20 October, 2020

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Bond Scam: COPE Summons Arjuna Mahendran, Issues A Two Week Ultimatum

The Committee on Public Enterprises (COPE) has issued Central Bank Governor Arjuna Mahendran a two week ultimatum, ordering him to furnish all details in relation to the bond transactions to the Auditor General within this period.

Arjuna Mahendran

Arjuna Mahendran

On Wednesday, COPE summoned Mahendran and his Deputy Governors, to follow up on a complaint lodged by the Auditor General that the Central Bank had refused to provide him with the relevant information on the bond transactions.

Sources said that the denial of information to the Auditor General is a violation of the Constitution, as per Section 154 (5) (a).

It is learnt that during the meeting Mahendran had remained mum, while his Deputy Governors had tried to argue with members of COPE claiming that the release of the details pertaining to the bond transactions can lead to a market collapse, due to the market sensitivity of the information.

However, several COPE members had continued to grill the Governor and his Deputies, and during the meeting they had not been successful in giving any reasonable reasons as to why they were withholding information pertaining to the bond transactions from the Auditor General.

The meeting concluded after the COPE ordered Mahendran and his Deputies to comply with the Auditor General’s request within two weeks.

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Latest comments

  • 27
    5

    If Mahendran does not comply, he should be charged in the appropriate court for violating the constitution.

    I believe that his predecessor Cabraal has commited worse offences.
    I hope COPE and FCID will probe him too.

    • 3
      3

      There is no appropriate court.
      The courts are a joke. I am amazed that the people still don’t get it.

    • 1
      3

      I truly believe Arjuna Mahendran has nothing to do with the bond scam issue, it was lanken media still abused by Rajaakshes painted the picture that way.
      I myself listend to the dialogue given to the national TV after the gentleman was appointed to the position. There any right thinking would see it – he has not the least fault made in that INCIDENT.
      Those high criminals, being promoted positively by lanken press being second to MR et al yet – made it that way people to get the message wrong as usual.
      Rajaakshes are uncultured, rascals of various kind: This we have to prove at least today, feeding the vulnerable folks with facts, but facts. As is the case, with unhealthy intake could destroy anyone, wrongful information can even more destroy the mind sets of the people.

    • 0
      1

      President Sirisena is dead right saying that we the sinhalese should reconcile first before going to attack minorities.

      Current CB governer and his clean in that area has been attacked by JVPers and other fractions, not studying the items properly – this has led to a problem acutally, making those personalities as corrupted men,even if all right thinking and heathly ones would never agree with them. Local tabloids make it like that not knowing and studying the ground realities of the CB run by thakkadiyas of MR et al.
      Alone the fact that CB had no legal department to be functioned independently under lead of MR is telling everyting about the ground reality of the situation at the CB left by former regime. Current rulers were not able to punish them adequately, has worsened itas entire world would laugh at them today.

  • 23
    3

    Arjuna Mahendran, and his deputies should be arrested and the CB computers ceased before they erase the bond issue information from CB computers.

    This is a joke that COPE is playing – giving them ultimatums and enough time to delete info.

    Mahendran has also said that those who hold accounts in Panama are legitimate – question is why when Asia is a growth hub Sri Lankans want to deposit funds in off shore accounts half way around the world?!!
    It is very safe to assume that all Sri Lankans whose names are in the Panama Papers are TAX dodgers and made funds illegally.

  • 13
    4

    Who cares if the Colombo stock market which is the rich man’s Casino for money laundering and turning black money white crashes?!

    The truth about all the bond scams during Mahendran’s and the corrupt clown Ajith Nivard Cabraal should be reveal and both should be arrested and tried for financial crimes and looting of Lankan people and national economy. Corruption is cross party – UNP-SLFP Ranil-Sira- Mahinda Jarapassa at the Central Bank!

    The Sri Lanka rupee has already crashed because of corruption at the Central Bank and the crash of the rupee is far more important to correct by getting qualified and competent Economists, not corrupt bond traders to run the Central Bank.

