Central Bank Governor Directs IGP To Investigate Perpetual Treasuries

Filed under: Colombo Telegraph,News,STORIES |

Governor of the Central Bank Dr. Indrajit Coomaraswamy has instructed Inspector General of Police to conduct an investigation into Perpetual Treasuries, the primary dealer of the Central Bank.

Indrajit Coomaraswamy – Governor CBSL

The Monetary Board has meanwhile also decided to curtail operations of the company, with links to ex-Governor Arjuna Mahendran’s son in law Arjun Aloysius.

Apart from the request to the police to probe the primary dealer, the Central Bank is also carrying out internal inquiries against Perpetual Treasuries.

Perpetual Treasuries which has been accused of having a direct link to the Central Bank Treasury Bond scam, recorded a profit of Rs. 5.1 billion for the year ending March 2016, which was 430 percent increase in profits in comparison to the previous year.

During, Mahendran’s tenure as Governor, Perpetual Treasuries made the news rounds after being allegedly involved in a Treasury bond scam. Reports claimed that Perpetual Treasuries was issued, directly and indirectly, with Rs. 5 billion worth in bonds at 12.5%.

The COPE report released last year also recommended that a law enforcement agency must carry out an investigation into Perpetual Treasuries Limited and how it received undue advantage as a primary dealer from the Central Bank. “Investigations must also be conducted as to how Perpetual Treasuries Limited recorded a very high profit in a relatively short period of time,” the report by COPE Chairman Sunil Handunneththi said.

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35 Responses to Central Bank Governor Directs IGP To Investigate Perpetual Treasuries

  1. 13
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    Do hope, it wont be yet another “horage ammagen pena aseema”, because of the following: The said company is under Arjun. He is under Ranil. Police is under Sagala and he is under Ranil. So, expecting an independent investigation is a nightmare!

    max
    February 8, 2017 at 5:04 pm
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      Maximoron, even if you continue feeding Kirimati, you should be aware of the facts that Rajaakshes are not involved in the investigation- related procedures. So we can still keep hopes until the procedures are over. I believe, they will find out who the real thieves are. Yesteday, I heard AM has added what he has to say about the allegations levelled at him to have abusd 66 millions or so for his travels within his tenure. And hints were too added revealling lot more. What is being revealed by media sofar will have to be completed in the near future. There, how predecessor of AM would also have to be charged… with loads of allegations and realities… then again former MINISTER of finance your beloved god father too… wait and see, I have no doubt, all will reveeal, none of them are clean. But Mr Clean will nodoubt come out as clean. I am not UNP party sympathiser, but I always stay on the right side thought being out of the country for the last two decades.

      Samuel Jayaweera
      February 8, 2017 at 5:26 pm
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        Give Indrajith a chance and sometime. He is not responsible for what has happened during last 10 years. In addition to the Governor, all Monetary Board members are also equally responsible. How come Bank of Ceylon who gave Perpetual a blank cheque to buy the bonds are not questioned? What was done against those board members? How is that EPF staff members who bought these binds in the secondary market are not punished?

        Jagath Fernando
        February 8, 2017 at 7:54 pm
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          Investigating PT is a small step in right direction. Corruption has reached epidemic proportions in Sri Lanka today under Ranil-Sira Jarapalanaya with its massive Cabinet of Corrupt Clowns. Dr. Coomaraswarmy should tell Ranil Wickramasinghe to ask his new friends in Washington at the right wing Millennmium Challenge Corporation and their team of Economic Hit men at Harvard to join with the IMF and track down all the looted funds from Sri Lanka by Mahinda Jarapassa family and cronies and Bond scam Mahendran and return it to pay off the massive national debt, so Sri Lanka can exit its DEBT TRAP. Outfits like MCC and USAID are part of the problem and not solution to corruption, DEBT, inequality, social unrest and massive DEBT TRAP done with IMF! Now the Sri Lanka airlines sell off to a dubious Texas Fund is also another covert op. steeped in corruption, like VOlkswagon Car factory and Horana tire factory. Sri Lankan Airlines should be declared bankrupt and liquidated to pay off its debts and Mahinda Jarapassa’s brother-in-law and family who destroyed the airline should be jailed and assets frozen. All the IMF and USAID economic advise and programs do is INCREASE CORRUPTION so that the likes of Trump who have not shown tax returns can benefit from off shore tax havens, corruption and capital flight from Global South..

