10 December, 2018

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Bond Scam & Sirisena’s False Corruption Allegations Against Ranil Wickeremesinghe & Our Party

By Wajira Abeywardena –

Wajira Abeywardena MP

As you all know Sri Lanka is in a deep political crisis because of the unconstitutional removal of Prime Minister Ranil Wickremesinghe and his Government by His Excellency the President of Sri Lanka and appointing Mahinda Rajapaksa as new Prime Minister. 

Explaining reasons to his unconstitutional and unethical act, President of Sri Lanka Maithripala Sirisena informed foreign media correspondents of Sri Lanka that Prime Minister Ranil Wickremesinghe and his Government are corrupt. He further stated that within 50 days of the new Government (someone) robbed the Central Bank of Sri Lanka. This refers to Central Bank Treasury Bond Auction related case against one company engaged in that business. However, we all know that this allegation was investigated by a special and impartial Presidential Commission. The report with recommendations of this Commission has been submitted to H.E. the President and it has been tabled at the Parliament of Sri Lanka. 

In this report, Presidential Commission has clearly identified the true culprits of the case and at the same time cleared Hon. Ranil Wickremesinghe and members of United National Party from all allegations of corruption. In page 875 of the Presidential Commission report, Commission has stated as follows:

Finally, we consider it relevant to state here that, we are aware that there have been speculations, among sections of the public, with regard to whether a part of the Profits made by Perpetual Treasuries Ltd during the period of our Mandate have been transferred to a political party or to persons in the political arena. 

In view of these speculations, we obtained the Financial Statements of the Bank Accounts of Perpetual Treasuries Ltd and its Associate Companies, so that these Financial Statement and Statements of the Bank Accounts could be examined to ascertain whether, upon a perusal of those documents, there were indications of unusual and high value transfers of funds which ex facie do not appear to have been done in the course of business of the Companies. 

These Financial Statements and Statements of the Bank Accounts have been examined, over a period of time, by the officers of the Attorney General’s Department who assisted the Commission of inquiry. 

The aforesaid perusal of the Financial Statements of the Bank Accounts of Perpetual Treasuries Ltd and its Associate Companies did not indicate that there have unusual and high value transfers of funds which ex facie do not appear to have been done in the course of business of the Companies. 

In any event, in view of the aforesaid speculation, we specially questioned the Chairman and Secretary of the United National Party and the Hon. Prime Minister whether that political party or any member of that party had received financial contributions from Perpetual Treasuries Ltd or its Associate Companies. 

All three witnesses emphatically answered that, they were unaware of any such transactions. 

No material has been placed before us which suggests that, this evidence is incorrect. 

So that it is very clear that the allegations against Hon. Prime Minister Ranil Wickremesinghe and United National Party are wrong. These allegations levelled against Prime Minister Ranil Wickremesinghe are only to achieve political objectives of some anti-democratic and corrupt politicians of the country. 

We believe at least after indepth investigations and report, political leaders should refrain from making false allegations to achieve their political objectives. 

And we would like to emphasize that United National Front Government led by Hon. Ranil Wickremesinghe had taken several important steps to promote corruption free governance. Some of those are as follows: 

1. Strengthen the independent law enforcement mechanisms through 19th Amendment to the Constitution

a) Independent Police Commission

b) Commission to Investigate Allegations of Bribery or Corruption. 

2. Establishment of Financial Crimes Investigation Department (FCID).

3. Establishment of Independent Audit Commission.

4. Introducing Right to Information Act and establishment of mechanism to realize people’s right to receive information on Government activities, expenses, financing etc.

5. Broadening of Government Development Financing by giving more attention to get funds from international sources like World Bank and Asian Development Bank as well as countries like USA, Japan, UK, Germany and European countries, those who have their own procedures and mechanisms to minimize corruption. 

6. Ensuring freedom from political influence for Law Enforcement Agencies such as Police and Judiciary. 

From the above, anybody could easily understand how Hon. Prime Minister, Ranil Wickremesinghe and his Government were committed to establish corruption free democratic society in Sri Lanka. 

Chapter 30 of aforementioned Report of Presidential Commission, which explains as to what happened to Perpetual Treasuries profits and Chapter 33 that gives Recommendations are attached herewith for your information. 

*Wajira Abeywardena, former Cabinet Minister of Home Affairs

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Latest comments

  • 18
    7

    In the process of white washing; something inevitable for political survival.

