18 December, 2018

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Bond Commission Report: Moment Of Truth For Country

By Amrit Muttukumaru

Amrit Muttukumaru

The country is awaiting with a mix of excitement and trepidation the Report of the Presidential Commission of Inquiry (PCoI) into the alleged Treasury Bond Scam which will one way or another indicate whether there is hope for optimism for the future of the country. The report is crucial for reasons which include:

1) It has captured the popular imagination unlike no other scam in a country awash with scams under successive administrations since television in vivid colour and social media enhanced by good investigative reporting in the print media have brought its sordid details to even the humblest of homes. The people have drawn their own conclusion and if they sense there has been a ‘cover-up’ particularly of its masterminds it would further undermine the ‘rule of law’ which is a sine qua non for any meaningful socio-economic development.

2) Those who voted for the ‘Yahapalanaya’ government under trying circumstances to usher in  ‘good governance’ after the traumatic Rajapaksa years feel betrayed and demand accountability. 

3) That Sri Lanka is an unreliable and unstable country where the ‘rule of law’ is not applied uniformly is well known to the outside world. Equally well known is its endemic corruption, social injustice and inability to address long festering minority issues. It is due to this that ethical FDIs are few and far between. In its place we have had some questionable proposals with alleged money laundering origin. The controversial Chinese and Indian investments are largely driven by geo-political consideration with the potential to destabilize the country. Any ‘cover-up’ will confirm the worst fears of the international community.

4) After nearly 70 years of independence the country has come to such a sorry pass that we have to suffer the ignominy of:

“The US State Department” reportedly fielding “a Resident Legal Advisor in Colombo to provide anti-corruption and asset recovery training and also support the Commission to Investigate Allegations of Bribery and Corruption (CIABOC)”

Does this not indicate we are near to being a ‘failed state’’?

In this context if the Report of the PCoI is not credible, will it not confirm this with all its implications? 

Have not some PCoI actions during the inquiry stage raised fears of what’s to come? 

Partiality?

Readers can decide for themselves whether or not the PCoI abandoned ‘DUE PROCESS’ for other witnesses by glaring PARTIALITY to one witness?

Core of Bond Scam:

1) ‘Conflict of interest’ arising from then Central Bank Governor Arjuna Mahendran’s son-in-law, Arjun Aloysius – owning/controlling PTL (Perpetual Treasuries Limited) – a Primary Dealer.

2) Arjuna Mahendran – a foreign national being handpicked for the position of Governor, CBSL by the Prime Minister although aware of the ‘Conflict of interest’. The PM himself confirmed this in his affidavit and while testifying before the PCoI.

3) The Central Bank of Sri Lanka (CBSL) the issuing agency for Treasury Bonds which normally falls under the Ministry of Finance being brought under the purview of the Prime Minister.

4) The PM continued to have Mahendran as CBSL Governor although he was aware that Mahendran had reneged on his ‘assurance’ to him that his son-in-law (Arjun Aloysius) will sever all links with PTL prior to his appointment as CBSL Governor.

5) The PM robustly defended and endorsed Mahendran for a second term despite the widespread perception of Mahendran’s role in the alleged Bond Scam.

6) Being fully confident on the propriety of the issuance of Bonds, the PM robustly defended the same in Parliament despite the evidence that subsequently transpired before the PCoI.

7) During his testimony at the Bond Commission the PM stated: “Mr. Aloysius did say to me he need bit of time to dispose his share holding to get good price. (shares of Perpetual Treasuries Ltd or shares he held in other entity in the name of PTL). I met him (Aloysius) at one or two parties, and there he told me that he was pursuing his interests in Mendis distilleries.”

What is at issue is the integrity of the Central Bank of Sri Lanka. How can the PM who is also responsible for the CBSL even consider a “bit of time” to resolve a ‘conflict of interest’ concerning the Governor and that too articulated “at one or two parties”?