          Dinuk
          February 9, 2017 at 9:23 am
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      • 2
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        Give Indrajith a chance and sometime. He is not responsible for what has happened during last 10 years. In addition to the Governor, all Monetary Board members are also equally responsible. How come Bank of Ceylon who gave Perpetual a blank cheque to buy the bonds are not questioned? What was done against those board members? How is that EPF staff members who bought these bonds in the secondary market are not punished?

        Jagath Fernando
        February 8, 2017 at 7:54 pm
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        Sam – Looks like you’re holding a brief for “Mr. Clean” (and you are not a UNP sympathizer!!!) although judging from RW’s past ‘non-actions’, it is impossible to agree with you. That “former Minister of Finance” should also be prosecuted for his innumerable scams and assistance to the previous bunch of rogues to rip us all off. Being “outside the country” doesn’t qualify you to be infallible in your pronouncements – in fact it adds to your disqualification of judging objectively what exactly is happening here.

        Libra
        February 9, 2017 at 5:44 am
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          Libra, to understand the gravity of devious nature of Rajaakshe cronies in CB you dont need tohave studied rocket science or anything similar to that. All what I am saying is – Ajjuana may have been wrong .. and not only that but also all the problems within CB should be investigated… basta. Mr Clean to have appointed AM to the position had to do lot more with AM s expertise. I am ont going to clean AM, but he has records of services given to Singapore and Saudi Arabia -none of them sofar proved the high corruption nation of the person. If you have please reveal them. May be just because the system was changed withthe bonds immediately after AM entered to the office , could well be the reason PT to have earned that much profits. However, if there are provable facts, they have to confistcated those sums… but that means not that AM s predecessor and all the crooks working for former Regime must not be punished. This anyonewith a little brain would get it but the idiots only stand against RW and My3 :::but being blind folded by Raja et all will not get it easily.

          Samuel Jayaweera
          February 9, 2017 at 3:41 pm
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            Sam – What does “basta” mean? It’s not in the dictionary!! Your “Mr. Clean” may have appointed AM due to his expertise, but that doesn’t mean he had to protect him from the charges or ignore doing the right thing by telling him to resign until the mess was cleared up. But instead, he appointed a flaky Commission with more cronies in an effort to clear him of charges. There’s more to this that I won’t waste time elucidating to “anyone with a little brain” as they will not allow their loyalties to blind them to the realities of this case. And you’re right, you don’t need to “have studied rocket science” to see what you obviously don’t!

            Libra
            February 10, 2017 at 4:42 am
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        You are dead right. whoever whatever being said and done, there are lot more to reveal about this bond scam. There lot more hidden in the scene. I dont think the devil AM is that dark as being made by LANKEN unethical media. Even if they know much less about an issue, they write them as if they eye witnessed That is their nature. wAIT and see, truths come to surface sooner than later bb

        Sam Fernando
        February 9, 2017 at 4:39 pm
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    • 2
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      Nice Family Tree….Good work Max,, Was IGP a UNP Cadet?….

      K A Sumanasekera
      February 8, 2017 at 11:44 pm
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      • 1
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        KASmaalam K A Sumanasekera If Sasikala Nadarajan sought political asylum in this country would you support her claim? Do you think MR should take up her application? FYI the clan consists of at least 30 Mannarkudi resident.

        Native Vedda
        February 9, 2017 at 4:47 pm
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    • 3
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      Indrajit Coomaraswamy – Governor CBSL RE:Central Bank Governor Directs IGP To Investigate Perpetual Treasuries Please Investigate Perpetual Treasuries, Investigate Perpetual Stealings, Investigate Perpetual Crooks, Investigate Perpetual Politicians, and Investigate Perpetual Commissions. There are a lot of Perpetual Fools, Madayas and Idiots, whose average IQ is 79. National IQ Scores – Country Rankings http://www.photius.com/rankings/national_iq_scores_country_ranks.html

      Amarasiri
      February 9, 2017 at 6:00 am
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    • 2
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      You must give the governor some credit and respect who has an impeccable record elsewhere. Allow him to do his work which will be very challenging in the utterly corrupt atmosphere among the top echelons. My request to the new governor is to request the bond scammers to return all the money taken out illegally and impose some severe fine, provided that they sincerely declare their assets in the country and abroad where the likes of Interpol is securitize them constantly, just in case those assets are with the third party. This should be so for politicians and their immediate families and should be banned in getting involved in any level of political activity. We could see the proof of good governance if they remove exchange control in line with a developed world. Let our people travel and invest abroad and allow foreigners from PROGRESSIVE AND DEVOLOPED countries to settle and live like a normal citizens with all rights, just as we expatriates are given that benefit in their countries. We must be selective of those who want to settle, which means a lot. We all who settled in their countries who developed culturally and materially are due to their positive influences and we must cultivate it in our country where progressive governance and even cultures are now global.