    There cannot be smoke without fire to average people’s point of view,

    Why is AM living in hide?

    Why isn’t RW helpful in bringing his buddy to Sri Lanka?

    There’re plenty of reports where politicians received money in the form of election expenses.

    Some even wrote books.

    Ostrich like behavior is excessively funny.

    There’s no rescue for the crime committed.

    • 9
      3

      ..without any further gobbledygook, publish the report in any language it is available. Instead, Sira is screaming “murder” from rooftops. Then ticklish Real Revolutionists like you start laughing and crying hoping everybody else will join you. That report has got nothing that Sira could hit RW with.

    • 8
      0

      The buzz word “bond scam” has been effectively used in all forums to sling mud and facts and has also obliterated all the scams perpetrated by cabraal & co. Wajira Abeywardena has not mentioned or referred to Ravi K’s moments of dementia or “i dont know itis”when questioned as to who was was paying his Rs.1M+ monthly rental for his penthouse and the 387 calls he made to aloysious. Or sujeewa’s flippant comment that he does not know (or cares) who contributes to his campaign funds and to his 227 calls to aloysious that included 63 calls during the cope investigations. Ranil’s choice of Mahendran as governor of our central bank is horrendous and he must come clean about this. He has so far not admitted that it was a serious mistake. He and the UNP owes this to the people who are now standing up for him. Having said all of this I believe the Central Bank has frozen some 12 Billion rupees of PT’s funds pending the conclusion of the ongoing investigations . Now this is positive and an opportunity to recover the losses. So why don’t the bond scamming commentators also mention this? Above all it is high time the public is able to peruse this report which will (hopefully) expose the real scammers.

  • 25
    14

    There was absolutely no “bond scam”. Period. Anyone who claims that the Central Bank was robbed must produce figures. It is the Government that borrowed 10 billion rupees from PTL. It is idiotic to claim that as a “robbery of state funds”. Even Rs. 10 billion is nothing compared to ongoing losses from Sri Lankan airlines, Mattala airport and Hambantota port.

    • 8
      4

      KASmaalam K A Sumanasekera, Bandula Jeyasekera, somass, and other experts on government finances, …………………

      Please explain how did this daylight robbery take place?
      Also could we have a computation explaining total loss to the state.
      Who, how, how much ………… benefited from this scam?

      Under the PREVENTION OF MONEY LAUNDERING ACT, NO. 5 OF 2006 why has not Hopper Sirisena taken action against the looters?

      • 3
        3

        Dear Native,
        What do you need Computations?…
        Didn’t you read Aloysious’s Annual Report.?.
        Only 200 Mil LKR Profit in 2014 ..
        2015 it skyrocketed to 11 Billion ..

        Your best Treasurer in the World had to go to Court for a bounced cheque ..before the Yahapalanaya kicked..

        2015 the poor fella paid 130 Mil LKR for Aloysiou’s Kolpetty Flat after a trail run of 6 months of pure luxury for free..

        You also must read the returns of the EPF where our Dalits Life Savings are held..
        How is your Super going mate ?,
        Is it with BlackRock?…

        • 3
          2

          KASmaalam K A Sumanasekera, Bandula Jeyasekera,

          Please explain how did this daylight robbery take place?
          Also could we have a computation explaining total loss to the state.
          Who, how, how much ………… benefited from this scam?

          • 1
            3

            Dear Native,
            Are you serious ..
            I am so flat chat that I haven’t got time to read even the Annual Reports of my Blue Chips..
            And you want me to read 13 Volumes of Dr Ranil and his ex Royal mates ” Insider Trading” tactics to help Aloysious to rake in for the Family Trust, and pay Santhosams to Yahapalana supporters in Kotte as well..

            Although it is as Cheap as Chips against the Greenback 11 Billion Yahapalana Ruppiahs is a heck of a stash of Cash…
            Specially considering the fact that Alooysious invested some in a real “Growth” Stock with ever increasing demand, from Dalits to drink Gal made by Mendis…

            I think you Native , should seriously think of buying a few Mendis Special Shairs if the Father in Law & Son decides to go for an IPO…

            • 2
              0

              KASmaalam K A Sumanasekera

              “I am so flat chat that I haven’t got time to read even the Annual Reports of my Blue Chips..”

              Investors don’t read annual reports of each company. Those reports/accounts/financial statements hide information than they reveal. If you are a true investor to your bone you know there are other robust, practical, rapid, reliable, …. ways of learning state of affairs of the company. .