Despite all this, did not the PCoI take some unusual decisions in regard to one witness?

1) Unlike in the case of other witnesses, the PM was given questions in advance by the PCoI to enable him to provide answers by way of affidavit.

2) Unlike in the case of other witnesses, the PCoI decided to invite the AG himself who wasn’t involved in the investigation up to that point to personally lead evidence for the first time. Up to this time, Messrs. Dappula de Livera and Yasantha Kodagoda – Senior Additional Solicitor General and Additional Solicitor General respectively lead evidence.

3) Unlike in the case of other witnesses which included former Finance Minister Ravi Karunanayake who were grilled by Messrs. Dappula de Livera and Yasantha Kodagoda, limited questions were posed to the PM. The PM was at the PCoI reportedly for less than an hour to clarify matters arising from his affidavit

4) Much is being made that the PM ‘volunteered’ to come before the PCoI although ‘not summoned’ like the other witnesses. The media has even reported that PCoI Chairman – K. T. Chitrasiri (SC Judge) “emphasised that the question of compelling PM Wickremesinghe to appear before the commission had never arisen”.  I respectfully ask (i) in view of the facts and circumstances should not the PM have been ‘summoned’ like the other witnesses? (ii) if not why? (iii) what does this indicate?

PM Contradicted

For reasons best known to the PCoI it did not pursue the PM’s affirmation in his affidavit “Upon the formation of the new Government in January 2015 there was a general consensus within the Government that Mr Mahendran should be appointed to the post of Governor of CBSL.”

Did the “general consensus” include HE the President and Cabinet Ministers?  

No less a person than Cabinet Co-Spokesperson and Minister of Health Dr. Rajitha Senaratne has contradicted the PM’s claim of “general consensus”:

“Senaratne said he had opposed the appointment of former Central Bank Governor Arjuna Mahendran to the position at the time.”I warned that it would tarnish the government’s image,” the minister said.”

‘Breakfast’ Meeting

Malik Samarawickrama who did not hold ministerial portfolio at that time and who was Senior Advisor to the PM and Chairman of the UNP confirmed attending the initial ‘Breakfast’ meeting in February 2015 (presumably with the concurrence of the PM) on the issuance of Treasury Bonds. The PM is UNP leader.

It is disappointing that the AG’s Department had no questions to ask Ministers Malik Samarawickrama and Kabir Hashim (UNP General Secretary) when they appeared before the PCoI and did not seek to clarify whether a discussion regarding funding to the tune of Rs. 15 Billion could be concluded over a ‘breakfast’ meeting. One wonders what the funding requirements must be to have a formal meeting! No questions were also asked as to how an ‘advisor’ can request funding.

Muted Opposition Response

The alleged Treasury Bond scam is one of the largest financial scams to take place in the post-independence history of Sri Lanka. For sheer impunity and involvement of powerful politicians in collusion with a section of the corporate sector and regulatory authorities it is hard to beat. The muted response of the opposition exemplifies the rot in governance in this country. In the context of the alleged money laundering charges against the previous regime, whether the muted response has anything to do with former Central Bank Governor, Arjuna Mahendran’s stint as Chief Investment Officer, Wealth Management Division of Emirates NBD Bank, Dubai would be revealing.

Money Laundering?

I trust the PCoI in its report will at least recommend that crucial issues of governance incidental to the alleged bond scam thrown up by witnesses at the Bond Commission such as possible (i) Tax Evasion (ii) Money Laundering (iii) Bank Malpractice (iv) Politically Exposed Persons (PEPs) being appointed as directors of banks must be transparently addressed by regulatory agencies such as the CBSL and Inland Revenue Department.   

To date these agencies do not appear to have demonstrated any interest in addressing these issues. I trust Dr. Indrajit Coomaraswamy – CBSL Governor and others will take note.