      Nimal
      February 9, 2017 at 8:23 pm
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    • 1
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      The difference is this: Indrajit Coomaraswamy will bravely say and do what has to be said and done, and will go if he cant be independent. He doesn’t need this job; the government needs him in this job to earn itself some credibility. Sirisena knows this (maybe), the intelligent people of this country know it, but Ranil I suspect wouldn’t care and Ravi certainly not.

      Justice & Fairplay
      February 13, 2017 at 8:10 am
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  2. 19
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    Mahendran and Ranil have many similarities. Both think they are elite( because they speak English and have christian background!) Both because of that lack of legitimacy go to any extend to show themselves as Buddhist & Hindu by writing books, going to temples etc Both old Royalists Both not good in sports but like to pose as vigorous out door types. Both love to travel overseas mainly to western countries and especially if they don’t have to pay for it . If somebody can count the number of overseas trips that Ranil W has made since he became an MP in 1977 that will be another entry in the Guinness book of amazing records And if you can add up the hotels and other costs he has incurred that will even be better Both love luxury, good food and hotels at other peoples expense Both think that rest of the country are fools and that they can just bluff and con them. Both think they are entitled to live up at our expense. Both overrate themselves very highly, although their actual performance is below mediocre. Ranil has been in politics for more than 40 years and there is no acceptance from the people. He is a list MP and even if he faces an election will win only because he is a UNP candidate in Colombo . His stay as PM is always short and rejected soon by the people. He can never be President. Mahendran was Chairman BOI and that was a failure.There too he spent on himself lavishly but no investments came to the country. As Chairman of Central bank not only a failure but also a traitor and alleged robber. So what is there to investigate these two failures?

    harry hatton
    February 8, 2017 at 5:43 pm
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    • 9
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      Well said

      Samitha
      February 8, 2017 at 6:33 pm
      Reply

    • 7
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      Ranil has been in politics for more than 40 years and there is no acceptance from the people. He is a list MP and even if he faces an election will win only because he is a UNP candidate in Colombo . His stay as PM is always short and rejected soon by the people. He can never be President. Sri lanka is the only country that vote leaders of grand thefts to lead the country.

      jim softy
      February 8, 2017 at 11:08 pm
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      • 6
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        And Maharaja has been in poltics but he has only brainwashed the idiots of your kind. That is how he grabbed the billions. Now the Saitem issue, it is a product of the bugger. He prevaricates, but yesterday revealed, even the 4 acres in Malambe was provided by MR .. apart from the billions of loans from Local banks were directly allowed by the direct mediation of Mjarapakshe. TOday, as if both ends are sealed off, he just walks around… no respect seem to be earning by the educated people of this country. His sons, wife, brothers and everyone even blicked on Medamulana have been made corrupted by their tradition of corrupted nature. Not just fund related corrutpion, but high crimes to every corners of abuses- MR has masterminded. Why the people nevertheless afer after him and to be asked by the grasseating folks.

        Sama
        February 9, 2017 at 9:57 pm
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    • 1
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      harry hatton “Mahendran and Ranil have many similarities.” “Both think they are elite( because they speak English and have christian background!” Both are Perpetual Fools, Modayas, Mootals and Idiots. What are their IQs?

      Amarasiri
      February 9, 2017 at 5:55 pm
      Reply

    • 2
      1
      Rajapakshe and Wimal Buruwanse have many similarities. Rajaakshe is speechless today when talking about the huges portions of state funds that authorities bring as his foreign trips costed to the state… it was like 1100 millions of rupees. In the same time, the guy who was then an IRC boy to THunmulla junction to have abused 900 millions of state funds only for abuse of vehicles for his kith and kin.. -but he shamelessly continues his rhetorics. I think the state should confistcate his Hokandara palace. If anyone built up such palaces abusing state funds, that should be nationalized and auctioned for the benefit of the poor of this country. Latter should be the case for all the Rajaapskehs too. If not today when ? We need the presidents of the nature -Philipinian or Lieqanyu to go for it. We must not be backward taking actions against any high corrupted men of last SO called regime. We have enough source of infomration how th ebugger MR to have offered SAITEM 4 acres of land only for contruction of the MC in Malambe… whose properties were they ? I never thought Rajaakshes had properties for their own in Malambe .