              If you haven’t read the report on what basis do you accuse Ranil being part of Bond Scam or there ever existed one. What if there isn’t one according to the report? Note unlike you I am not anyone’s b***s carrier.

              When will your Namal Baby visit the Tamil Detainees and get them release as he promised on 27 December 2018 given that President has just point blankly refused to consider.

              Why there is no Kottiya Hatana ever written even though it’s been almost 10 years now Hindians winning the war against LTTE?

          • 3
            0

            KAS,
            For your info, the PTL profit for 2014 was 1 Billion, not 300 million:
            http://www.ft.lk/article/634145/Perpetual-Treasuries-defends-bond-bids
            Who would you blame for that?

            • 3
              0

              old codger

              Are you being serious KASmaalam K A Sumanasekera is capable of reading leave alone grasping the matter?

              He is another Dayan dropping names, …………..

  • 12
    17

    Hello, Mr. Vajira Abeywardana,

    I am also from down south and working and living in a developed country. I think you might be still thinking that voters are people coming from Morawak Korele, who have stoned the moon and ate the human shit thinking it was the moon. Those days are gone and come for the elections. Then we can teach you that we are not Appuhamy modoyas as you think from Morawak Korele. I hope that you understand what is the punishment given to financial (white colour ) criminals in a developed countries. That is the life time jail term. I think that Bond Scam is an obvious financial crime. The total responsibility for that crime is rest with your boss. He was the minister in charge for the Central Bank. I thnk that the people of Sri Lanka will never forget that. Their daily wage is about US $ 10. In a country like that you and your party tried to cover up a financial fraud with massive scale. Arjuna Mahendran was brought from Singapore your Boss. you already have forgotten that .

    • 9
      4

      Sunil Dahanayake

      I have just finished looking for total monies robbed by Bond Scammers from the report (1154 pages) submitted by the commission titled:

      THE COMMISSION OF INQUIRY APPOINTED TO INVESTIGATE AND INQUIRE INTO AND REPORT ON THE ISSUANCE OF TREASURY BONDS DURING THE PERIOD 01ST FEBRUARY 2015 TO 31ST MARCH 2016

      I am sorry to say the commission has not given a figure which can be reasonably considered as total losses to the state. Have you seen any figures that gives rise to your concern?

      “I hope that you understand what is the punishment given to financial (white colour ) criminals in a developed countries. That is the life time jail term. “

      I beg to differ.
      The derivatives broker Nicholas William “Nick” Leeson who was instrumental in bringing down the Baring Bank and sentence to only six and a half years.

      Ivan Frederick Boesky was sentenced to ​3 1⁄2 years and was fined US$100 million for insider dealing. He was released after 2 years.

      In the case described as Britain’s Biggest Insider-Trading Trial “Operation Tabernula”, two were sentenced to 4.5 and 3.5 years respectively.

      Sunil Dahanayake

      You maybe a foreign resident it does not make you a well informed rounded person.
      Please do some research before you make a sweeping statement.

      • 5
        3

        Native,
        Sunil Dahanayake is also known as Jimmy the Dumb and J.D., and earns his living in Toronto in the Human Waste Disposal trade.

    • 6
      3

      How/why do you hate people of Morawak Korele? Did anybody from there performed anything unnatural on you in your teenage years?

      As for the culpabilities of Bond Scam, ask your boss madman MY3 to release the full report.

    • 3
      1

      Sunil Dahanayake
      International Credit rating companies have released numbers of how much the increased interest CB and other Banks have to pay for the recent Proroguing of the governmental activities. Could you make a calculation of it and tell us how much of that loss the the Angoda EP and Fraud PM are willing to pay back to CB?

  • 9
    3

    Every rational Srilankan knows that Sirisena’s actions from 26th Oct 2018 are illegal and based on false accusations and it was a well planned political coup between former President Mahinda Rajapakse and current President Sirisena.
    At this stage, country is in very dangerous situation. The Political coup now turned their focus on creating another bloodbath of Tamils & Muslims. All their propagnda now turned against TNA & MC. The level of importance given to the murder by President Sirisena, Police and Military and the propaganda of the joint opposition against LTTE and linking TNA and LTTE etcc. all highlights that the murder was a well planned execution by the political coup group. President is responsible for defence including police and it is under his command.
    The question is: Will the civilised Sinhala community have the power to stop this happening?

