26 June, 2022


Impunity Of The CB Governor Is Inconceivable Mr. President, It’s Time To Reflect Before Re-Appointment?

By Chandra Jayaratne

Chandra Jayaratne

Chandra Jayaratne

Civil Society breathed a sigh of relief post “January 8th 2015 Change” and looked forward to commitments of Transparency, Good Governance, Rule of Law and Ethical Conduct of Leaders, returning, being respected and strictly complied with in governance.

The resignation midterm of the last Governor was indeed good news. The expectations were high upon the new appointee to serve the balance term being an ex- Central Banker, with requisite experience to give leadership to this important public institution. This view prevailed, despite Civil Society urging the consideration of a more recently retired Central Banker to be the choice. In any event, the civil society expected greater transparency, focus on delivering core accountabilities, assurance of effective macroeconomic governance, financial stability, effective disclosure, independent and integrity driven decision making and policy directives, coupled with giving independent advice to the government to be the core values driving the Central Bank. These expectations were to supplement assuring an end to the use of the Central Bank and its resources and policy making powers, to further political and personal objectives and seeing an end to conflicts of interest driven pump and dump style management of public resources of the EPF and suspect practices in long term bond issues.

ArjunaCivil society, reflecting on the outcomes of Central Bank governance over the past 15 months can only conclude that their hopes have been dashed and that the governance platform and results realized are no better than under the previous regime. The new Governor must take total responsibility for this situation, as he has failed to live up to expectations of society.

Civil society had a rude awakening to the truth of good governance, upholding rule of law and transparency sans conflicts of interests under the leadership of the new Governor, when the dirt from the long term bond issue of 27th February 2015 hit the fan. This shock was compounded many times over, when a Committee of party affiliated lawyers,(with little or no understanding of securities market operations, long term bond issues and best codes of governance and fund management) issued a report white washing the key compliance and control weaknesses as well as deviations from best practices of governance. A civil society move to enforce a fundament right to have the systems, procedures, independence of professional decision making, compliances and control frameworks, etc, being independently reviewed by experts in setting a frame work for the future, was also frustrated by the spend of millions of state funds as professional fees on cleaver tactics adopting legal counsel. The final nail in the coffin was the COPE report being tactically delayed and parliament dissolution used to have its tabling frustrated.

What flowed from above strategically bowled doosra’s was to cleverly target and knock out essential change management within the Central Bank, and block the adoption of effective codes of conduct for bond issues and allow secondly market transactions involving state funds a free range operations with non transparency. The non transparent practices prevailed alongside probable continuing conflicts of interests amongst related parties. The civil society demands were effectively blocked by the Governor and Monetary Board and have purportedly laid a foundation for the continuation of non transparent and purportedly conflicts of interest embed long term bond issues to be made up to even the end of April 2016. The highly questionable long term bond issues are those auctioned on 8th January 2016, 5th February 2016, 29th March 2016 and 31st March 2016.

The impunity of the Governor and the Monetary Board, and their “lack of shame and fear “ before civil society can be assessed from the following replies of the Secretary of the Monetary Board to issues raised in correspondence:

  • Interpreting Article 14A of the Constitution regards right to information of citizens “The intention of Parliament appears to be to that in order to exercise the right to access to information, such right shall be provided for by law”.
  • “Though the Right to Information Bill has been presented to the Parliament on 24th March 2015, so far the Bill has not been enacted by the Parliament to give effect to the rights created by Article 14A of the Constitution”
  • In response to the request for information relating to long term bond issues already made involving state operated funds including Employee funds under trusteeship management by the Central Bank, invoking the provisions of the RTI Bill refuses access to information stating “disclosure of such information would cause serious prejudice to the economy of Sri Lanka by disclosing prematurely decisions to change or continuing government economic policies relating to, inter alia, the regulation of banking or credit” (emphasis added) (A shameful and fearless act of impunity, with misrepresentation of facts, arrogance and misuse of power, disregarding the commitments to transparency, good governance and upholding rule of law. In this context civil society is aware that no such dangers of premature negative impact are applicable as the bond issues have been made already.
  • In the Daily FT article dated 12th May 2016 tilted ‘CB Chief Mahendran rebuts Insider; sets record straight the Governor “shamelessly and fearlessly and with impunity ”states;