      Sam Fernando
      February 10, 2017 at 2:31 pm
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  3. 4
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    Now, such a serious issue turning out to be a funny one as these idiots are making a soup out of it with too many parties investigating something that is already known to be a fraudulent act and who the frauds were. 1. COPE 2. Special Presidential Commission 3. Central Bank is also carrying out internal inquiries Now, 4th one, Inspector General of Police Looks like they are not still sure if there was a ‘bond scam’. Or, Arjuna Mahendran and his son-in-law were involved in it. Or, please tell the people what you’re trying to find out any further!!!

    Ahmed L.
    February 8, 2017 at 7:44 pm
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  4. 10
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    Dr Indrajith, why is there foot dragging in these inquiries ? Are you being hazzled by a higher authority ? The President in his welcoming you asked you not to be frightened by anyone , but to go ahead and do your duty. So why are you dilly dallying on this. You came in on a wave of high expectations and you are still being held as the man who will deliver us from our economic woes. Please don’t sully that image by holding back on acting with a firm hand where necessary, you have the public’s 100% support. If there is an obstacle then take it up with the President and let him sort it out for you, and bring it to the public’s notice that you have done so,and let him deal with it. We know it is easier said than done. But at least your hands will continue to be clean. When you come out with ambiguous statements we feel that you are not speaking the truth, and it is not becoming of you.

    eldorado
    February 8, 2017 at 7:50 pm
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  5. 6
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    The shadowy figures – Central Bank officials – who conducted the Bond Auction on that fateful day, and who readjusted the amounts on auction, and interest rates, should be investigated. Their bank accounts and holdings should be perused. How did they decide to accept a very large amount on loan from a dealer who had earlier borrowed large amounts from the Central Bank? How/why did the Bank of Ceylon – a state bank – stand as ‘surety’ to this dealer – who made the decision?

    justice
    February 8, 2017 at 8:02 pm
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  6. 5
    1
    He cannot win! He is damned if he calls for an inquiry; he is damned if he doesn’t.

    sekera
    February 8, 2017 at 8:09 pm
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  7. 4
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    Dr Indrajit Coomarasamy, Let us hope that you maintain your independence. You need not be loyal to the powers that appointed you, but to the people of the country and respect the rule of Law.

    Sri -Krish
    February 8, 2017 at 8:10 pm
    Reply

  8. 3
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    How many effing things (FxxxCID, Srirsena commission, COPE, now crime branch!) are going to investigate this effing crime? Just shut the f off and keep robing the country, sorry arse tax payesr who vote this govt and the house maids who are enslaved in middle east! Every person pray to your gods to punish the thieves who rob the country! Lightening shall strike… one day!

    srinath gunaratne
    February 8, 2017 at 8:48 pm
    Reply

  9. 1
    1
    When perpetual Treauries is investigated, it should investigate eventhe activities of the dealer during the Cabaraal’s reign. At least Ranil knew very well about the thefts and frauds carried out by the central bank with the help of that dealer. right now, they are trying to slide away saying that the Investment banks don’t have rigid rules and they can do what ever they want principle and everything is legal as there are no rules or proper guidelines. I heard, Lehman Brothers is a very corrupt organization. It is their greed, lack of any discipline, fradulent nature etc., etc., which lead to that financial melt down. But, they were playing with foreign investments and that worked for the american govt. So, the american govt saved them. Ranil wickramsinghe is following the same set of rules. Even though Maithripala may not have a good grasp on it, they all knew Central bank and Finance ministrey were draining out with big holes. They just continues and tried to use it for their benefit.

    jim softy
    February 8, 2017 at 11:06 pm
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  10. 4
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    Mahendran has no christian background. His son in law is only catholic. Ranil is the best brand ambassador for Sri Lanka. We need this type of person to market our country and bring in Investments.

    Sunil
    February 9, 2017 at 12:00 am
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    • 1
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      Two and half years passed what investment he has brought so far. There is no FDIS any in the pipe line. His previous three spells he failed. This time no exception. He will fail definitely.