  • 5
    3

    “In this report, Presidential Commission has clearly identified the true culprits of the case “

    So why is arjuna mahendran not being brought back from singapore and charged?Why is aloysius not charged and jailed instead of remanding and reremanding.In otherwords to let him escape later.

    • 4
      0

      Shankar,
      “Why is aloysius not charged and jailed instead of remanding and reremanding.In otherwords to let him escape later.”
      It is clear enough that there is no credible evidence against them.
      They are simply scapegoats, because the idiots at Sirasa keep calling for their blood.

      • 0
        0

        old codger

        how did a young fellow like this accumulate 10 billion rupees in his account?The per capita income of srilankans is about 4000 USD which is about 50000 rs per month.

        • 3
          0

          Shankar,
          “how did a young fellow like this accumulate 10 billion rupees in his account?The per capita income of srilankans is about 4000 USD which is about 50000 rs per month.”
          I told you before, READ the PTL annual reports for the years before 2015!!! His company made BILLIONS even before this “bond scam”. You seem to know nothing about securities trading.
          The median income of 50,000 rupees has nothing to do with this. A good specialist earns even 200,000 rupees a day , and Aloysius is a financial specialist.. I personally know that some young software engineers make 400,000 a month!
          Simply because you can’t imagine how people can make such amounts of money legally, it doesn’t mean that they can’t.

          • 0
            4

            old codger

            “Aloysius is a financial specialist..”

            financial specialist,my foot.the only thing he has been specialising is in cultivating the right people,corrupting them and gaining inside information.

            Raj rajaratnam has been locked up for 11 years for obtaining inside information.

  • 2
    5

    “The aforesaid perusal of the Financial Statements of the Bank Accounts of Perpetual Treasuries Ltd and its Associate Companies did not indicate that there have unusual and high value transfers of funds which ex facie do not appear to have been done in the course of business of the Companies.”

    Did they check the distilleries from which aloysious was giving cheques.Even dayasiri admitted he got a million rupees.Fro where is aloysious getting all these monies to give to the parliamentarians.

    PS.One of the judges had his daughter working for ranil.Clear case of conflict of interest.

    • 4
      0

      Shankar,
      If you want real answers instead of hallucinations, check PTL annual reports for the years BEFORE 2015. They made billions even then, and who gave them their licence? No prizes for guessing.
      It is not illegal to make profits. Bribery to obtain inside info is illegal. The profits would have been made by somebody else if Mahendran/ Aloysius/ were not around.

      • 3
        0

        OC
        I have to disagree with you on “The profits would have been made by somebody else if Mahendran/ Aloysius/ were not around.”
        *
        I fear that there was something very dodgy about the issue of bonds.
        Even without bribery, obtaining insider information is a serious offence by the provider and the receiver.
        People profit from bond transactions. But what was scandalous was the scale of the profit in a single operation.

        • 1
          0

          S.J,
          “I fear that there was something very dodgy about the issue of bonds.”
          Yes indeed there was something dodgy, and Ravi K is the one who should be in prison, as I have said before, for providing iside info.
          At 13 %, it is not possible to make more than 1.3 billion in a year. But PTL sold the debt in the secondary market and made 4 billion. And of course Aloysius borrowed the original 10 billion from BOC. Even you can borrow 10 billion from BOC if you already have a few billion in your account! It was Ravi K who dissuaded the Bank from itself bidding for the bonds.
          ” But what was scandalous was the scale of the profit in a single operation.”
          What I meant was that the profit would have been spread out over several parties instead of PTL alone.

  • 4
    1

    Mr Abeywardena

    I am not a financial expert but from what I understand, technically, there may not have been a scam but Perpetual Treasuries certainly benefited from insider information & the subtle intervention of the CB governor, Mahendran. If this can be proved, then the entire transaction is seen as illegal, for which, those responsible should face charges. Then there is also the implication of the then Finance Minister, RK, as well as, banking officials down the line, who obviously benefited in some way & towed the line, instead of blowing the whistle. The commission appointed, just as other such politically motivated commissions, was very much a whitewash. Then there are allegations of ‘handouts’ to several politicians who were quick to endorse that no such scam took place & everything was within the law.

    Mahendran, RK & Co. are educated & intelligent enough not to leave a paper trail but the fact that Mahendran is absconding, instead of clearing his name as any honest person would, & the pathetic ‘I don’t know’ excuses given by RK, proves, at least in my mind, that people the Prime Minister expected to be loyal to him, let him down badly. I am sure RW did not benefit personally but his mega mistake was to turn a blind eye to the corruption of his mates, thereby, losing all credibility he had.