“The issue of the bond issue of 29 February 2015 was taken up by the Supreme Court on 13 May 2015 (SC FR No 107/2015) and all charges against me and other dependents were dropped.”As a petitioner to Court, I can vouch that the petition did not charge any person in specific nor demand neither a reversal of decisions made nor penal sanctions against the Governor and dependents. Petition prayed only for a review of systems, procedures, independence of professional decision making, compliances and control frameworks, to be independently reviewed by experts in setting a frame work for the future. Therefore the Court had no opportunity to drop all charges against Governor and other dependents and it merely ruled that there appeared no legal basis to proceed.

On the question of the issue of Government bonds in 2016, the Monetary Board of Sri Lanka has investigated the issue surrounding recent bond auctions and will publish its findings shortly.Civil society however wishes an independent transparent review by competent professionals with requisite knowledge and of course unquestionable integrity.

Key features of recent reforms include implementing a market-determined system for the determination of interest rates and exchange rates in Sri Lanka.Civil society demands conflict of interest and related party interests free, transparent, professional best practices embedded, adequate controls and compliant processes driven, market transactions, conducted by professionals with independence of judgment and highest integrity.

In addition civil society faults the present Governor and Monetary Board for having failed in their direction and oversight of operations and financial affairs of the Central Bank, by incurring significant losses from operations, endangering the stability of the Central Bank, due to such losses significantly reducing the reserves of the Bank.

The Central Bank Governor has on many recent occasions during public presentations avoided responding effectively to questions and resorted to passing the accountability to respond to other senior staff and have even maneuvered by diversionary tactics failed to respond to the real issues raised with the real issues being side tracked. Several such questions and responses were evident during the recent Central Bank public presentation of the Annual Report 2015.

To top it all comes a report of a purported high value claim as a reimbursement under a clothing allowance by the Governor, which if it be accurate, is a misuse of office and a slap on the expectations from leaders committed to good governance.

Central Bank as the Regulator of Banking and Finance businesses stipulates that only persons who are “fit and proper” can hold positions as directors and Chief Executive Officer of Banks and allied regulated bodies. All covered persons must complete and submit a declaration in terms of “Direction on Assessment of Fitness and Propriety of Directors and Officers Performing Executive Functions.” Should therefore, such declaration made by the Governor be placed transparently for viewing by public, before his appointment, which appointment must, whether provided for in the Constitution or not, be placed for consideration by the Constitutional Council.

In the light of the controversies and criticisms surrounding the leadership role and discharge of duties without conflict of interest s in keeping with highest standards of conduct expected from such office holder, strictly within the values and norms framework committed to by the President and this government, should not the voice of advocacy of civil society raise a strong amber light warning, targeting the President and the Constitutional Council to thoughtfully reflect prior to the extension of the current term of the Governor, said to end in June 2016.

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Latest comments

  • 5

    He should go forthwith. He is holding the Sri Lankan economy to ransom.Bensen

    • 8

      Bensen Berner,

      Not only Mahendran, his acolytes too – the shadowy figures who conducted fraudulent Bond auctions – should go.

      But I suspect that he knows things which others do not.
      His very recruitment – without calling for worldwide applicants for the post – is proof.
      No other country appoints Central Bank Governors in the manner he was appointed.

      • 8

        Arjuna Mahendran is an insult to all Tamil Professionals and Tamils in Sri Lanka.
        Mahendran is giving Tamil community a bad name, and give an excuse for SInhala racists to marginalize qualified and honest Tamil professionals.

        Ranil and Mahendran have played the ethnic card Backwards to keep a corrupt clown who lacks the required qualifications – Arjuna Mahendran -as head of Central Bank. This is playing the ethnic discrimination card in reverse mode. Mahendran is supposed to be a representative of Tamils in high office in Sri Lanka, but in fact Tamils know he is a corrupt crook and he is an insult and affront to the entire Tamil community – giving it a bad name.

