27 September, 2020

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JVP To Take Central Bank Governor To Task Over Latest Bond Scam

The Janatha Vimukthi Peramuna (JVP) will lodge a complaint against the Governor of the Central Bank, Arjuna Mahendran, for his alleged involvement in a second bond scam amounting to Rs. 80 billion.

Mahendran

Mahendran

JVP member, Wasantha Samarasinghe announced that a complain will be lodged with the Commission to Investigate Allegations of Bribery or Corruption requesting for a speedy investigation over the issuance of treasury bonds to the tune of Rs. 80 billion on March 29, 2016, even though the Central Bank originally stated that treasury bonds will be issued only for Rs. 40 billion.

“Corrupt deals are continuing at the Central Bank, and no action is being taken,” Samarasinghe said.

In mid-April, former chairman of the Committee on Public Enterprises (COPE) and leader of the Communist Party, DEW Gunasekera demanded to know as to why the Central Bank did not utilize the EPF Fund, or state banks such as People’s Bank or the National Savings Bank to obtain a short term loan facility instead of selling treasury bonds to ‘private capital owners’ at a high interest of 14%.

Gunasekera charged that even though the Central Bank had initially announced that it was going to issue treasury bonds to the tune of Rs. 40 billion in March 2016, the bank had instead issued bonds to the tune of Rs. 80 billion. “This is the second biggest financial scam within a year,” Gunasekera said.

Meanwhile, Dr. W.A. Wijewardena, a former Deputy Governor of the Central Bank of Sri Lanka in the column published today warned that the Monetary Board cannot just keep a blind eye on these happenings since they would cause irreversible damages to market confidence as well as to the board’s own credibility.

In a letter addressed to the Secretary of the Monetary Board of Sri Lanka on April 19, good governance activist and former Chairman of the Ceylon Chamber of Commerce, Chandra Jayaratne has demanded the Secretary of the Central Bank’s Monetary Board to furnish him within 14 days all information pertaining to the recent Treasury Bond issuance from the Central Bank.

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Latest comments

  • 7
    13

    JVP is barking not analysing them prior to do so. It is always good to bring the real culprits to courts, but we have to analyse them first.

    I really dont think that this guy Wasantha who always brings truths. He is as many of his colleagues no clever in lanken politics. Lankens in general would not support if people would attack the other. THis was clearly proved by last election results. They even shout not keeping proof materials on their hands. These men should grow up. With all the proof bringing and talking – as no others them to have won just 6 seats in last elections say real understanding of people towards JVPers.
    I have no doubt all the CB issues will be clear soon relieving the current Govenor. He is a clean person and his credentials are valuble to shape up the lanken Economy from the deept pit fallen in as of now.

    • 6
      3

      When the long term bond rates picked very surprisingly up last week by a big margin one of the famous primary dealers made hefty profit and guess who??? 2030 bonds went upto 14%.

      Dr Wije very rightly has raised the issue and Ranil cannot ignore this for ever.

      A few primary dealers are having a field day and making hundreds of millions of rupees in a few days and this is yahapalanaya at its best!!!

      • 3
        1

        JVP should also ask about the CB investigation into Panama Papers?
        The corrupt and uneducated insider trader at the Central Bank Arjuna Mahendran is on a BORROWING AND SPENDING SPREE without any plan to reduce the national debt and stop the crash of the rupee. Meanwhile he is insider trading and making big bucks and pretending that the Panama Papers are false to avoid investigations into financial frauds.

        Sri Lanka will soon be in a Greece like Situation and social termoil caused by the IMF which watched the looting of the Greek economy by capitalists and then forced austerity on the poor, further causing INEQUALITY and poverty. It is a mystery that IMF is seen as a solution when it is part of the problem of, legalized financial corruption and massive INEQUALITY that generates conflict and violence.

        The IMF’s AID CONDITIONALITIES totally ignores and promotes CORRUPTION and the way political corruption of the Ranil-Sira government has exacerbated and magnified the crisis due to appointment of corrupt and incompetent people to manage economy – Ravi K. and Arjuna Mahendran who are Ranil’s cronies.

