2 October, 2022


Bond Scam: Will The Public Get The Answers?

By Rusiripala Tennakoon

Rusiripala Tennakoon

The President was of the opinion that irregularities committed in respect of the Issuance of Treasury Bonds during the period of 1st February, 2015 and 31st March, 2016 –have to be investigated and inquired into by a commission of inquiry in the National Interest. 

Accordingly a 3 member commission was appointed by the President in pursuance of the provisions of Section 2 of the Commission of Inquiry Act (Chapter 393) as amended, to investigate and inquire into and report on the said matter. An Extra Ordinary Gazette Notification was  issued on 27/01/2017  announcing the warrant of the President under the Public Seal of the Republic issued in this regard. 

People are now awaiting answers to the following:

1. Whether the management, administration and conduct of affairs of the CBSL in respect of the matter were in order;

2. Whether there has been any malpractice or irregularity, or non-compliance with or disregard of the proper procedures applicable in relation to, such management, administration and conduct of affairs in relation to the said matter, resulting in damage or detriment to the Government or any statutory body including the CBSL;

3. Whether any contractual obligation relating to the said matter have been entered into or carried out, fraudulently, recklessly, negligently or irresponsibly, resulting in damage or detriment to the Government or any statutory body including the CBSL;

4. Whether there has been non-compliance with, or disregard of, the proper procedure applicable to the calling of tenders or the entering into of agreements or contracts relating to such matter on behalf of the Government;

5. Whether such non-compliance with, or disregard of proper procedures in respect of the said matter has resulted in the improper or irregular or discriminatory award of any such tender for sale of bonds during this period;

6. Whether proper procedures and adequate safeguards have been adopted to ensure that the said matter resulted in obtaining the optimum price or benefit for the Government;

7. The person or persons responsible for any act, omission, or conduct, which has resulted in such damage or detriment to the Government or any similar body including the CBSL, in respect of the said matter;

8. Whether any inquiry or probe into any of the aforesaid matter had been obstructed or prevented in any manner, resulting in damage or detriment to the Government or any statutory body including the CBSL, and, if so, the person or persons responsible for such obstruction;

9. The procedures which should be adopted in the future to ensure that such matter are carried out with transparency and with proper accountability with a view to securing the optimum price or benefit for the Government;

10. Whether there has been misuse or abuse of power, influence, interference, fraud, malpractice, nepotism or any act or omission connected with corrupt activity in relation to the said matter.

The Public vigilance and attention remains focused to these issues as the revelations of the BOND commission have sufficiently cleared the air as to who is responsible for these commissions and omissions.

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Latest comments

  • 10

    Ranil will put on his superior act in order to confuse everybody again.This is the same trick that Easmond used in his day. They know that stupid Sri lankans are highly impressed by jargon and technicalities especially if said in english. This is also the modus operandi of Mahendran. He even has Ranil fooled with his accent and the conman show.

    In the last 40 years what has Ranil achieved ? Where has he taken the UNP? Both the country and the party has been taken for a ride by this devious man.

    Who appointed Mahendran ?What is the relationship between Ranil and Mahendran ?Has Mahendran the required integrity to be a governor of a central bank ? What are the benefits Ranil/UNP received from Mahendran/Aloysious before the appointment ?

    When the Bond scam happened how informed about it was RW? Who briefed him before that comic performance in parliament (James Bond)?

    Why did he appoint the Pitipana commission when it was so compromised and lacked any credibility ?( 3 UNP lawyers !)
    Was he aware of the conflict of interest that not only Mahendran has but he himself (RW) had in the whole exercise? Does he think that a PM has no conflict of interest ?

    Who got the Bank of Ceylon to give such a large credit facility to Perpetual in a matter of few minutes ? Did our PM ever pass on minutes of the Monetary Board to Aloysious or an intermediary ?

    There are many such questions that the nation wants answered. I doubt that this commission will meet the nations real needs. We can never wipe out corruption in this country because we are always in a trap of lies, deception and mediocrity

    • 4

      I would like to know when this Rusiripala or others that have been in the scence today were born ?
      Why the very same personalities had no voice in the high days of Mugabes twin brother Rajapakshe ?