        Tamils in Sri Lanka are indeed marginalized and discriminated and GROSSLY under represented in government because of Sinhala cronyism and racism. TO use Mahendran who is even more corrupt that Nivard Cabraal – Mahinda Jarapassa’s clown at the CB – as an example of the current regime promoting Tamils to high office is a joke.

        There should be quotas for Tamils and jobs advertized to attacked QUALIFIED Tamil professionals into all Govt. posts and Ministries.

      • 6

        Keep up your good work CJ!

        Arjuna Mahendran and his father Charli Mahendran has been using the Tamil minority argument to protect Arjuna from investigation into the bond scam at Central Bank.
        Mahendran is both corrupt and cunning and give educated and cultured Tamils a bad name. Mahendran dismisses the accusations of corruption against him saying that they are being made because he is a Tamil. But in fact, it is beyond doubt that Arjuna Mahendran is a corrupt insider Trader and Bond scammer who is destroying the Sri Lanka economy because he is not qualified to hold the post of the Central Bank Governor. He is worse that the corrupt clown Ajit Nivard Cabraal and an insult to all Tamils and honest Tamil professionals.

        Tamil professionals should write a letter to Ranil-Sira Ayahapalanaya jokers asking that Mahendran be removed and investigated for Insider Trading.

  • 5

    Nobody went hammer and tong when earlier man was there who laid the foundation for the rapid ruin of the CB. Humbugs and Hypocrites must be having a hidden agenda.

  • 7

    Mahendran is not an economist, a suitable public servant or a senior banker. He is an investment banker with a big gab.His training is to make money for his clients and himself. Just like Raj Rajaratnam.

    But no one can challenge his right to be there just like Ranil W. It is all family power. They can do things which if others did they will called frauds and con-men.

    But mahendrans son in law in new rich so full of ambition and want to make money in any which way.

    In one simple act RW destroyed all hope for yahapalanaya by appointing Mahendran. When Chandrika was president RW spoilt the chance to do away with the presidency, as he thought he would become president one day. But the result was we had Mahinda as president for 10 years.

    Then as RW was scared to challenge MR he tried to make Sarath Fonseka president. Imagine what would have happened to this country if Sarath Fonseka became president !

    Now RW made Mahendran Governor of the central bank.

    RW is a guy who only brings bad luck to the country and the UNP.

    That is his historical role.

    • 5

      I think you are incorrect to say that arujuna mahendran is not an economist. For you information he is an economist and banker.He was educated at Balliol College, Oxford,where he gained a MA in Philosophy, Politics and Economics He was the former Managing Director of HSBC Private Bank, Chief Investment Officer of Emirates NBD as well as Chairman and Director-General of the Board of Investment of Sri Lanka
      For Mr. Mahendran’s instrumental role in establishing the Board of Investments of Sri Lanka and driving its strategy, he was named a runner-up in Euromoney Strategic Direct Investor’s “CEO Lifetime Achievement Award” in 2003 He introduce online tax payment systems to streamline tax collection in Srilanka.
      So on paper he is highly qualified and has done a very good job.His only black mark is regarding the bond issue. But three eminent lawyers investigated and exonerated him. So what are you all arguing aboiut beats me.

      • 3


        “He was educated at Balliol College, Oxford,where he gained a MA in Philosophy, Politics and Economics”

        Have you seen his degree certificate?

        • 1

          If you don’t believe me check it on https://en.wikipedia.org/wiki/Arjuna_Mahendran

          • 6


            There is no copy of his degree certificate on his Wikipedia profile. However, I do believe that he has a master’s from Oxford.

            It seems like he has a bachelor’s in Philosophy, Politics and Economics (PPE), which he commenced in 1978 and completed in 1981. He has then gone back to Oxford again in 1984 to do his masters.