    The corruption during the Rajapakse regime, such as, the Greek bonds, oil hedging deals & waste of public funds on trying to buy votes for the Common Wealth games, all for which the CB Governor of that period is responsible, is much greater than the bond ‘scam’ but if the UNP truly wants to be seen as a party of integrity, this is an opportunity to reform by kicking out undesirables who have been blatantly associated with corruption.

    • 1
      0

      Raj,
      “I am not a financial expert but from what I understand, technically, there may not have been a scam but Perpetual Treasuries certainly benefited from insider information “
      Exactly. You seem to have a better idea of the “scam” than many alleged “financial experts “.

  • 6
    2

    Mr Vajira A

    Why don’t the government recover the loss from Perpetual treasuries, then there is no loss to the CB and government. get the media to do the rest.

    the biggest problem we see with the UNP the ruling party is the way their propaganda machine and media is used to propagate the real situation, have you seen how the media was changed within one month of MR becoming the PM, you can learn a thing or two from them on how to use the media to their advantage.

    Secondly, do you know what was the Loss to the state due to the avant Garde issue, the amount is same as the bond scam or even more, and the money was never recovered.

    this alone is enough to show the public the robbery that deprived the public coffers during the previous regime was more than the bond scam, the only trump card of MR and co,

    why dont you all publish the details and and play hell with it instead of being so foolish and dumb. talk about it in every single forum and establish it in the people’s mind just like the way MR and company is doing with bond scam.

  • 0
    1

    i dont see any attachment ,as indicated in the last Paragraph

  • 6
    1

    This is the problem with any UNP MP and many other minor party members. They still try to justify the Bond Scam by bringing in silly arguments. They should know, Ravi Karunanayake’s buddy Raj Rajaratnam is serving a lengthy jail term in a US prison for a similar offence. Today, the average man is not a fool; thanks to internet and other communication media.
    When the UNP came to power with My3’s help, the ‘Royal circle’ led by RW thought they could fool My3pala and do whatever they planned to do prior to the elections, and they did so disregarding My3’s concerns.
    Today, they are facing severe consequences and I don’t think the UNP has a future in Sri Lanka under the current leadership or any high ranking person in the current hierarchy.
    My guess is that there will be a ‘Pohottuwa’ type revolution within the party after the next election.

  • 1
    0

    Ajith & Anpu…………..have no idea what the heading is about ?
    They have written in like blinkered horses with a “one track mind”.
    No sense to follow what the other learned contributors have said or at least what their writing.

  • 0
    0

    Now that the ‘Bond’ between Srisena/ Ranil / Mahinda is in jeopardy, why can’t Srisena let the cat out of the bag?

  • 1
    0

    Wajira Abeywardena, “former” Cabinet Minister of Home Affairs, is in denial because he suggests that the 26 October “removal” of RW (Prime Minister of the coalition UNFGG) was simply a simple case of “unconstitutional and unethical act”.
    He then describes the ‘happenings’ that followed, landing us “in a deep political crisis”.
    .
    On 26 October, there was a putsch and we have had a coup d’état.
    .
    A putsch that fizzled often re-emerge explosively.
    Please Wajira, take the necessary action to ensure we do not have a repeat.
    Did you as Home Minister note our purchasing accelerating downwards?

  • 2
    6

    Wajira AbeyGunawardane: DO you understand what a Bond scam is. I read, your BOSS Ranil the Bond scammer cum the Bank thief saying people inside the parliament can not distinguish Bonds against JAmes bond. IF you do not know, the loss because of the bond scam is Calculated to be Rs 57 billion and the country’s interest rates rose by 3%. that takes down GDP by RS 40 billion for each one percent.
    Besides, explain why did your Boss Ranil or the Speaker KAru Jayasooriya decided to go for VOTE by NOISE instead of electronic voting when you UNFers knew that you had the majority. Like this we can writes books on UNF affairs.

  • 1
    3

    FOR THOSE WHO SAY THAT THE BOND SCAM DID NOT HAPPEN: IF so, why did Ranil went for, taking times, filling a questionnire and not answering questions to LIVERA and the other instead chose to Address AG the political appointee of his own to be addressed as the GARU NEETHIPATHI. He should have nswered openly (God NAtha).