Conclusion

Things are so bad in Sri Lanka that the rule of law was selectively applied not to compel Arjun Aloysius – owner of PTL to give evidence before the Bond Commission on the basis it would incriminate him since apparently in his own mind there was a high probability he would be prosecuted. The same rule of law was MUTE in taking the next steps that could have been taken independent of the report of the Bond Commission in the context of the damning evidence produced at the PCoI. It also indicates that the relevant regulatory and law enforcement agencies are largely on sleep mode. This tardiness in taking necessary legal action has resulted in a situation where as disclosed by the Prime Minister during his testimony at the Bond Commission, Aloysius was even able to be present “at one or two parties” where he was in a position to converse with the PM himself!

As I see it, the alleged Bond Scam had the masterminds and the facilitators. I trust those concerned will not miss the wood for the trees! Of course, the ‘facilitators’ too must be held accountable. 

What we have still not convincingly seen is the quantifying of the looted monies which must be returned to the exchequer. It is hoped that particularly PCoI Commissioner – K.Velupillai (former Deputy Auditor General) will address this in the report.

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Latest comments

  • 1
    0

    Knowledgeable personalities should discuss serious issues. High time,

    • 4
      5

      The largest financial scam in post-independence history? Come, come, Mr Muttukumaru, parroting wild allegations does not amount to reasoned debate. You are a senior accountant, so you should be able to provide us with exact details of the loss , compare with previous scams., and tell us how much has to be restored to the exchequer . How does this compare with the 28 BILLION loss at Sri Lankan Airlines, for example, which is a REAL loss. Go on and tell us, shooting from the lip is not good enough.

      • 1
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        I have to agree with you Raman.

        The PCoI report release is more likely to be the moment of the damp squib than a moment of truth.

  • 6
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    We, the Lankan silent majority will be told only a miniscule part of the bond-issue.
    We will never ever get to the bottom of other scams.
    Future scams will not be clumsy.

  • 5
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    Amrit

    You have left out the politically appointed three chairmen and board of directors of Bank of Ceylon, People’s Bank and NSB who acted on the instructions of the former Finance Minister.

    They in fact said at the bond commission that they bid low for the bonds and suffered a loss and they were instructed by the govt to act in that manner.

    Shouldn’t they be held accountable for not acting in the best interest of their banks?

    Jagath

  • 2
    0

    Wonders never cease……………………

    • 0
      1

      thondamannay

      “Wonders never cease……………………”

      Simple, because this country is the wonder of Asia.

  • 4
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    Mr. Amirt Muthukumaru: You missed out a very important aspect of this “Bond Issue”. That is: The President, to be held responsible and accountable, in his capacity as the Head of the Government and the Chief Executive for failure and neglect in overlooking the state of affairs at the CB, even when it was made known and public, immediately the day following 27th February 2015. Unlike in the past, the President can now be charged in a Court of Law for his failure/neglect to avoid this colossal loss to the country.

    • 0
      0

      Douglas: I thik the presidential immunity is he can not be charged for anything or any wrong doing. In other places, it is only to national security related.Otherwise, President should gp through prosecution for every wrong doings. Sri lanan doe snot have any checks and balances. Otherwise, why no one is talking about PRESIDENT’s FUND. That is a big hole.

  • 0
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    Muthu…

    Please wait for the report. This is in contempt of the commission. Telling them what to write.?

    • 0
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      A damp squib is what the yahapalana pandankarayas are praying for! That in the face of blatant dishonesty shown by aRavi K Mahendran et al. And the evidence of Central Bank staff revealing planting Aloysius/Mahendran stooges to enable the big bank robbery.I bet Raman is another who is a paid hack of Aloysius.
      Muthu you have done an excellent job to keep the bastards on track lest they succumb to yahapalana pressure.

      • 1
        0

        What Bank robbery? If you can prove that the loss if any is more than 2% of 10 billion (200 million p.a.) , please go ahead and do it.
        Unlike some of you, I can count.
        There was favouritism, insider trading, and nepotism, BUT THERE WAS NO BANK ROBBERY.