            The PPE is a general degree and is rigorous. However, it is not specialized. Hence, it is good for people who want to enter places like parliament. Jon kelly of the BBC captured it well when he argued the following:

            “A degree defined by breadth rather than depth seems tailor-made for the Westminster system and its regular reshuffles, in which front-line politicians can be running the prison service one day and attempting to steer the economy the next while aspiring to the grand diplomacy of the Foreign Office.”

            Central banking is a complex field. The last governor whom I had any respect for was A.S. Jayawardena. Since then, there have been three governors – Sunil Mendis, Cabraal and Mahendran. Sunil Mendis was a private sector executive whom Chandrika appointed. She probably thought that this was an innovative thing to do because of the efficiency of the private sector. After all, Chandrika, like Ranil, could rarely see a political or economic problem that cannot be solved by the trusted three-card trick of privatisation, deregulation and liberalisation!

            Then came Cabraal, who used marketing genius to make up for deficiencies in his ability to analyse issues. Indeed, I could never make out Cabraal from Rohantha Athukorala.

            The question now is who would be a good substitute for Mahendran? Is it W.A. Wijewardena?

            I have a poor opinion of W.A. Wijewardena because of his allusion to monetarism. Saman Kelegama maybe a better option. Forget Lloyd Fernando of planning fame… he is a joker.

          • 3

            PROUDMAN ,
            does it not come before a fall?
            You are too very impressed by some academic in the profession?
            Ranil and Ravi (Galleon) would work him and defend him for their cause then let it fly when the iron is hot-

            How banksters are created.

            Painter boys Son: Leeson was sent to Singapore after he was denied a broker’s licence in the United Kingdom because of fraud on his application.[6] Neither Leeson nor Barings disclosed this denial when Leeson applied for his licence in Singapore.[7]
            Leeson was born in Watford, where he attended Parmiter’s School. After finishing school in 1985 his first job was as a clerk with a private bank, Coutts. He then moved to Morgan Stanley in 1987 for two years, and then to Barings in 1989.
            In 1992, he was appointed general manager of a new operation in futures markets on the Singapore International Monetary Exchange (SIMEX).[5] Barings had held a seat on SIMEX for some time, but did not activate it until Leeson was sent over.

            • 0

              [Edited out]

  • 12

    Mr Chandra Jayaratne,

    All what you say is well and good. And what you are doing now in long overdue; all kudos to you.

    And I believe that Ranil is pushing things under the carpet. I don’t know his motives, perhaps, he doesn’t want to fight too many battles at the same time. I also believe that Ranil’s intentions towards the country are more genuine than Mahinda’s. Let’s cut the crap and be truthful here.

    But what I can’t fathom is that all you esteemed gentlemen of the Lankan business community behave as if all the corruption in the Central Bank started with the new governor Mahendra (or whatever his name is.) You guys failed to see, or even took the trouble to acknowledge that the new governor walked into an utterly corrupt system set up by Cabral and carried on from there. The new governor didn’t walk in and presto! there was corruption! He just walked into probably, the most corrupt institution in SL and went ahead with whatever was already set up. Do you want me to list Cabral’s shady deals here?

    Now, if you or anyone tell me that Cabral ran it ship-shape then I will at once know your motives. And the argument ends there.

    This is not to put you off from your current task but to point out that there were people hand in glove with all the corruption of Mahinda without even a murmur.

    So, where was your self-righteous indignation during 10 years of Cabral’s monumental corruption in the Central Bank? If you tell me you were afraid to speak because of the white vans, I’ll understand, and I’ll be the first to appreciate your honesty.

    But when none of you pillars of the SL society raised even a murmur ordinary citizens like us are left baffled. Or would you say there is more freedom of expression now without the fear of death? As a pillar of the business community please explain your collective-silence during the 10 years of Mahinda’s monumentally corrupt rule.

    Sri Lanka doesn’t move forward an inch not because some shopkeeper in Matara or Jaffna sells underweight, or some cop in the Boondoggles takes a small bribe. Sri Lanka doesn’t move forward because the “elites” in the highest positions are corrupt to the core.