      • 2

        Let me explain you why.

        Rusiripala or other became heroes after the current duo open every ways people to express their thoughts … meaning press freedom is improved as no times in the past.

        Very same guys, got their mouth piece abused by Kilim or the like so long they are ready to stand against Ranil W.

        But my question is the kind of men NOT to have looked at the issues, prior to 2015 –

        Why the very same men were like SERVILE in the high days of former men ?

        All those doctored documents that spread to the world calling that the economy in good shape in the high days of Maharaja, was neglected by Rusiripala or other men at that time, why ?

        It became clear, CB had no independently functioning LEGAL unit… until 2015.

        So why Rusiripala did not utter a single word on that then ?
        Why other men too stayed as if they had been no second to kirimati gilapu kimbulas.. clay fed crocodiles ?

      • 2

        there is saying in SINHALA – dekona marukoragena – both ends being mixed… that is what I feel when reading the articles of Rusiri.

        He is v ery aggressive, but I really dont like the guy since he is very biased to thier pay masters.

        All these experts had no voice during the high days of LANKEN most abusive president in power why ?

  • 3

    You have been a former chairman of a state bank.

    Can you kindly confirm whether BoC chairman and board should be held responsible for acting in a manner which was not in the best interest of the bank?

    BoC chairman confirmed at the bond commission that he bid low on bonds since he was asked to do so by the former finance minister. As a result a loss was incurred.

    Similarly should the chairman and board members of People’s Bank and NSB be held responsible as well?

  • 1

    So far none of the economic experts has calculated the real loss from the bond scam. One bugger from yahapalanaya says 1 trillion another says 6 billion.

  • 5

    Rusiri Aiya.

    How much did killi maharaja pay for your expert analysis on the bond scam.

  • 1

    The 10 questions that are enumerated have been “obviously” and “conveniently ” structured to avoid the blame on Policy Makers and put the whole “Bond Scam” on the Management and Personnel of the SLCB. Who directed and issued instructions to the SLCB to change the prevailing system of “Bond Issue” and was he/she entitled or empowered to do so? Compared to the authority that is in the hands of the Monetary Board of the SLCB, in making “Bond Issues”, how does a “Line Minister” override it and issue “Directions” to that Independent Body? Where are the answers to the “Directives” issued by the then Minister of Finance to the other three National Banks in relation to this “Bond Scam”? What is the FINDING of the Commission in relation to that “Undated” letter issued to the Governor of SLCB by the then Minister of Finance, BYPASSING the normal channels based at the Treasury? What are FINDINGS and RECOMMENDATIONS of the Commission as regards those “Telephone Calls” that were given by Arjun Aloysius to the Members of the COPE. I believe those were “Investigated” on a directive of the Commission/AG.Had those telephone conversation had any bearing with the “FOOT NOTES” added to the COPE REPORT that was in evidence at the Commission? What are the FINDINGS & RECOMMENDATIONS with regard to the evidence given by the Auditor General. Mr. Rusiripala, there are MANY more ANSWERS the PEOPLE are expecting than what your 10 and my FEW questions mentioned in this comment. Condensing and Confining to 10 Questions, what do you plan and expect ? Please note the PEOPLE want much more than what you are trying to do.

  • 0

    Rusiripala Tennekoon
    The person on the street knows the answers to your 10 questions. The immediate need of the person is tomorrow’s meals. He/she takes it for granted that he will pay more taxes to pay for the privileges of the power-holders.
    Did the ‘language/religion-divide’ bring about this mess?

  • 0

    This comment was removed by a moderator because it didn’t abide by our Comment policy.For more detail see our Comment policy https://www.colombotelegraph.com/index.php/comments-policy-2/

  • 0

    Which scam. Greek or Allosius?

  • 1

    I am totally surprised how some people attempt to hide or cover up an issue by bringing up actions of
    the others of the past right or wrong. When the talk is about the Bond Scam of 20015 to 2017 it should be dealt with instead of distracting the issue craftily by drawing attention to a previous era.

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