  • 1
    3

    Vajira Abeygunawardane. All you have written inthis article is CRAP. All LIES. We know you people lie and get votes annd then plunder the country. Otherwise, ALmost everybody, except OLd codger, Native Vedda who get paid by you people, can write longer articles about thefts and destruction you people have done with what you have mentioned in your article.

    • 2
      0

      JD,
      ” All you have written inthis article is CRAP. “
      That should be easy for you to deal with, Jimmy. You already handle a lot of Canadian crap in your job in Toronto.

  • 0
    3

    I know Ranil doe snot appoint intelligent or educated people even under him becuse of the fear of overtaking him. With this article it looks you failed O/L.

  • 0
    4

    Wow.. So much talent surrounding Dr Ranil…..

    Did Dr Ranil send this this dude also to learn Bond Trading from Aloysious?.

    Thouroughbred Colombo Elite Baby ,whom the Elite Anglican Faction had high hopes as their future UNP Leader, took LKR 3 Million officially according to Sira’s Bord Commissioners

    Dr Ranil’s ex best Treasurer in the World got 6 months of rent free super Luxury in Kollupitiya where the family had access to even a nice swimming pool on the premises itself.

    When he Bond Commisioners asked the ex Treasurer how he bought the Pad for LKR 130 Mil.
    the Ex Treasurer couldn’t remember.
    He said his Private Investment Manager must have brought the money to Aloysious in a Gunny Bag.

    What I can’t understand is why this Dude doesn’t file another case with Appeal Court to make Sira’s Bond Commission Report null & void.
    I am no legal eagle
    Is that the right word Native?..

    Or Vajira should ask Abraham for help…

    • 3
      0

      KASmaalam K A Sumanasekera, Bandula Jeyasekera,

      Please explain how did this daylight robbery take place?
      Also could we have a computation explaining total loss to the state.
      Who, how, how much ………… benefited from this scam?

    • 3
      0

      KASmaalam K A Sumanasekera

      “I am no legal eagle Is that the right word Native?..”

      Whether you are a legal eagle or not it is in your blood to defend all the crooks, war criminals, common criminals, …………….

      Has Namal Baby met with all the Tamil detainees as he promised on 27 October 2018 and he was going to get them released soon?
      Is Namala Baby planning to contest presidential elections in 2019/20?
      If so, this may not be taken too kindly by his other uncle the national hangman.
      Why has Basil stopped being the clan’s bagman?

  • 0
    0

    Blah Blah Blah Blah….. UNP con artists have to tell about whose were the 172 names that PTL wrote checks for.
    The Blue Cranes held an early election two years before the date and flew away because there was no water in the lake. Central Bank wanted Rs1B but was not sure it will be able to raise it. UNP hired Aloysius and Mahendran to do the dirty job. Ravi was in the background and was issuing orders to other partners. Rajitha, who had just leaped out of SLFP, was not comfortable with the scheme, slackened on it. By the massive success of the scheme, PTL raised Rs11B and government took Rs10B. Based on the risk & difficulty involved for Aloysius, the cost of Interest was justified. I wouldn’t have charged nothing below 120% (not 12%) to end up in prison and losing the own company. Once the job was done, all the Sinhala Intellectuals once again played the role of Ehelepola. But Ranil sent off Mahendran, just the way Ravindra sent off Navy Sampath – you know why; to avoid getting incriminated.
    Old Royals were aware of its A to Z as Aloysius is friend of Old Son Prince. Dayasiri accepted getting payments.
    The dirty 225 donkeys who voted the 18A were the ones voted to 19A, too. The donkeys, who should have been carrying loads in Afghan deserts, got double lotto in Lankawe parliament. With CB checks make it as triple!

    • 0
      0

      Mally,

      Thanks mate.. I don’t have to do those Computations for Native any more ,for him to ” understand” Dr Ranil and Aloysious Model of Bond Trading ..

      Mally you amaze me mate ,with those fascinating Stats ,which you dish out every so often.
      I always thought it was 109.
      Then I had to revise it upwards to 122..
      Now you come up with 174.
      Which seems logical.

      That is why the West , the NGOs in Colombo and the other Ranil Faction dudes are hell bent on getting Dr Ranil to rise from the dead.
      What a beautiful number 174.
      Dr Ranil can shit it in ,f when Jayamapathy moves the motion to adopt the new Constitution.
      Does 174 make 2/3 of 225.?

