14 July, 2024


From Arjuna Mahendran To Ajith Nivard Cabraal; COPE On The Bond Hunt

The Committee on Public Enterprises (COPE) has kicked off a fresh investigation to determine if any Treasury Bond scams took place at Central Bank from 2008 to 2015, during the term of former Governor Ajith Nivard Cabraal.

Sunil Handunneththi – COPE Chairman

COPE Chairman Sunil Handunneththi has informed Speaker Karu Jayasuriya, that his committee has already commenced investigations to determine if any malpractices were committed during the past eight years, under Cabraal’s tenure.

On the instructions of the Finance Minister Ravi Karunanayake, the Auditor General has also submitted a report analyzing bond transactions during the past eight years to COPE. However a source with close links to the committee was quick to point out that the Finance Minister did not provide such support when the bond transaction issue under Mahendran’s term was investigated by the committee. “But as this is an investigation against a Governor of the previous administration, the Finance Minister is also fully supporting the COPE investigation,” the source noted.

Cabraal was the former governor of the Central Bank of Sri Lanka, from 1 July 2006 till his resignation on 9 January 2015, following the change in presidency. Cabraal was chief economic advisor to former President Mahinda Rajapaksa when he was prime minister.

During his term as Governor, he has been at the centre of various controversies. According to the Anti-Corruption Front, Cabraal is alleged to be involved in several corruption cases amounting to millions of rupees including in the Greek Bonds purchase involving LKR 1257 Million; Defrauding the Cabinet of Ministers and the Sri Lankan State by forcibly acquiring the Ceylinco – Helsmeier Project and establishing the Sink Lanka Hotel Project; and the Hedging Fund deal involving LKR 200 – 700 Million. Some of these cases are reportedly under investigation by the FCID.

Last year, COPE charged Mahendran for his direct hand in the Treasury Bond scam which resulted in the country losing Rs. 1.6 billion, while Perpetual Treasuries Limited linked to his son-in-law Arjun Aloysius recorded a profit surpassing Rs. 5 billion. COPE in its final report on the investigations into the Treasury Bond scam ruled that Mahendran was ‘directly responsible’ for the 2015 and 2016 bond scams. The COPE report also recommended a law enforcement agency to carry out an investigation into Perpetual Treasuries Limited and how it received undue advantage as a primary dealer from the Central Bank.

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Latest comments

  • 23

    Hats off the the JVP and Sunil Handunetti!

    Mahendran and Nivard Cabraal should be in the Same Prison Cell for financial Crimes against the people of Sri Lanka.

    Ranil Wickramasinghe and Mahinda Jarapassa and Ravi K. and Basil Jarapasssa should also share the same Prison Cell for Financial crimes against people of Sri Lanka.

    • 19

      COPE Chairman Sunil Handunneththi

      RE: Cope. From Arjuna Mahendran To Ajith Nivard Cabraal; COPE On The Bond Hunt

      “The Committee on Public Enterprises (COPE) has kicked off a fresh investigation to determine if any Treasury Bond scams took place at Central Bank from 2008 to 2015, during the term of former Governor Ajith Nivard Cabraal.”

      This is the Tip of the iceberg. All this culture accelerated with Mahinda Rajapaksa and cronies.

      Other examples:

      Mahinda Rajapaksa pocketed U S $ 600 million from the Hambantota Harbour.

      Gotabaya Rajapaksa US $ 30 million from the MIG deal, and killed Lastntha and others.

      Etc. etc.

      • 7

        COPE should write to World Bank and IMF and ask them to help Sri Lanka, by using all their so-called expertise to track down the millions looted from Sri Lanka by Mahinda Jarapassa family and cronies, Mahendran and Aloysius and PT – as a PRIORITY.

        In fact FCID, Bribery Commission and NGOs should all ask IMF and World Bank to put their money where their mouth is and help the fight against financial crime and fraud.

        IMF and WB have been quietly watching and aid and abetting corrupt politicians although they are supposed to do Global Financial Governance. They aare aiding the selling off Sri Lanka’s land and marine resources to China, US, India and Japan corporations, in order to pay Sri Lankas massive national debts amassed by corrupt politicians, while borrowing more from IMF and pushing Lanka in a bigger DEBT TRAP, massive ECONOMIC INEQUALITY, social unrest and violence..

        • 5

          Right on Kalu!

          Sri Lanka’s economists should stop being so servile to the Washington Consensus and instead of taking instructions from these corrupt outfits, should give them instructions!

          The Governor of the Central Bank. Dr. Inderjith Coomaraswamy should ask IMF to track down the looted funds from Sri Lanka that are stored in off shore bank accounts in Swiss banks, Singapore, Dubai, US, Panama, UK etc.

          • 0

            I think there are some people know where some of the loot gone,kept in second and third parties but they have no confidante with the regimes in power in Sl to bring them to book. Most probably waiting for the government deal with the looters they already they have in hand. Surely there will be a day of reckoning. These are agencies dedicated to fighting global corruption and crooks and they are far above the politicians. I too had to prove my earnings and the capital acquired which I have valid documents from the lenders who were reputed banks.
            I am glad that I have passed the test which should be.
            One will see many developments in some of the worst African states.

    • 8

      who is the best thief out of the lot.

      Ali baba of the decade….

      MaRa deserves the title.

      • 1


        “Ali baba of the decade….”

        “MaRa deserves the title.”

        MaRa has earned a poem, a song as well, given below.