  • 1
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    I wonder that PResident Maithripala is also in the same game and people are lost. If some makes a list of politicians and beaurucrarts who have foreign accounts, that is another amazement. See Ranil still keeping Arjun Mahendran which he accused for mismanagement, conglict of interest, providing insider information, Ranil’s behaviour since he separated the Central bank from the finance ministry then finding within the first 40 days, they have robbed the central bank. those accused are still working for banks and the govt. some say, the Central bank robbery was planned even before they making the govt. Most probably, they followed the previous govt. Anyway, if you take into consideration what MY3 has said, it is definite there won’t be any action for the thieves. MY3 has so many times noticed that there was corruption in the govt and the business community who lived on that providing rewards for businesses. MY3 did not try to change it. SO, it is fair to say thieves will contuning struggling after two more years. I am suspicious why the LEgal Advisor thought to come here then Avamangala with the help of KErry and International Transparency guy looked for the loot overseas. We here different strange stories. when rural Affairs minister RAVI the IAIR , probably, changed the foreign exchange control act to decriminalize Money Launderers that became completely a different ball game as the cabinet, president are also helping thieves.

  • 1
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    Mr. Muthu Kumaru: I heard that Legal Adviser is residing inside Sirikotha.

  • 1
    1

    Nobody explains how on earth from a Public Auction; Perpetual treasuries ensured half of this Bond.
    Why on earth haven’t they offered for the full amount if such a large profit was envisaged
    When the entire opposition calls this the largest scam; why isn’t anybody speaking about the 3.8B US$ (approx 570B ) in Mashreq Bank of Rajapakse’. What about the advance of 3B paid to a contract of the Nilwala River contract of which the President spoke of. if an advance is paid does it take nearly 3 years to recover or the Minister who was involved in holding a portfolio in this Govt.
    If the country was managed so effectively this Govt needs not to go for a Bond to pay the construction contractors.

    • 0
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      Desmond F,
      Sri Lankans are known to suffer from selective memory.

      • 0
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        Oldcodger,

        lankens claim to be the highest literacy in poorly stricken part of asia – that is south asia.

        But lanken – 22 millions though have higher potential to raise their head, but over 90% are abused by astro, sorcery triciks being played on them – latter has beeen a trick set by POLITICIANS to stay in power.

        Even if Yatharupa or other valuable program on SLTV today brings awarness programs, but it is like talking to walls. Each and everyone would be ready to eat COWDUNG or even Kakka of Rajapakshes, beleiving somethign which has been spread by MEDIA prostitutes.
        Today the country has been caught by MEDIA bandism:
        Sirasa is one sided.
        Derana is even worst
        Hiru is almsot like drug addicts

        All other PVT senders behaves no better.

        For money they would even kill their lovely ones.

        Killi Maharaja has been abusing the nation, but being on the agenda of Sajith Premadasa.

        All in all, most of these men are parasites live or make efforts to do so on others costs.

  • 1
    0

    It will be useless talking about other scams and compare them to Bond Scam. Let us confine ourselves to Bond Scam and ascertain the actual facts and figures and pin point those responsible. You can look into other scams one by one and subsequently come to the conclusion as to who/which is’ GREAT.’ Of course all findings could be swept under the carpet if the carpet will Cover
    . Mean while when do you commence looking into other problems of the people from Coconuts and Vegetables to lead the day to day life?.

  • 1
    3

    Mr Muthukumaru, If you have so much to say why didn’t you offer to go and give evidence before the commission..Your inputs would no doubt have helped the commission . Better still why not offer to write the final report? The Highways Dept needed Rs 10 billion to pay contractors. The Minister Kabir Hashim met the Governor and told him of his requirements. They decided to issue bonds. It was a 5 minute meeting. You dont need more time than that to decide on issuing bonds. Are you on the payroll of Sirasa by any chance ? They too seem to have nothing else to talk about but Bonds . Be careful you dont criticise the final judgement . You can be hauled up for contempt of court. It is not the first time that it has happened to you. Am I right ?