    There are plenty of talented and honest economists, such as Dr. Dushni weerakoon at Institute of Policy Studies who are far better qualified than the corrupt bond trader Mahendran who can take over and CB correct the course of the Central Bank.

    • 2
      4

      Yes there are eminently capable persons to take on the CB, BUT will they in the context of gross manipulation in the past 10 years?!

    • 7
      5

      Dodo,

      “The Sri Lanka rupee has already crashed because of corruption at the Central Bank”

      What evidence do you have to prove this?

      The rupee collapse was because of incompetence, not corruption.

    • 5
      2

      Why do you bring in the Colombo Stock Market as it has nothing to do with the Central Bank or the Governor! The money is brought to the country through local banks as the settlement is in rupees! The banks and the Colombo Market have a Know Your Client (KYC) procedure in place to ensure black money does not come to circulation which has been implemented by the CBSL. Therefore please don’t blame the Colombo Stock Market!

  • 9
    3

    sack the bugger!

  • 9
    2

    Will justice prevail at last or will it again be denied to the people of Sri Lanka. The COPE drama continues.

  • 5
    9

    Central Bank Governor Arjuna Mahendran

    RE: Bond Scam: COPE Summons Arjuna Mahendran, Issues A Two Week Ultimatum

    Looks like they are not even letting you do your job as a governor. Why?

    Bond Scandal, Credit card scandal.

    Do you have any more scandals, like involving women? Just curious.

  • 5
    2

    Amarasiri.
    AM does not belong to ur category of running after [Edited out]

    • 0
      0

      [AM does not belong to ur category[

      Soooo wright AM is in a class of his own when it comes to scams me think he is trying to better Cabarala & he is catching up fast a furious.

  • 5
    3

    Will Batalanada PM help his mate soon, with a 5th Amendment?

    SLFP suckers who voted for Galleon from Bloemendhal will be more than happy to raise their hands again.

    And they wouldn’t be disappointed with the next tranche of Santhosams from Batalanada Ranil and Galleon.

    And they will organize another Bond Issue too.

  • 5
    3

    It is not honest to drag in the crimes of the past government to justify misdeeds of the present government.
    There are many questions for the Governor CB to answer and he should be encouraged to answer them.
    We can reserve verdict until an answer is received or a final refusal to respond. But every day’s delay hurts the credibility of the Governor, the CB and the government.

    • 6
      2

      Sekara,
      Sometime last year Prof Maheshan wrote: (https://www.colombotelegraph.com/index.php/the-importance-of-incompetence/)
      // Of course, we cannot judge from the Bridgetown pub if the Governor was dishonest or not, but there was enough in the sequence of events for him to have said “I don’t want to be an embarrassment to the Prime Minister, I will step down.” Instead, using a combination of schoolboy friendship, a touch of arrogance and, most importantly, incompetence in judging the damage he was causing, he continued to cling onto office. //

      I myself think it is more the arrogance than incompetence that explains the behaviour of these people in power… sad!

      • 0
        0

        Sarasavi
        I agree very much with you

  • 5
    2

    Son in Law Alouysiou’s family Company Perpetual had a turn over of 0nly LKR 2700 Million in 2014.

    It was 33.500 Million in 2015 And another 27.000 Million in the first 6 months og 2016.

    That is 2000 percent growth in just 15 Months.

    That is phenomenal .

    Just imagine even 0.265% instead of the 2.65 % the FIL allocated as the extra margin.

    Wish I had a father in law like that.

  • 5
    2

    When AM was appointed i felt it was a very good move. He was a good professional and was respected internationally. But the greed for money can reduce all that reputation to nothing, like in his case. He is seen by many as a white collar crook. The least he could do is to resign respectfully in the face of the nation’s wrath against him. His stature is slightly better than of MR during the days leading to the 8th of Jan 2015. His popularity stands 20,998,000 to 2. You can guess who the two who are in favour of his continuity.