      Mally I never thought of Abraham even as a Pony let alone a Donkey.
      BTW, how did a smart Vellala Kid get an Orthodox Jewish name ?…

  • 0
    3

    Hello, Native Vedda and other commentators,

    Some of you may be bootlickers of the UNF or do not understand the gravity of crime called “”insider trading”” . Please read the Raja Rajrathnam’s case. Raja Rajarathnam was a hero in Sri Lanka becuase he has given some funds during the Tsunami as well to some other social activities. He had a double life. He was jailed for his insider trading activties. Like wise, It was alleged that with the connivance of Ranil, Arjuna Mahendran and Arjuna Allocius and other played the game of insider trading. They have made an abornormal profit of Rs. 15 billion (approximately) out of this game. I am a bean counter throught my life and I have read similar examples in the past. I do not have any political party and I support any body who does some work for Sri Lanka. But from 2015, Ranil and others of his party members ruined the country at the expense of general public. They deserve the due punishments. Please do not forget, in Sri Lanka, poor people have been prosecuted for stealing three coconuts and some mangoes. Therefore, please do open up your eyes without any party connections.

    • 1
      1

      Please read the Raja Rajrathnam’s case.”
      Please first know his correct name. Then know his case. That time US ambassador promised to Chitanta government of punishing LTTE with legal means. Rajaratnam was suspected of funding LTTE’s arms. A stink operation was set. Earlier, a Pakistani woman was caught on real insider case. She was sent to work for Rajaratnam, for her amnesty. She made the fraudulent deals. Remember Rajaratnam was not changed on other matters other than the internal spies’ deals. Whether it was real insider deal or pure sting operation, Rajaratnam’s company was caught and he is in prison.

      There is no comparison of Aloysius and Rajaratnam cases. In Aloysius case, Ministers were providing the needed info & coordinating the operation. Technically, if a government minister knows something, then that is public information, there is no insider information in that. Insider info cases are dealt by SEC.

  • 1
    2

    Native Vedda,

    What I have so far learn from published material, they have done this game as follows:

    Took temporary loans from government banks in Sri Lanka at a lower interest rate. Then you buy Central bank bonds at the rate of 84 rupees for one bond. Then you sell that bond to the government organisations like EPF and UGC EPF for Rs. 112 or some closer amount. So that your net margin is the difference between 112 and 84 ruppees. So that you make money out of government bank money loaned on temporary basis. In order to do that, you need political connections. Game Appuhamy can not do this. Not only this when you buy Rs 100 nominal value bond at 84, it does indicate that the Central bank pay a higher interest rate above the market. It is a complex finance jugglery. But for some crooks, with political connections, this is an easy game. The ultimate loser is the general public. This is a criminal activity. It is called insider trading, if you buy and sell shares or bonds with inside information on the buyers hands.

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      ” So that you make money out of government bank money loaned on temporary basis. In order to do that, you need political connections. ”

      Well that is what the legitimate business of the Primary Trader is. If you have just now only found about it, sorry man! All private business men trade with government makes money! In some cases, instead they take loans themselves (like in some Women or Minority community development programs) Government arrange the loans for those services to it. There is quota for that kind of recipients. Then even the lowest tender quote-r cannot win that tender. Lean something about private companies servicing government.
      You need to get that in your head that CB wanted only about Rs1B. But after complete cleaning off of CB by Cabal’s administration, they thought it was not possible. So the ministers get together with PTL and drew that plan.
      Old Royals did know 100% of this. Talk to them. They can help you. Even few months ago, when Old King went to Singapore he was trying to meet Mahendran.
      I worked with suppliers of Mahaweli Accelerated program. If there was tender published, then the Engineers will call and tell to get the quotes from the foreign suppliers, first. They get the price and costed internal price. Then they will decide at what price to sell to Irrigation department, how much the company keeps and how much should be paid for them. Tenders will be awarded citing some false technical points in the quote. Don’t pretend like you heard nothing of these in Lankawe. Please read in CT how Chathurika is meddling with the TC Channel allocation.

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      Sunil Dahanayake

      Do you think all those members of staff working for Government Banks, Central Bank, EPF and UGC, Treasury, ….. are plain stupid?
      You haven’t given me the computation for total amount lost in this deal.

      If it is that simple why aren’t we talking about Mahinda era from 2005 to 2015?

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    How did everyone get the ides that Mahendran is Ranil’s buddy ? Mahendran was at least 10 years juniour to Ranil at Royal College and would not have been anywhere near the gates of Royal when Ranil left !