  • 0
    2

    You are right. Mr. M has had defamation type trouble before.

    .

    • 2
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      Peter Perera

      Cut the crap ‘Peter Perera’. The only ‘Peter Perera’ I knew is long DEAD.

      MERCENARIES come in different forms for different REWARDS.

      The CENTRAL issue is to address ENDEMIC CORRUPTION in this country under successive administrations and make those culpable ACCOUNTABLE irrespective of status. It is not just politicians – it includes sections of the corporate, professional and to some extent even the media and NGO sectors.

      In relation to the alleged Bond Scam , the issue is whether there is a CREDIBLE investigation mechanism in place to determine (i) whether there was a FRAUD and if so (ii) identify its perpetrators (iii) prosecute them (iv) bring them to justice (v) the State COMPENSATED for its loss.

      The ‘Peter Perera’ I knew, from his heavenly abode, will know that I am NOT on the “PAYROLL” of anyone!

      As for “defamation type trouble” alleged by one ‘romani’, I can CONFIRM that I have NEITHER any pending cases nor have I EVER BEEN FOUND GUILTY of “defaming” anyone!

      Be that as it may, aren’t these meanderings on “defamation” red herrings to deflect from the alleged Bond Scam?

      Cut the crap – ‘Peter Perera’ and ‘romani’.

      AMRIT MUTTUKUMARU

      • 0
        2

        Mr. Amrit M,
        I am sorry, but you have provoked me to spill the beans.
        You were charged with contempt of court for making defamatory statements about the Rotary President K.R Ravindran in 2015.
        You did settle the case by apologizing and paying Rs.10,000 to the Cancer Society.
        (Sunday Times Nov.8th 2015)
        It is so difficult to hide in this age of Google, Mr M.
        Any loss to the state cannot be more than 200 million a year. Is that something to go on and on about unless one has ulterior motives?

  • 0
    0

    Mr Peter Perera ,none are so blind as those who pretend they are blind also remember there are no permanent secrets in this world only temporary secrets .Remind your masters about this

  • 0
    2

    Mr M, I never said that you were found guilty. I only said you were hauled up twice. Do you deny this ?You agreed to a settlement . Isn’t that admission of guilt ?

  • 0
    2

    Mr Muthukumaru,
    In the defamation case against you, you gave an undertaking to cease your ravings against the Plaintiff. You subsequently broke that undertaking and was charged for contempt of court. You paid Rs 10,000 to a charity and settled the case. Now you are guilty of for contempt for directing the Commissioners of the PCOI on what to write in their judgement .

    • 2
      0

      Peter Perera and ‘romani’

      I thank you both (whoever you are) for ENABLING me to respond:

      I crave the indulgence of the ‘Colombo Telegraph’ to make an exception and publish this rather lengthy response in the Public Interest.

      1) Aren’t your ‘HANDLERS’ becoming DESPERATE after my exposé of the alleged Treasury Bond Scam?

      2) This conversation is NOT about K. R. Ravindran, Past President of Rotary International but about the alleged Bond Scam which you are doing the damndest to AVOID by introducing irrelevant and extraneous issues such as ‘Defamation’ and ‘Contempt of Court’.

      3) I re-iterate that I have NEVER BEEN FAULTED by any Court for defamation. I have never had a damages award given against me in any defamation claim. I further confirm there are no pending defamation cases against me.

      4) I am aware my public interest undertakings particularly ‘naming & shaming’ has infuriated wrongdoers in high places. I have done so with responsibility to which wrongdoers have NO RATIONAL ANSWER other than unleash MERCENARIES in different forms for different rewards. This will not deter me.