    At times one is left to wonder if Wela Suda et al learned their ethics/morals from you guys or you form them!

    I feel like walking the streets of Colombo in the midday sun with a lamp, looking for a honest man.

    • 4

      “I feel like walking the streets of Colombo in the midday sun with a lamp, looking for a honest man. “

      Honesty is the best policy but the man who follows it is not an honest man.

      At times one is left to wonder if Wela Suda et al learned their ethics/morals from you guys or you form them!”

      The rich always “run”; the rich always win;
      the rich always have power; the rich always get the best;
      and, most of all,
      the rich always break their promises to the poor fools who voted for them. LOL

      Don’t beg for change again!

      Ranil the Sinhala Buddhist with Colombo Chetty are aiming to spoil the
      Ceylon Tamil good name at Singapore and Malayasia.

      MR1 did it with his faulty Terror expert Rohan at Singapore.
      Now this one from world renowned money laundering Bank HSBC.
      He will spin the till util it stinks to high heavens.

  • 4

    CG Mahendran was appointed by New King and associated with Ranil. Last July, Some News said that New King had suggested to Mahendran to resign because he felt the people were thinking Ranil hands were dirty on the survival of Mahendran. JVP insisted Mahendran must resign. Mahendran went back to Singapore and did not return for some time. Said that, I am writing that only from my senses, I did not have dates and time period to prove that. He came back after the clouds started to settle based on the Supreme Court verdict. we all know Supreme Court is controlled by Madrendran. That time The Court was presided by another Yahapalanaya puppet, Sripavan, but still was dominating with Old King’s hooligans. Old King’s team had written many article criticizing the CB and its economic policies in CT, but relatively very little about this specific issue. One or two previous ministers had raised this issue But no real SLFP rebel was present even from the joint opposition.

    Ranil lawyers did not find fault on Mahendran and Supreme Court dismissed the case. It is not clear how Aloysius part was explained. I am not sure if it were told that there was nothing illegal so he was an ordinary trader made a little bit more profit. If so, the question is, in an oversubscribed auction how it was possible for one to make some extra pennies. There was everything illegal, deceit and cheating in that dealing. The data was not honestly put out. But who has to take the responsibility for it is not the interest for the Colombo critics.

    Tamils’ honest resistance have created a very shaky situation for the Colombo Goverment in two of their dealings. Another One, that involves with with our straight standing CV, the CM of NPC, still continues to boil, but no clear results have sufaced out. He is not ready to cook up and submit corrupted and unwanted budgets for NPC. This is problem to Colomo administration whose appointees are waiting on line to snatch the money and share it with the central government’s crocodile. It is forcing him to return the money back. This was not a big issue during Dougee’s time. The other twos, the Sampur Coal Power Plant and the Swaminathan’s 65,000 housing project are facing problems. These two massive projects are very little interest for Colombo critics and they receive less prominence. Unlike the Colombo critics, who start most of their criticism only after they see their share was not showing up and that is how they lost the Bond issue, Tamils are ready to let Sampur and housing projects to go on only if they will benefit the civilians. This is the case with the Palali Airport too. These are very easy to compare with Colombo Megapolis project, Matale Airport Project and the Nuraicholai Coal Plant. Sampur Coal Power Plant was Sampanthar’s main problem. But for the Palali Airport, NPC Budgets, and the Swaminathan’s Housing Project, it is CV who took the fire.