    All this is rubbish.

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    Native Vedda and Mallaivyuran,

    Please do not write stupid comments without understanding the broad picture of the alleged crime. In Sri Lanka, ordinary people have proper prosecution and punishment without any delay. Sri Lankan police are very efficient in dealing with ordinary criminals. But for the politicians, they have a separate legal system. They generally do not get booked because of their political power. I do not want to waste my time in answering these biased comments. Think about from the perspectives of the country as a whole. Not from the biased perspective of UNP or SLFP. I do not have any political bias mind. I am trying to evaluate with the concept of Materiality and pragmatism. MY3 has done a big mistake by not publishing this entire bond scam report. There may be some underlying reasons for that. My guess is that the bond horu, Alocious might have financed both sides, out of this bond scam money.

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      Sunil Dahanayake

      I understand old codger’s lucid explanation.
      I asked you a simple question, what is the total loss to the state which is supported by your computation.

      “Please do not write stupid comments without understanding the broad picture of the alleged crime.”

      I don’t understand how a few people could rob such a large amount (not known) from state given that there are several state institutions involved in this operation.
      I am not stupid however I accept I am bit thick. Therefore I expect the clever ones to educate me. Please give it a try. Don’t give up on me.

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      Sunil Dahanayaka,
      ” I do not want to waste my time in answering these biased comments. “
      All you have to do is produce some solid figures, not make wild allegations picked up from Sirasa.
      As Mallaiyuran has pointed out, it is the business of primary dealers to make profits. What happens in the secondary market has no bearing on the CB, because the CB pays out ONLY the promised interest rate (13% ) and no more. So where is this loss?
      In the final analysis, the government borrowed 10 billion from PTL , and then locked up Aloysius on vague charges while holding onto the money !
      How fair is that?
      Insider trading is a crime, but profit-making is not.

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    Vajira Abeygunawardane, if the bond scam did not happen, why do you people jailed the PTL people. If that did not happen, why BOND Scam report is not released. forget the reason why Ranil explained his Questionaire filling instead of answering questions of Livera and the other.

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    I am sorry to embarass Maithiri, but how is going to justify that M.Rajapakse is better then Ranil. The government incurred about $ 65 Million on the Bond issue. But this is the price difference between what Perpetual Industries bought the Bonds and sold same to the secondary market billion from Bank A/c of Perpetual Industries. Therefore there is no loss to the government. If Maithiripala is making this an issue, then he is under a moral obligation to explain the following matters:
    1. How much Sri Lanka Airways, Sri Lankan Catering Services and Mihin Lanka (which were managed by Rajapakse’s brother-in-law who was just with a G.C.E. (O/L) qualification).were during Mahinda Rajapakse’s dispensation.
    2. Rajapakse family built a memorial at the State’s cost of Rs.90 Million, the bill of which was never settled.
    3. The cost of Rajapakse’s Presidential election campaign is about $ 17,000.00 of public funds.
    4. More than 250 family members of Rajapakse were working in Temple Trees when he was at the height of his power.
    5. The government spent almost $ 1.9 Billion which eventually ended in the hands of the Chinese government, because of the inability to repay the loan.
    6. Likewise the government spent almost $ 187 Million for the construction of Maththala Airport with loans taken from China and eventually ended in handing over to Indian Co. Cumulative loss is estimated to be Rs.13.6 Billion.
    7. The construction of Magam Ruhunupura International Conference Hall by the UDA at a cost of US $ 15.3 Million. The charges for maintenance is about Rs.17 Million by the UDA monthly.
    8. Annual loss to the UDA is more than Rs.200 Million.
    9. According to the Media Ministry, payments defaulted by Rajapakse :
    (a) Rupavahini Corporation – Rs.206.1 Million
    (b) Sri Lanka Broadcasting Corporation – Rs.51.7 Million
    (c) Associated Newspapers Ceylon Limited – Rs.124.9 Million
    There are some more. Maithiripala Sirisena can you answer these issues?

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    Ayathuray Rajasingam,
    The issues you have raised is an eye opener. If Maithiri wants to call Ranil a Bond scam, then is it unfair to call Maithiri a Seashell scam. Maithiri has been in connivance with Rajapakse for default of payments and for the deterioration of Sri Lanka’s economy for appointing unqualified persons. Come on Maithiri, people are entitled to know about these issues.

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