastic modaya,Mahinda Amaraweera has no feeling of what he is blasting off. He is fooling the Hambantota Modayas. Mahinda Amaraweera is promising to the Hambantota Modayas that Chinese ships to Hambantota are going to bring bring rice from moon. INTERPOL is not northern army’s Aava Kzhu to run on Kudu for the way Mahinda Amaraweera may think. They are neither White Van karaya’s. There are procedures to submit a request to them to bring a criminal back. If Ranil wanted back Mahendran, he only would negotiate with Singapore government for extradition.

    I thought Mahendran is not Emil and would take proper decision thus far. He didn’t. That idiot did not have had the courage of what an uneducated man Pillaiyan had. If he doesn’t want to turn against Ranil, by now, he could have written couple article of Ajit Nivard’s periods of CB in the Singapore Financial Medias. But this is very good lesson for Tamil coolies licking on the Appe Andu’s left over plates. Three Tamil clowns were introduced when New Royals came to power. The LTTE IGP went away the allegations of participating in the Lasantha’s murder cover ups. Emil Mahendran is going like this. Puppet Sripavan went and took blessings from Kandy Ayatullah. He may last a little bit. But the rule is Mahot has to be killed by the elephant he tamed.

  • 1
    2

    OMG……… Ranil turned out to be a disgraceful FRAUD….. letting down the citizens who held him in high esteem that he could make the country a better place.

    What a disappointment? He has been fooling the party supporters and the masses in the Country all the while. Shatters dreams and expectations of the people.
    He looks a helpless moronic nicompoop incapable of anything.
    He is a damn disgrace.

Leave A Comment

Comments should not exceed 300 words. Embedding external links and writing in capital letters are discouraged. Commenting is automatically shut off on articles after 10 days and approval may take up to 24 hours. Please read our Comments Policy for further details. Your email address will not be published.