    My assumption from the very beginning is different. The problem to Mahendran is, he is private employee. In reality, he can not depend on Lanakwe’s employment. With all the international commerce and trade laws, it may be dangerous for him to leave Lankawe and seek employment, provided if he had direct involvement is this fraud. At least, that was his requirement to come back and continue the CG position. It looks like, whatever the role he played, he is safe now. This safety for him was not provided by himself. It was done by Ranil and Old King. So my suggestion for Colombo critics is to take their attention from Mahendran and focus on the money that is being distributed by Aloysius among the beneficiaries. Remember, the Bond funding money did not come from Aloysius. So there will be a lot of tracks to trace this deal from bottom up. There is nothing wrong in punishing the role Aloysius and Mahendran have played on this game. But if the Colombo critics is going curse the arrow instead of the hunter, they are going to lose this case completely. They have to take the lesson from Tamil who had run the country up to 1956. Everybody in the South should have taken double effort on the Matale Airport than CV did on the Palali Airport. Everybody in Lankawe did know the Mig Deal. They all wanted to keep silent. Now the case is withdrawn from the court by Brother Prince and Media. But nobody pressing the FCID to bring the case back on from its side. It is the Tamil peasants who pushed the CV and Sampanthar on Palali Airport, Swaminathan’s Housing and the Sampur plant. With the exception to the fishermen community who are suing the Port City, I am well sure why none of the Colomo critics are ready to talk about the Port City or Megapolis. They all have more than wanted data to bring up a public agitation to stop these unwanted projects.

  • 1

    You can not get rid of Mahendran, he is a Royalist………..

    He did not rob from the coffers, but he only siphoned,
    All the change money intact. I mean the coins.

    So what? BOP to China and interest to Aloysius.
    Hambantota, Mattala & Katunayake highway cost Rs. 110b and to be re-paid on a long term basis.

    Yahapalanaya promised to increase salaries of 14 lakhs of Govt Servants who are only 8% of the voters by Rs. 10,000……………. Monies required to meet this increase is minimum Rs.168b annually.

    Hora….. hora…. Hora chorus to drown yahapalanaya gaffe? Yahapalanaya is embroiled in a monetary soup,
    Is this the reason for raising the VAT ???????????? Rs.168b and counting.

    Yahapalanaya can not fool all the people everytime.
    Matilda, Mahendran da take me money and will run to Singapura.

  • 2

    Lakmi and Don Stantly,

    I wholeheartedly support your demand.

    Mahendran should be removed immediately and all his actions investigated.

    Thanks Chandra Jeyaratnae for your relentless campaign!

  • 2

    I cannot agree on Mahendran’s disqualification because he is a “Tamil” and a “led down” on the Tamils. No, that reference to his “ethnicity” must never be made an issue here. Simply he is NOT FIT to hold this high position and he has proved it during the tenure in office from January 2015 to date. A person can be of any ethnicity, provided he/she functions in the position efficiently and discharges the duties unbiased and without being subjected to pressures and temptations of any kind. In all these respects Mr. Mahendran has failed and he must GO.

  • 6

    All the buggers who have accused CB governor of swindling money are utter donkeys without ounce of brain hence cannot understand the truth about bond issue. In fact there is no such issue as bond issue and what these buffaloes are barking at is a myth fiction.

    • 0

      born at singapore arrived to study at kool aid servants school for education then suddenly buys/nicks a seat at Oxford for graduation??

      Silva Drinking Kool Aid??

  • 1

    The Sri Lankans are ethnically divided. The politicians are money makers and are over powerful more than the CB Governor or any other top Administrator. There is no machinery that operates independent from politicians. Everything requiring decision making is not allowed to be decided by the concerned department or independent orgs. All decisions have to go to the politician who assumes the position of an old time King. Who is responsible for what? Not clear. This situation is good for the politician at the top as he is not sure if he will get another chance. He also would like to keep one who believes his position is not guaranteed and serving this politician out of fear. So we people assume it is the mistake of the person in charge of the Institution. Do you expect these money making machinery be made transparent. Never. The temptation is conveniently allowed to travel down the line.

    • 3

      “The temptation is conveniently allowed to travel down the line. “

      1.Who voted the politician in? panditya pueblo public!
      2.Who appointed the civil servant? The very politician the panditya pueblo public voted in.

      3.He is the current Governor of the Central Bank of Sri Lanka (CBSL), having been appointed by president Maithripala Sirisena in January 2015.

      4. almost all the public servants are appointed on the chit from politican or his ba** carrier.

      Now all the gass gembos learn to swim with it or drown!!