        Rani-Sira should ask IMF and The World Bank that calls itself the Knowledge Bank (HA, HA) to help them to go through Panama Papers and other off show accounts corruption lists and investigate and track down the stolen and looted funds of corrupt Sri Lanka politicians in off Show bank accounts? These looted funds would be enough to pay off the national debt.

        If the looted funds stolen by the former SL dictator Mahinda Jarapassa and his brothers, sons, cronies, including Nivard Cabraal, are brought back to Sri Lanka the country would be able to pay its massive national debt and stop the crash of the rupee..

        But the knowledge produced at World Bank and IMF is really to legalize corruption and the flight of capital and looting of the global south to the global north and institutionalized global and national INEQUALITY and poverty.

        Why do you think 63 individuals today control over half the world’s wealth as reveal by OXFAM at the rich man’s club meet in Davos?!

        • 1
          1

          CB Governor well connected to R. Rajarathnam who is now in USA jail. We all know he well connected to present Finance Minister, Ravi.

    • 6
      0

      Even the commission appointed by Ranil to look for Central Bank bonds recomended for further investigations but that never happened.The parliament was suddenly dissolved the day it was to be discussed.Whatever the positon of JVP or Joint Opposition not important for people.The money belong to people and they have to pay for lousy jobs by corrupted.So do not try to white wash people who do not let inquire about what they do with public funds.

  • 13
    5

    This bloke is a crook. He knows how to manipulate. Why MY3 is not removing him for a period of investigation. Has he got the guts to do this. I think is is a puppetand and idiot doesn’t know economics and even he cannot understand the fundamentals. HE IS AN EXPERT OF TELLING STORIES.Ranil is taking the full advantage of his stupidity. God Bless Sri Lanka

    • 2
      1

      He will be the main cause of the downfall of this Government.

  • 13
    2

    A country on its knees economically can be manipulated by the foreign interests as they wish. Notwithstanding his ethnicity this guy bears all the hallmarks of an economic hit-man.

    • 9
      4

      Arjuna Mahendran is a crook and a lousy economist. He should be sacked.

      The moment you argue that he is an economic hit man, however, is when you start playing into the hands of the conspiracy theorist John Perkins who is credited with popularizing (and possibly creating) the phrase economic hit man.

      Sebastian Mallaby has written an article about John Perkins’ economic hit men. You can read it at:
      http://www.washingtonpost.com/wp-dyn/content/article/2006/02/26/AR2006022601265.html

      • 5
        3

        that is why LANKEN court did not find anything against him.

        Cool, you guys tolerate his predecessor Ikbal. But attack the current one. Why ?

        • 1
          0

          I am no fan of Cabral.

          The Supreme Court may have dismissed the FR application by Uswatte-Aratchi, Visvalingam and Chandra Jayaratne, but that does not mean that the Supreme Court has the final word on it.

          We all know how the Chief Justice is dilly-dallying with Nagananda Kodituwakku’s petition.

          If one were to invoke the trias politica, it can be argued that the 13-member Special Parliamentary Investigation Committee that probed the alleged insider trading also has equal weight.

  • 6
    2

    JVP should not get guy like this ( Wasantha) to represent the party in these type of revelations if they are true. This guy has now become prophet of gloom in the public eyes and hardly people pay attention to what he utters.

    If these revelations are true to go bribery and corruption and that is their duty as a political party. Also they can take these up at COPE in which chairman is from JVP party itself. This brings to my mind as to why COPE under the chairmanship of JVP yet to come out with their findings of so called bond scandal happened last year ????????

    • 4
      2

      In general higher academic that have worked for foreign institutions for long cant make others blind easily. Lankens in general believe those who coming from foreign backgrounds ruin everything. JVPers should finally learn to be matuared.
      I like some of them being very energetic by cornering Rajakashe culprits, but we cant only go attacking, since we work with human beings. We need to get on with them first, cant work the way JVPers in general propose. Their aims are clean but the gap between theory and practice is widening. Once they learn this only, they can at all outreach masses.
      I wish JVP will one day soon realize the stand.
      They can do lot more inthis contruy if they have senior men to lead them for better.

  • 12
    2

    Who appointed this foreigner to such a sensitive position? He and his crooked sons in law think this is a golden opportunity with a a PM who is terribly prejudiced against everybody except poofs and boru(con) show guys.