        MaRa MaRa ChaTu MaRa
        MaRa MaRa AmaNa MaRa
        MaRa MaRa HoRa MaRa
        MaRa MaRa DhushaNa MaRa
        MaRa MaRa Mi-Ni-MaRu MaRa

    • 1

      I agree with you – but JVPers are no practical and that should be the reason them not to have won even 10 seats from the last election.
      Else, I cant see why…
      I believe, their approaches are very theoretical. Things occure in a developing country but AVERAGE mind sets of the country are swollen perhaps above that of a developed naton. They believe they are the masters not knowing – if world bank or other bodies would not have been there, we the folks too would easily become and another poverty striken ones.
      And we must stand against corruption and abuses, but still being in human face – today, the place given to COPE handlings are very advanced when thinking about the previous govts and their irregularities. Not even ONE SINGLE COPE reports were held accountable. Media prostitutes worked and working for them always danced for the tune of Rajaafuckers. Knowing these realities we have to go with the investigations related to the bond scam and the like with a human face – meaning not allow them to bury under the carpet but also considering this is not the first time such scams were reported. We need investigate all the bits of the previous regime too one behind the other. Today, even drug promotions related issues are made publicly since some senders such as Hiru TV live on drugs and drug busnesses.

  • 20


    Grab corrupt Nivard Cabral from his neck. In the middle of night. Put him in the dock. Public will pass the judgement. It has already been prepared. We just need to read it out loud. Before transfering Cabral to Weilkada.

    There is total focus on Mahendran & Alosius. Rightfully so. While Cabral and former King’s daylight robberies at CB for 10 years are hush-hush. Why?

    BTW, Arjun Alosius is Ravi K’s & Namal Raja’s best buddy. Hahahaha! How is that stupid Sri Lankans?

    Not so long ago, I noticed Mohan Perera (Ravi K’s blue eyed boy) & infamous Dilith Jayaweera having a jolly good time at The Colombo Swimming Club.

    Stupid people! You are being taken for a ride by disfunctional UNP & utterly corrupt SLFP. Thieves are very good friends. They rob you together. You are just upset you do not get your slice of the cake.

    It has been going on since 1948. We must end it.


    • 0

      Excellent Ben Hurling

    • 0

      But what is the option – do we have a third force in the country ?

      JVPrs would also join Join Opposition jokers calling it selling the country to others… so – what would they go for if they the JVPrs woudl have been given a chance ? JVPrs of the day are like lads playing ELLE game in rural paddy field. None of them seem to have a head – but to argue- as if ones do is at the neigbour hood- being close the fences and trespassing issues. I think JVPs need more senior candidates, if that to be the only alternative to this torn country.

      Whoever, will be the third force, they should have all guts not to protect crimes doers -as is the case with current rulers.
      If current rulers would not want to mobilise each of their parties – things would have worked all different by today – masses that brought them to power on 8th Jan 2015 – asked nothing else – but to be served with justice.
      However, two years are gone – nothing like done towards justice.
      The curse of the victimized people are reechoeing in all corners.

  • 29

    Finally this government has woken up to the real central Bank Bond Scam of Ajith Nivard Cabraal…

    Arjuna Mahendran was just used to set up and draw attention to the Central Bank Bond issue setting up the platform to go after the real scams that took place under Ajith Nivard Cabraal…

  • 11

    Well done COPE do your job. We need to know the true story. Do not protect anyone and we trust Sunil Handunneththi. Keep up the good work.

  • 7

    This can do nothing. What happened to Hambantota Tsunami fund case? Didn’t Buffoon de Silva clear all the crimes on that theft?

    Ranil does not want the war Heros investigated. New King does want their fame tarnished. When,two months ago, there was an army threat, New King immediately fired Dilrushi and released all the ones were in remand. Which educated idiot judge will be willing to take an unwanted risk and pass judgment against the most powerful person(s)?.

  • 1

    Good work. No doubt. You found Arjun Mahendran directly responsible for the recent CB “Bond Scam”. Yet, it is known and in fact some social organizations have complained to the President and asked, why this man is still “attending” and “serving” in advisory capacity in the Ministry of Finance. A media reporter asked this question from the Minister of Finance and did you hear the answer? Here it is: “I have not appointed him to any position; BUT if the Prime Minister ask me to accommodate him, I will do so”. That answer will provide you with all the answers to the questions raised on this “Bond Matter”. So goes with all other future findings too. Anyway, please go ahead, because the PEOPLE want to know the TRUTH.

  • 4

    Better to take up on issue at a time – SLBC Bond issue first and then previous SLBC misdeeds – if any.

    Taking up too much will lead to delay-smothering.

    • 0

      SLBC? When did SLBC issue bonds?

      One rogue at a time?
      Surely we have people on the land who can at the same time chew gum and play football.

  • 4

    Cabraals may come and Cabraals may go
    Mahendirans may come and Mahemdirans may go
    But I, Aloysius, who can buy anybody, will go on for ever.

  • 3

    JVP is the hope for the good future of the country. Carry on Comrades.

  • 1

    “Bond, the game’s Bond”

  • 0

    This is where a powerful Executive president is needed.

    Now, Maithripala Sirisena is not a powerful executive president, either mentally or probably even in the law book. He does not know what to do. He does not jail Arjun Mahendran and Ranil wickramsinghe because that destabilizes his govt too.

    If a powerful president was there, he would get another prime minister and would jail both Arjun Mahenderan and Ranil Wicramasinghe, and Acquire the assets of Perpetual treauries.

  • 0

    Ranil W are involved in the Bond Scam ? Then you are no more Mr. Clean. Come out and tell the truth. and whatr happend. We need to get hold of Cabraal too who was a great swindler under MR and the clan

  • 0

    Ranil W are involved in the Bond Scam ? Then you are no more Mr. Clean. Come out and tell the truth. and what happend. We need to get hold of Cabraal too who was a great swindler under MR and the clan

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