      • 1


        If we had voted for Mahinda, this country would have ended up like North Korea.

        Once you escaped Sri Lanka, you could have then gone and made a speech on TED like this: https://www.ted.com/talks/hyeonseo_lee_my_escape_from_north_korea?language=en#t-30268

        • 0

          “If we had voted for Mahinda, this country would have ended up like North Korea.”

          Have you experienced the economic embargo on SriMao lanka that would have been the immediate result.
          China is philosophically 1/2 and 1/2 society even before Mao. They don’t fight another’s war as at Sudan- Sudanese officials and family were living in China for ages- sorry you have not travelled to that part-

          Lanka can never play the geopolitical game with out India but india needs russia when all is calm to act as in 72 Bangala.

          Kim Jong Un is Russian Vassal state – China ,NK and India get their war machine technology from Russia.

          Keep to selling tea because you have no experience of war games and construction of nuclear bases.

          Lankans are cowards by nature to even to protest but hide under womans skirt as we saw when prince charles and cameron visited for Commonwealth Heads Meet.
          Thankfully this is now being organised in the EU at Malta.
          Now you have Nannygate Scotland replaced Sharma- have fun with your soup like what US showed Indian in a computer stimulated nuclear game before Iraq war & the American lackey Musharraf and Atul bihari PM (Atul was the man in charge for the making of pluto so he laughed until bLiar pacified him golden days of british raj.

          • 2


            Is it true that you were an active contributor to the Frankfurt School during your stay in Germany? Was German foreign policy really Hegelian?

            I also understand that you have given a hefty challenge to Christopher GoGwilt by arguing that geopolitics is not fiction, but something really real.

            Vidalian geopolitics, the Lacostian view etc. are at your fingertips.

  • 4

    Ranil has to protect Arjuna Mahendran not because Arjuna is his school mate but more importantly
    the money’s syphoned off by way of increased interest was to meet election fund requirements of the UNP and Arjuna did just that!

    • 3

      it takes 2 to tango. He was ambitious from HSBC to governor.I would never bank with HSBC unless I need to launder money.

  • 5

    Agree with Silva that people who do not understand Bonds comment on bonds. Chandra should know that the Supreme Court is not there to lay down systems and procedures for Central Bank operations. Also one man or a few persons cannot express an opinion and say that they represent the civil society. 5.8 million people who voted for Rajapakse are shouting that all that this Govt. is doing is wrong. They even blame the Govt. for flooding and landslides. 6.2 million people who voted this govt. into power which you can call the civil society are watching. Further Central Banks world over never advertise the post. Anyway Chandras article is well timed so as to influence the decision makers in making a new appointment.
    I am wondering where these critics were when Cabral was appointed Governor who was a politician defeated candidate and above all a man who crossed over from the UNP.

    • 3

      “” 6.2 million people who voted this govt. into power which you can call the civil society are watching.””

      Very nice! So what is new?? MR1 to MR2 …MR3

      The bank court?? Set a Committee to kill the idea!

      Gordon Brown priest Son took the country for a ride with his secret policy. As Chancellor of Exchequer he alone appoints the Judges of Supreme Court and Governor of BoE.

      Ranil copied the Uk way and has burnt his fingers by selecting the wrong man- nepotism Aloysius.

      Founded in 1694, the Bank of England. First time UK appointed an outsider Carney now he is talking politics because the IMF post is not being vacated in July by French woman (school teachers daughter music friend of Merkel) because she is woman and it is closed for non europeans.

      The most capable for IMF is present consultant IMF and WB Dr Raghu gold medallist from school- engineer ITT and banker prof chicago Delhi Walla. son of detective.
      Sinhala and muslim won’t like it because you cannot do your boogie dance neither can Modi and his Toadies.
      your present is from money laundering bankster bank HSBC.

      Keep watching because the term is 5 years and the military public pueblo created is very strong to crush you. Spring does not bring sunshine but tears.

