11 December, 2023


Inside Story: Arjuna Mahendran Wants Samarasiri To Oversee His Functions, Until His Return

Governor of the Central Bank, Arjuna Mahendran today recommended Senior Deputy Governor P. Samarasiri, to oversee the affairs of the Bank during his absence.

Arjuna Mahendran

Arjuna Mahendran

However, Samarasiri comes with a checkered history himself, amidst allegations that he too had a hand in the bond scam, and had sided with Mahendran at several instances even going to the extent of refusing to release details in relation to the bond issuance to the Auditor General.

During a Monetary Board meeting held today at 8 am, Mahendran announced that he will not seek an extension to his term, until the COPE clears his name in the bond scandal. The meeting had been attended by 3 members, which satisfied the quorum requirement of such meetings.

Even though the Executive Officers Union had submitted a memo to the Monetary Board requesting the Board to appoint the most senior Deputy Governor as Senior Deputy Governor, the letter had not been tabled at the Board meeting today.

However, according to another Deputy Governor who also had intervened in the deliberations the acting appointment would not hold after 30th of June 2016, when the term of the Governor expires. He had then hinted that COPE would submit its report before 30th of this month, which would permit the government to reappoint Mahendran.

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  • 18

    Another case of nariyata kukula baarathunna wage.

    • 18

      Ranil Wickramasinghe is digging his own grave by not getting rid of Mahendran.

      Reserve Bank of India (RBI), Head, Dr. Rajan, with empecable honesty qualifications and expertise who is stepping down should, be invited to clean up the Sri Lanka Central Bank.

      At the Central Bank not only must transparency and accountability be done but must also be SEEN TO BE DONE, just as justice must not only be done but must be seen to be done.

      The CB head should be above whispers of corruption.

      If not for Mahendran at the scandal at the Central Bank, Ranil and UNP would win the next election because people are fed up of Sira and his gigantic Ayahapalanaya of corrupt Jarapassa SLFP stooges. But Ranil always digs his own grave!

      • 4

        “RBI Head Dr. Rajan …….should be invited to clean up the Sri Lankan Central Bank.
        Will Medamulana Jarapassa’s pal Subramania Swamy recommend?

        • 2

          Sri lanka needs a a person like Dr. Raghuram Rajan from the RBI.

          Arjuna Mahendran claims that he has “post graduate” qualifications from Oxford? Ask him to show the certificate and check with Oxford University! Mahendran is a fibber, hiding information and saying it is “sensitive”. Yes of course, corruption is sensitive and destroys economies. This is what Mahendran is doing despite Rani-Sira Right to Information Bill?!

          What a joke Good governance and RTI is with Mahendran and Ravi K – 2 duds who like the good life running the economy!

          Mahendran’s Oxford post-grad Degree is almost like Sajith Premadasa’s LSE – London School of Economics – degree!

          Oxford has one year MA courses for rich kids who what to buy the name brand and Mahendran loves name brands..
          Oxford 1 year MA is a money spinner for the university and you pay for to get the name and these MAs have no rigor or value unlike a Phd.!!

          Arjuna Mehndran is a con artist, in Singapore he was a bond trader which is not a great job, and he does not have the required qualifications to run the CB.

  • 23

    Surely this cannot be his choice? Why is he so intend in influencing another appointment? The guy being touted also has a shady track record. May be he would do nicely to keep Mahendran’s chair warm.

    It is the responsibility of the president to oversee this vital appointment if not MS will lose credibility as a honest, firm leader with b****.

    • 1

      Sorry no ball(s)and a free hit!

  • 32

    In UK the PM quits with the referendum on EU going the other way (though it was not a election)

    Contrast that to this guy, who stays on scandal after scandal.

    Just like his boss, Ranil who stayed on and on and on and on after so many election defeats.

    One (UK) is democracy and the other (SL) is a XXXX

    • 4

      The UK is whisky and SRI-LANKA is kassipu.
      Mr. David Cameron is a whisky drinking gentleman politician.
      Ranil Kumari Wickremasinghe will stoop down to drinking kassippu to cover corruption.
      Thats the difference.

  • 6

    Comments on the Press Release made by the Central Bank today

    The press release issued by the Central Bank today, quoted below for easy reference poses a legal issue regarding the appointment of a Governor to the Central Bank who, in accordance with the provisions of the Monetary Law Act, is the Chairman of the Monetary Board.
    “The Governor of the Central Bank of Sri Lanka Mr Arjuna Mahendran informed the Monetary Board at its meeting held on Friday, 24th June, 2016 that he would not be seeking re-appointment as Governor of the Central Bank of Sri Lanka when his term finishes on Thursday, 30th June, 2016 until the Parliamentary Committee on Public Enterprises makes its findings known on issues related to the issuance of Treasury Bonds in the years 2015 and 2016.”
    In accordance with the provisions of section 13 of the Monetary Law Act the term of office of the Governor, shall be the period of six years commencing on the date of his appointment: and that in the event of the vacation of office by the Governor, before the expiration of his term of office, another person shall be appointed in his place to hold office during the unexpired part of the term of office of the Governor.