      5) I state with responsibility that the INTEGRITY of Rotary International (RI) one of the largest and most affluent NGOs in the world which claims to be an ethical entity is QUESTIONABLE. For example, its accountability for the US $10 Million ‘Schools Re-awaken’ project with donor funds to rebuild/rehabilitate 25 Tsunami devastated schools is questionable.

      6) After I raised issues concerning the INTEGRITY of Rotary, questioned the LEGITIMACY of K.R. Ravindran’s nomination to be RI President (as there was no legitimate ‘quorum’) and the unsuitability of Tissa Bandaranayake (former Partner, Ernst & Young) to be a member of the crucial RI ‘Finance Committee’ (due to his role in the fraudulent privatization of the Sri Lanka Insurance Corporation), they both SUED ME for Rs. 100 Million for alleged ‘defamation’. (I am the complainant to the Institute of Chartered Accountants of Sri Lanka on the professional misconduct of PwC & Ernst & Young in relation to this privatization)

      7) Both of them INITIATED a ‘SETTLEMENT’ on IDENTICAL undertakings which PROHIBITS Ravindran, Bandaranayake and me from writing on issues concerning each other. Does this not demonstrate the UTTER FALSITY of the alleged ‘defamation’? These are persons who SUED ME for Rs. 100 Million!

      8) Peter Perera you state “In the defamation case against you, you gave an undertaking to cease your ravings against the Plaintiff.” (Ravindran)

      Your DUPLICITY is shown when you fail to state that the Plaintiff (Ravindran) gave an IDENTICAL UNDERTAKING to me! IF mine are “ravings” are not his too the same?

      9) I agreed to the ‘Settlement’ due to time and cost constraints.

      10) Ravindran’s instructing attorneys were the lawyers to his ‘quoted’ company – Printcare PLC of which he is Managing Director.

      11) RI corruption is such that a very senior Rotarian after he breached the mandatory Rotary ‘Code of Policies’ (which I exposed) made the following scandalous utterances in his e-mail of 27 April 2006 to then District Governor:

      “I specifically asked him to keep this matter Private and quiet till this change in the code of policies was affected” (the reference was not to me)

      This is from an NGO which claims to have a “written whistleblower policy”!

      Peter Perera, I suggest you ask Ravindran (whom you appear to know) to disclose the identity of this ‘very senior Rotarian’.

      12) My Rotary membership was UNLAWFULLY terminated TWICE after I blew the whistle on RI wrongdoing.

      13) The above are a SAMPLING of RI CORRUPTION and ABUSE.

      14) PM Ranil Wickremesinghe appointed Ravindran “special ambassador to attract foreign investment”.

      15) When Ravindran QUESTIONABLY attained the position of RI President (due to the absence of a legitimate quorum), in the LARGER INTEREST of RI and the general public who make DONATIONS to RI, I raised questions on matters concerning RI INTEGRITY which resulted in Ravindran reporting me for ‘Contempt of Court’ for breach of my part of the undertaking which PROHIBITS Ravindran and me from writing on issues concerning each other (“previous decree”)

      16) There was a WILFUL miscarriage of justice when the ‘Sunday Times’ reported the ‘Settlement’ in its top headline Page 4 ‘News’ item of 8 November 2015 captioned: “Colombo resident apologises to Rotary International President, pays Rs. 10,000 to charity” which MISCHIEVOUSLY portrayed I was faulted by Court for defaming K.R. Ravindran. Let alone its contents, even its caption wrongly suggests I have defamed Ravindran.

      17) Although the issue at hand is the ‘Settlement’ of an alleged ‘Contempt of Court’ for the alleged breach of a “previous decree” which prohibits BOTH PARTIES from writing on issues concerning each other, the ‘Sunday Times’ mischievously referred to a “defamation action” which has NO MENTION either in the ‘Settlement’ or the “previous decree”!