  • 3

    CJ , should be trodden on by some Buffaloes in the mud as in my opinion he too is one.
    He is a frustrated asshole.
    Why is it Mr CJ that your mouth was shut tight for 10 years while CABRAAL was governor?
    Is it because your wife’s brother in law, the silver haired Romeo , was on the MonetaryBoard?

  • 3

    dear jayaratne your pntification on the rigts and wrongs of other people is inconceivable and egotism at its worst.

  • 0

    No body above Law of Global Governance and local democracy that beyond corruptions charges that against Arjuna Mahandaraa of Governor of CB of Sri lanka.

    By remain in CB Governor-SL that high hand political power back by ruling regime led by HE -President, Hon. Primer and Ex-President CBK will not short out Economic crimes ,is very corner stone of Capitalism that is what ever the form accepts by Sri Lankan community.

    Well, political crimes and deficits can be treat in different manners in democracy of norms.
    Indeed Economic damages and Financial mismanaging need to be address by promptly, the very interest of system of survival of overall Democracy -Sri lanka. Protecting few handful persons in power by mismanagement of economic cannot recitative or rectified by overnight by ruling party in power or any party coming into power.

    Here then is the Bond issue the “invisible hand” made inside trading of bonds “visible”. Here is CB bonds issues the cunning mechanism of compromised government or joint by UNP, MS and CBK coalition government ,with near TNA & JVP in legal opposition and SLFP ministers>

    But this is not whole point. The point is that operation of CB bonds striking example should make clear to all of us and help Bonds by inside trading particular security organization has understand.

    How and Why the particular company related to CB govern relationship were deceived? For the fact is Bond buying high interest rate incontrovertible and indubitable. The CB governor allegation has not been address by Primer of SL by not filling immediately, what ever the Primer had promised to fulfilled at Parliament and to all members. How did they deceive People and their Parliament sovereignty?
    That is the cunning mechanism undermine transplant of ongoing regime led by UNP, TNA, JVP and Part of SLFP by CBK & MS of every government of Sri lanka.

    Their are traitors of economic development and democracy .In these economic policies Primer, President and Ex-President serve whether consciously or not makes no different of past regimes as tools with which the Neo Liberalism of capitalism deceive the Majority People.

    Therefor the Financial & Economic are the vital interest our People’s development; that should not base an operators in by foreign soil ,but which his ethnic background Arjuna M.. is immaterial, at last his deeds has proven he is Not going served for vital and vested interest all Sri Lankan.

    We are a developing nation that after long-years Colonial Rule-occupation more than 425 years which lost Path of Capitalist Sustainability Development.

    Needless to say the Review and Rehabilitation of Capitalist sustsnibility is ours key issues, which want address further delay. Ours Economic Task, Model and path has shown new trends in local and new foreign Capital market. By changing balance of power, while shifting since 1990 s.

    New Globalization has upside down 1944 Britton Wood system of economy Order was established US leadership.
    In fact US hegemony of Economic has lost hard and soft power by laws of nature of economic development last 26 years.

    The an Independent nation like us, as Sri Lankan is which cannot follow Singaporean path of Capitalism, which is not suited our Economic, Social and political and cultural an objective conditions of our People and their civilization.

    By new reading of Dr Hendry Kissinger book has revealed that “The world order” has enrich new concepts of capitalism by keeping US hegemony. That is well known that we call hyper-globalization while accepting different civilization in world order that an opposite to 1944 Britton wood world social contract led by US and Western Civilization.

    We have seek new path by ourselves of New Financial capital and its market not going the plundering wealth of nation by few foreign handful in CB and economic affaires at the centre of power by mismanaging and misrule of entire economy by last 18 months.

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    Whenever new appointments are made affected people protest. Whether in Govt. service, banking, Presidents Counsel, Judiciary, police. Petitions, anonymous petitions fundamental rights cases galore. That’s our culture. It is the sitting Govt. that has the right to appoint the Central Bank Governor. The Govt. cant change senior positions depending on the whims and fancies of a few critics specially when they look without foundation. A time will come when this Govt. has to go before the people. Till then we have to be patient.

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