    The term of office of the present Governor, Mr. Arjuna Mahendran which was the balance period of the term of six years expires on the 30th of June 2016 and consequently in terms of section “12. (1) of the Monetary Law Act the President is statutorily required to appoint a Governor on the recommendation of the Minister in charge of the subject of Finance immediately after the end of this month..”
    If a Governor of the Central Bank is not appointed on the first of July there is no provision in the Monetary Law Act for an acting Governor to be appointed. The provisions of Section 24 quoted below for easy reference, envisages the appointment of a Deputy Governor to act only when the Governor is temporary unable to discharge his duties.
    “24.In the event of the temporary absence from duty of the Governor or of the temporary inability of the Governor to perform his functions and duties, the Deputy Governor designated as senior by the board shall act as the chief executive officer of the Central Bank and shall have authority to execute the powers and perform the functions and
    duties of the Governor under this Act.”
    Monetary Board is a statutory body and it cannot legally function in the absence of a properly constituted Board comprising of a Governor appointed in terms of section 12 quoted above.
    A new Governor appointed would be entitled to continue for a period of six years under the MLA.

  • 23

    Does the Singaporean think the CB is his grandfather’s heirloom….

    What a joke . It can only happen in Yahapalna Srilanaka.

    • 11

      No, it started happening after MR’s Lanka where Cabraal set the precedent by thinking the same thing…

    • 1

      First Central bank scandle is approved by Ranil Wicrkamasinghe. Ravi Karunanayke also knew it. that is why Mahendran created conflict of Interest situation bu offering his son in Law the completely illegal deal.

      If it is the west, even in UK, it is very long since Ranil Wickramsinghe had resigned from the prime minister post.

      In Sri lanka, fraudsters, criminals are the chosen ones to govern.

  • 10

    Hmmm! So the Joint Opposition is being used to oust the Central Bank Governor Arjun Mahendran!

  • 4

    Yes, until he returns. Of course under Yahapalanaya he will be confident that he will return. Those who elected Yahapalanaya can be happy over their choice. In Sri Lanka any crime is acceptable as long as the thief is a friend of a powerful politician. Disgraceful.

  • 4

    Mahendran , the interim Governor recommending his care taker or successor!.
    In no other country in any free or autocratic country has governor or for that matter any top public official under investigation for fraud is allowed to have a say on his successor.
    This is the elected government of Gamaralage Sirisena and Ranil Joseph Wickramasinghe.
    Sirisena was a JVPier who spent time in prison for his part in insurrection in 1970. Ranil Joseph Wickramasinghe was a man who refused to support the armed forces and the sinhal villagers massacred by Terorists.
    Who is behind the whole saga and who are orchestrating this perfidy. NGOs. NGOs have infiltrated every stratum of society- Judiciary, Police, politics. Government bodies, and central banklike the Sicillian Mafia.
    The deputy Governor Arjuna, recommends is a partner in crime of the great bank robbery.
    Who is Mahendran?
    Close friend of convicted fraudter serving his time in jail in USA and who paid 40 million rupees to Ravindran Kumaratungan, the finance minister.

  • 2

    The joint opposition should get Cabral back as Governor of CB so that Mahendran hid son in law and Cabral’s wife and the rest including MRs siblings could be happy and continue to rob this country dry. RW will then be just an onlooker then!!!!

  • 4

    Who the hell does this bozo think he is to “recommend” his interim (and hopefully, permanent) replacement?

    Kick the crook out and charge him for his ‘insider trading’ crime.

    Ranil better wake the fuck up before he has to reap the results of his stupidity and arrogance.

  • 5

    Dr Harsha de Silva, whose son works for the primary dealer Ajit Fernando, married or co habit ting with JETWING WOMAN, had the brass to tell the President to sack AM & that the Hon Dr Harsha would take up the governorship of TCBSL.
    Whose making money in this scan.
    The fluid Ajit G for Harsha?
    Make up your minds , morons .
    Sorry both Ratharan & Johnny didn’t kick the bucket yesterday.
    They are such sinners, they ll have to go thro so much more hardship.
    The Jo is a lost cause as was seen yesterday, special that faggiot NAMAL.
    He does have his bits, Rishini is one, was desperate to get herself the Rajapakse tag as a surname.
    She worked for him & is nothing but a bloody floozy with the current company she keeps the likes of the Ukeattes of Mt Lavina hotel & the pictureresque so think they of the Daily Mirror fame

    • 0

      Harsha has a son working for a primary dealer? Last time I checked he only had a teenaged girl or two

  • 3

    his term will not be extended.Now the next step is to take him to courts.

  • 0

    These [edited out] are Crooks!!!

  • 1

    If a clerk were to be charged for misappropriation of even a single rupee, he or she would be penalised by a court of law.
    Is campaigning for A Mahendran to go home enough? He should be sent to jail onced tried in a court of law..
    What does the Friday Forum and JVP has to say over this. Where is the Sobhitha thero’s golayas? This is the deception supreme by any standard

    • 3


      “What does the Friday Forum and JVP has to say over this.”

      JVP has to wait until it gets further instructions from so called Joint Opposition.