      18) ‘The Sunday Times’ has not stopped at this. By insinuating that the “previous decree” only applies to me, it has given the impression to readers that I have ‘defamed’ K.R. Ravindran. If the intention was fair and objective reporting, should it not have DEFINED the “previous decree” and stated that it applied EQUALLY to Ravindran and me?

      19) My expression of regret and the payment to the ‘Sri Lanka Cancer Society’ were with SOLE REFERENCE to the alleged ‘Contempt of Court’. It has NOTHING TO DO with any NON-EXISTENT ‘defamation’. It was NOT A FINE by Court.

      20) ‘The Sunday Times’ even considered the news value of the increase in the membership in two CRUCIAL Parliamentary oversight committees – Committee on Public Enterprises (COPE) and the Public Accounts Committee (PAC) to be LESS IMPORTANT than the news concerning the Rotary movement which has a membership of less than 2000 in this country to place it with a smaller caption BELOW the Rotary item!

      21) My demand for my ‘RIGHT OF REPLY’ entitlement has been DENIED.

      22) Kumar Nadesan, the Chairman of the Press Complaints Commission of Sri Lanka (PCCSL) is the UNCLE of K.R. Ravindran. Ravindran’s mother is Nadesan’s sister! Sinha Ratnatunga the Editor of the ‘Sunday Times’ is PCCSL Deputy Chairman! Can ‘conflict of interest’ get any worse?

      23) I EMPHASISE – The ‘Contempt of Court’ and its ‘Settlement’ HAS NOTHING TO DO with any ‘defamation’, although the ‘Sunday Times’ MISCHIEVOUSLY portrayed that I had defamed Ravindran!

      24) The threat of ‘Defamation’ and ‘Contempt of Court’ could be ABUSED by interested parties to HALT the exposé of CORRUPTION. Are not both of you attempting precisely this vis-à-vis the alleged Bond Scam?

      25) What we have still not convincingly seen is the QUANTIFYING of the LOOTED MONIES due to the alleged Bond Scam which must be returned to the exchequer. It is hoped that particularly PCoI Commissioner – K.Velupillai (former Deputy Auditor General) will address this in the report.

      26) On one matter I agree with ‘romani’ – “It is so difficult to hide in this age of Google”!

      AMRIT MUTTUKUMARU

      • 0
        1

        Mr. M,
        I have no objection to you as an anti-corruption activist. I am entirely for that sort of activity. But I do object to hyperbole such as “biggest scam since independence”, “Great Bank Robbery” and the like. If you really are convinced that there is some horrific loss to the state, surely you as an accountant can give us a simple quantification of the loss?
        As another person noted above, there is an actual loss of 28 billion at SriLankan Airlines, which does not get as much attention in the media as this alleged “bond scam”.
        I am sure you know that the Sirasa group has conducted politically motivated attacks against such people as Muhunthan Canagey, on entirely frivolous grounds.Muhunthan actually objected to spectrum being sold to the Maharajahs for next to nothing. So , when we see a person such as you pontificating on scams which may not actually exist, could we be not be forgiven for assuming ulterior motives on your part?
        I am not denying that there were underhand deals involved in PTL getting the large share of the bond issue (a crime of course),
        but what is the point of inflating the “loss” by billions ,as Sirasa does for its own warped agenda?

  • 0
    1

    Mr Muthkumaru, Have you ever taken up the hedging deal which cost the country $ 125 million. According to the Auditor General the bond loss is $10 million. Under yahapalanaya you have the freedom to write about the PM and senior ministers. Under the previous regime the white van would have come for you. Hence your silence on hedging. Have you ever taken up sri lankan airlines prior to 2015. What about the scam on the sale of army land to Shangrila. Mattala airport, Hambantota port. Have you ever written about the corruption in sri lanka cricket. Thajudeen , Lasantha, Ekneligida murders ?You are scared because of the people involved. I will take back all I have said if you have the guts to expose one of the Rajapakses , sumathipala or cabraal.

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