  • 6
    8

    He was respomsible for the UNP being unable to obtain 115 seats at the last general election. High time he was shown the door. If not the UNP vote base will go down further.

    • 0
      4

      Dr. R.S

      Totally agree with your argument. Why is it that the UNP is unable to get rid of this bad apple ? What influence does AM wield? Remember that the entire citizenry is paying for this arrogance of RW.

      • 7
        0

        Ram,
        Bunkum, 80% villagers don’t even know what a bond sale is. They know their tummy better.
        The man A.M. is there for obvious reasons and the bond was needed to bridge the deficit of swap (1.5) with India.
        Same as happened with BJP but slowly, the election expenses of US$5 billion was recovered.

  • 4
    3

    Dr.R,Seneviratne

    “High time he was shown the door. If not the UNP vote base will go down further. “

    I would not think so good doctor.

    Though MR was known to have stolen the elections in 2005 by bribing VP, subsequently his election his share of votes increased considerably for killing innocent people and his family wealth too increased.

    Anything could happen. Maybe Ranil has to tell the people he would import free Mercs from Mars, and distribute them among the people or reintroduce Sinhala-only language policy.

    It worked before it will work again.

    • 11
      3

      “”import free Mercs from Mars, and distribute them among the people or reintroduce Sinhala-only language policy. “”

      Like MR laptops costing £30 ,Germany can’t afford it having lost 5% of GDP due to VW. no merc’s!

      Perhaps the vedda likes the Muslims, getting a double whammy?
      Muslims, Chetty’s Indians holding onto English as with Bad U Din.

      and the Tamils start all over again- thats where the diaspora money comes in arms ammunition. Army don’t leave.

  • 2
    4

    Yes ,cope has authority to look into these matters.if the Central Bank is not comply with their request they can go to speaker or to the highest authority of jurisdiction.it is very clear that Central Bank has the authority to keep their identity and privacy of investors.you all may remember what has happened in recent Apple Company case in US . I am not saying we shouldn’t investigate any suspicious transactions, but we should always keep state secrest as it it is for a better future for all. It doesn’t mean we should keep rogues untouched.

  • 3
    4

    I forgot to tell you, you know who is in this cope committee now?Non other than “Loka Hora” Mahindananda Aluthgamage and rogues.Only credible person is may be Hadunnetthi. What else ?

  • 8
    0

    Everyone is so distracted with Arjuna Mahendran these days that they have forgotten the biggest criminals the Rajapaksa Family who cost Sri Lanka so much and are the reason for most of the Nations problems are not being held accountable. First start with the biggest Criminals and then work your way down.

  • 1
    1

    No matter how corrupt this man Mahendran, he will continue to work as the Governor of Central Bank. Reason for this is, people behind this maga scam are Ranil Wickramasinghe, Ravi Karunanayake and Malik Samarawickrama. Unfortunately President Sirisena is such a timid fellow, he has no guts to sack Mahendran or any crook for that matter. So we can expect these rogues to continue merrily, robbing country’s wealth. Only the God can help Sri Lanka.

    • 3
      0

      He is absolutly no corrupt.

      Dont fall on the tracks being made Rajaakshes to paint the picture that way. If you have a brain the size of a needle head please listen to the following s

      https://www.youtube.com/watch?v=TLtC_l0slcY

      https://www.youtube.com/watch?v=ygrW75hufNc

      He has been made a non-srilanken but this gentleman has lived over 45 years in Srilanka.

      We the srilanken professionals living in EU are offered EU citizenships asking us to withraw the srilanken identieis – only because of their reglations did not meet with, should also be non-srilankens if you guys call the AM further as non-srilanken.

      Jealousy and malacy has taken a ride to attack this personality since JVPers and other idiots have not studied it properly from day 1.

      This has caused allthe falls to JVPers while JO has always been called highly abusive cream of the nation.

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