    The royalist papara band idiots keep repeating one mantram-Ranil is clever, Ranil is honest.There is absolutely no evidence to say either of that.

    It is ,like saying Colombo is a cold place, Colombo is a happening place. If you believe that about Colombo,then Ranil is clever , Ranil is honest !

  • 3
    1

    If Wasantha is lying, there is a point in objecting.
    Let us first look at the merits of the case and then comment on the messenger.
    Do we really think that there is nothing fishy and that the JVP is making things up?
    It is not a matte of putting the Governor CB in the dock.
    He is answerable and should answer in full the questions raised.

    • 2
      0

      They are all not lying but there should a way of investigations to be carried out.

      Slanka has its UNI dons, they can help to clear the issue. If CB govener is that wrong, he can be caught red handed. Basta.
      There is a wider grey area where only specialists can see it inside.
      THere, lanken Japura or other faculty dons to clear the realiteis.

      They should study them closely and set the information to the air.

      • 3
        1

        [If CB govener is that wrong, he can be caught red handed]

        Wow lot of humor. Shouldn’t it be Green & blue handed.

        Sri Lanka the country of leading light in political morality, law, ethics & honesty is this all happen in the last 24 hours.
        By the way it could be said the same thing about Presidents brother regarding SLT if he is that wrong could we see him with [WIFI handed with rubber bands around his wrists]

  • 4
    4

    Why is the JVP not questioning the CB Govener about the 2million rupee jacket that he has got the Central Bank to pay for.I suppose there are no accountants in the CB who have a back bone to refuse the payment.Mr.Cleans henchman! must be to repay free stays in Singapore.

    • 4
      1

      SB, talk to the facts man.
      Just attacking not knowing the gravity of CB issues, is waste of time.

  • 3
    1

    Mahendran’s job is to milk the dead cow. The CT PhDs are ploughing the fields again and again but not drop of rain has falling down so far. They have not heard that Ranil is going for the third round of selling the Lanka for loan principal and interest. It is reported in some medias as $8 billion. In a “penniless SinhaLE beggar Wildlife Sanctuary” land called “Democratic Socialist Crooks Filled Republic of Sri Lanka where are you going to get $8 billion. After all the entire strength of the economy of the Wildlife Sanctuary is only $80 billion. Even if if you peel off and sell the securities the Old Royal Family has, that will lose the market value and then would not add up to $8 billion. But don’t forget. this just for the third round only. Who knows the truth, in this secret society, the best may yet to come in the fourth, fifth, sixth ….deals

    Ranil did know who can help him on this. That is why he brought Mahendran. Further, putting Mahendran in that seat made America feel that Ranil has devolved the power with Tamils. That helped him to keep America cool for some time until he can make all his deal with the Chinese Government.

    If Ranil’s selection is not working for Ranil, it is about not that Mahendran is not doing what Ranil wants, but he is not hiding it enough so that is not reaching the public. Ajith Nivad did a very good job on this. When $ 18 billion was siphoned out of the country, no modaya goose, including the hopeless COPE fame Honey DEW communist, had the feeling of losing even a feather. The trick of saving the country from all hot air blowing is to join the talent of Ajith Nivard with Mahendran. Ranil made a talk with Old King before he went to China and made the deals to sell off the country. That is how Old Royals’ talent and New Royals’ talent was combined to sell the Land to China. I think they should meet again and talk about putting Mahendran and Ajith Nivard as Co-governors of the concluding the deal this classic strategy of selling the Lanka to China. Then the barking Vasantha nor any other nosy dogs will get a bit of the smell of it.

  • 2
    2

    The great bank robbery is happening along side the great land robbery. So when north is out of bounds for Sinhalese, if the Sinhalese are clever make the south and Colombo out of bounds to them – take all the Tamil property from them as compensation for terrorism! We may recover some of billions stolen by Mahendrens!

  • 0
    1

    My dad would have made the best finance minister and all he has is a law degree. These crooks are messing up the countries monetary policy.

    • 1
      0

      ?who is your father ?