  • 0

    Yahapalana government’s reputation is tarnished for ever. No matter what Ranil and his gang do now, no body will ever believe them any more. Looks like our country is doomed. We can’t even find few honest people to run the goverment.

  • 0

    Everyone knows something has gone wrong in this controversial bond issues. As a responsible
    People’s Representative PM should give priority to the loss made by CB due to his actions and appoint someone who can drive the country’s economy on the betterment of the country. In this instance, PM puts Mahendran’s interest ahead of country’s. He can’t abuse the power and break the trust people put on him to save his friend. It does not matter whether Mahendran is cleared from the allegations or not, he should consider if it wasn’t Mahendran say if it is another government servant how he would react to this? Will PM even consider giving him another chance even if he is cleared from any wrong doing? Why does he want to treat this public servant differently? Doesn’t that create dissatisfaction among the people who trusted his clean track record and his gentleman qualities? He will definitely face consequences. This will show that he doesn’t represent the public at all. Actions shows whether you are clean or not

  • 3

    Harsh a, do your homework.
    Your namesake does have a Son, his or one of his women’s .
    The boy did work for Ajit Fernando, a Primary Dealer.
    So it is a conflict f note rest.
    Look up Wikipedia you ll get all the info you want, to know that you are a fool.
    Why would an MP & Deputy Minster give up his seat & want to be Governor CBSL for a paltry sum of Rs 70,000/-
    Unless he s going to make much more than he does at the FM.
    why dio you think the PM kicked him out f his ministry?

  • 3

    There are some people who want him just because he’s a Tamil. They are clueless about the so called bond scam too. During gthe Rajapakse regime people didn’t even know whether the central bank existed. It was the Rajapakse clan that controlled almost everything related to finance & economy.

  • 1

    The CB governor is decided by People of Sri Lankan.
    That is sovereignty right of democracy of majority people.

    Not that only by Arjuan Mahardara, his allegation are serious ,he has no authority to be decided who should be next acting governor of CB ?

    That has to be address by Parliament and relevant authority.
    We must at very same time being strictly to separate categorises of management functions;

    1 discussion and airing of questions at public meetings with people.

    2 established of strictest responsibility and accountability of
    for executive functions and absolutely, businesslike, disciplined
    voluntary fulfilment of CB assignments and guide principle
    necessary CB mechanism to functions really like clockwork.
    Since 2105 January 8th these functions has been disappear after Ajuna M.. being to governor of CB.

  • 0

    The allegations are serious:
    The Governor of the Central Bank auctioned bonds for 1 billion rupees at an interest rate of 9.5%. Then he sold ten times that. His son-in- law won the bid at a rate 11.2%. So the government on behalf of the people of this country is now paying 2% more interest than other private lenders of this country were offering.And for 10 times more than what the people asked for.
    The Governor has not held any high ranking office in Banking in his like. He was like his son in law was trading bonds in Singapore.
    3. aArjuna became a close friend of Ranil Wickramasinghe.
    4. arjuna was a close friend of R Rajaratnam.
    5. R Rajaratnam was a LTTE fund raiser in USA
    6. R Rajararatnam tranferred 4 billion rupees from his account to the Sri Lankan account of Ravi Karunanayake in 2014 allegedly violating the country’s foreign exchange regulations.
    7. R Rajaratnam was convicted in USA of money laundering and he is now serving his time in prison.
    8. Malik Samarawickrama , the UNP stalwart and close friend of Ranil Wickramasinghe attended the confidential, in-house meeting of the monetary board the day before the auction.
    9.Part of the proceeds went to the campaign fund of the UNP, and contestants including kiriella, Rajitha, Partali Ranawaka, Sajith Premadasa, Ravi Karunanayaka, Anura Kumara of JVP were beneficiaries of the loot.
    10. The parliament was dissolved the day before the report of the COPE committee headed by independent chairman D E W gunasekara was to be submitted to parliament.
    11. The government appoints another COPE committee and the initial report of the legitimate cope committee report in August 2015 as suppressed by the President and Prime Mnister.
    Public want to know why there ned to be two COPE committees for the same investigation.
    12. Snior officials in the central bank including one of the Deputy Governor’s named Sirisena for personal gain conspired with the Governor and the prime minister to subvert the truth.
    13. Arjuna Mahendran , then, holds another bond auction , and agai his son-in- laws is the only beneficiary out of 16 other bidders.
    14. Iis strange and notn a happenstance that two successive bonds in an auction are warded to one person, who in turn happens to be the son in law of the governor, and the governor happens to be a personal friend of the prime mister,; and the governor was a close friend of R Raja ratnam who raised funds in America for LTTE and who paid Mr Ravi Karunanake 4 billion rupees in 2014.
    15. A conspiracy and a fraud of massive scale is suspected.
    The people of the country, not the Colombo Telegraph, not the Sunday Leader, not the Daily Mirror Group owned by a relative of Prime Minister, nor the So called anti -corruption organisations paid by NGOs can be trusted to pursue the truth and justice.
    They are all in this together.

  • 0

    Hands down Arjuna was way better than Ajith. Great job Arjuna, hope you will be back again.

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