      Leel
      February 10, 2017 at 3:15 pm
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  11. 1
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    “I am clean as a whistle..It was the crooks in the Central bank who put out these lies to undermine me.. Whatever I got from the Bank are all above board ,They are the ones who should be investigated” This is what Singapore Mahendran , predecessor to Dr Samy, told a leading Elite English paper in Colombo. Wonder whether Singapore Mahendran’s mentor and buddy, Batalanda Ranil will ask the IGP tp investigate this allegation too. Independent Yahapalana UNP IGP has his work cut out..Hasn’t he.. Wonder whether the Singaporean is still on the Yahapalana Public Payroll…

    K A Sumanasekera
    February 9, 2017 at 12:42 am
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  12. 0
    3
    Dr Sammy.s latest Report has some interesting points. A Foreign Fund has sold US$ 500 Million worth Yahapalana Govt Treasury Bonds and taken the money. That made the Foreign Reserves to drop to US$ 5,5 Billion.An all time low. Dr Sammy says Rajapaksa assets like Hambantota Harbour , and other public asset sales to Foreigners will improve the Reserves. How cool. Galleon and Batalanda are now borrowing US$ 1.5 Billion new Debt. Dr Sammy says it is to lessen the burden on the Yahapalana Suckers who pay for the 15 Billion Profit which the Singaporean and the SIL pockeed last year. Then Galleon is going for another US$ 1 Billion in loans to pay the current Bills. Beautiful economics. Borrow more to pay Debts. Sounds like me shuffling my credit card balance from one bank to another. Last but not least, the most important is Dr Sammy’s last comment. He says no FDI so far. Wonder what happened Diaspora Funds which Mangalan was going to bring in, in Truck Loads. And Uncle Kerry’s generous donations which Batalanada & Co were boasting about.

    K A Sumanasekera
    February 9, 2017 at 1:34 am
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  13. 3
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    For long years I remembered a poem in which the last sentence was “For want of a horse shoe the battle was lost”. Now go back to the immediate and recent history of this “Scandal”. First, the PM appointed a “Committee” comprised of Lawyers from his own UNP to investigate. Second the investigation from the COPE. Third, now the Presidential Commission. Fourth, now by a “directive” from CB Governor to IGP to investigate. Mr. President and your Government: What do you think of the PEOPLE of this country? Perhaps, YOU must be still thinking that the PEOPLE of this country are “Gullible” lot and can easily be taken down under the garden path and make them to forget every thing anything. NO. If you think so; you are sadly mistaken. The people have now turned on you and steadily taking both you and your PM to those historic days prior to and immediately following the days of January 08th 2015. That trend has never taken place in Sri Lanka; but remember it is the “TREND” now and that is NEW. Please remember, you Mr. President and PM, that new WAVE is rising and if both of you and your Government do not recognize that phenomenon and set your house in order to meet the challenges, it will be a definite downfall and that “Downfall” is nothing but due to your lack of simple FORESIGHT liken to that Horse Shoe Nail due to which the battle was lost. So it is best to withdraw this PROTRACTED type of investigations and concentrate on ONE SINGLE inquiry to find all the culprits and PUNISH all who are involved in this huge ROBBERY and bring back the lost wealth to the PUBLIC COFFERS. Simple as that. Please do it NOW. This is your LAST CHANCE.

    Douglas
    February 9, 2017 at 4:17 am
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  14. 1
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    Absolutely, Douglas. But Batalanda is no pushover. he is getting ready with the police force. So JVP, GMOA et al beware.

    Aloy
    February 9, 2017 at 2:23 pm
    Reply

  15. 0
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    ah, the old treasury accounts! If you know something nows the time to send it in before the filth in the white van does. lol

    filthinwhitevan
    February 10, 2017 at 7:35 am
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  16. 3
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    Dr Indrajit, Hope you are attending the Commonwealth trade and commerce minister’s conference in March that will be held in UK. I hear that UK is relaxing the visa rules for Commonwealth citizens where Austalia,Canada and NZ,perhaps sidelining the rest of the poor 50 countries of the Commonwealth. Please tell them it’s not cricket and we too play good cricket. Ask them to allow the poor students to work and study in UK,where they are allowed to work for at least 10 years with a pension paid in their own countries. They must get back after 10 years and be of some positive contribution to their country of birth where corruption should be eliminated and care for the wild life and environment should be encouraged. At present only the corrupt could afford financially to qualify but it’s the educated and enlightened humble students coming back could change their world for better. So make that trip useful unlike the past regimes used those trip for personal pleasure at the expense of the taxpayers and at the expense of the booked passenger’s that was off loaded from the air line.

    Nimal
    February 12, 2017 at 2:22 am
    Reply

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