  • 0
    1

    All Sri Lankans know Arjuna Mahendran is a crook and even Prez My3 had hinted so before the Parliamentary elections (My3 said he had asked Ranil to remove Arjun from CB governor post but Ranil did not care)! However, Arjun is PM Ranil’s buddy and many moderate Sri Lankans have lost confidence and trust in Ranil (as a clean-man) just because of this ‘one man’. A lot of Sri Lankans suspect/believe now that Ranil makes money indirectly through CB bond scams.
    However, I don’t think anyone in Sri Lanka can stop these financial frauds or misappropriations or other scandals. The UNP headed by Ranil is a disaster and My3 has no knowledge whatsoever to sternly deal with him. The problem with My3 is that he thinks whatever Ranil does is fine for him. Consequently, he too has lost people’s confidence and trust.
    Moreover, he is stuck with the fierce infighting within the SLFP and he does not know that the SLFP means the General Public and the grass-root level supporter, and not the SLFP’s central committee. He will learn an unforgettable lesson on May 01 and will probably try to discipline the disgruntled SLFP MPs and MR by making stupid decisions. It is now obvious that MR has automatically become THE savior and the Joint Opposition has become the only voice and fighting force that represent the poor, the lower middle class, the upper middle class, and even the SLFP!

    • 1
      0

      Dont just put lies on to air man.

      Please collect any article that anyone out of srilanka criticise AM. He has a clean track record of his preivous experience to have been a powerful professional. And this was the case with lanken court too, that is why they did nto stand against him.
      Those rumours just being added by politial teenagers like Wasanatha so and so of JVP has always been like that are a part of this society dominated by culprits rather than educated folks. No doubt some of the reactions being made by JVPers are fair, but not all. They are not taken serious by the folks since they only attack not thinking the harm being done. No doubt the party would get even further isolated in this country, if they would react this way. AKD is somehow bit silent for the moment- may be he has finally sensed the way they move can no longer be fine for the future their party. Have they the JVPrs beeen that fair and accepted by the voters of across the island, they should have been given signifcant mandate. More believe they moare sabotagers rather than real politicians. They need more decades to beome wise in lanken kind of politics. Lanken kind of politics can only played if the guys are part of lanken politics for decades long. Srilankens in general stay entagled not being able to get passed tiny amendments that could allow good moves for the benefit of all – the reason being, it is no easy to come to consensus, sabotage makers are the majority. Be it in lanken politics or any other teams groups tihs is the ground reality.
      I happened to listen to Aluth Parlimentuwa being fortnightly telecasted by Derana sender lately, there, I felt represenatives of varied social groupls behave no easy at all to converge by even most known issues. That is the mirror image of this society. More awareness programs through workshops shold be made to inform the people adequately, then things can turn to good for sure. University dons, senior professionals should be brought before the people. No Dayan Jayathilaka, Wimal Weerawanse or the like Ultra nationalists that are stagnated by their thoughts should be promoted by anyone. That is like hiring most known wrong doctors to heal off the wounds.

  • 0
    1

    JVP morons betrayed 5.4 Million Sinhala Buddhists.

    The latter are the great majority who reside in the rural areas of the nation.

    These mainly poor people helped the JVP to become a political force hoping that they will do something for the betterment of the nation and the rural sector in particular.

    Instead , the current JVP leader took LKR 25 Lakhs from the UNP and sold their souls to the West, the Diaspora and the UNP in that order.

    Do they have any credibility to talk about corruption?.

    Our Sinhala Buddhists may be not that sharp, but they will never trust these bastards again.

    Prince Anura accepted a Merc from the Vellala TNA and got the Opposition gig to be the spokesperson for the ex LTTE supporters.

    Vellala Party Activists and ex LTTE backers now openly invade Army Camps in the North.

    If the JVP has the balls it should force their leader to return the Merc and resign from the job of representing the LTTE supporters.

    And abrogate his MOU with Batalanada PM and return the 25 Lakhs to the UNP treasurer.

    That is what the Sinhala Buddhists want from them.

    Not this bullshit about stopping corruption after endorsing the Singaporean for the CB position.

  • 0
    1

    It is high time that this fellow was sent out. Bensen

  • 1
    0

    JVP is all talk only playing for the UNP running with the hare and hunting with the hound.This is only boru show to show the public that they are anti corruption but does not want to rock the UNP govt: which they helped to install.

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