Colombo Telegraph

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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