19 November, 2019

Blog

Response To Evasive CBSL Governor Indrajit

By Amrit Muttukumaru

Amrit Muttukumaru

The response of the Central Bank of Sri Lanka (CBSL) on behalf of its Governor Indrajit Coomaraswamy to my article Governor Indrajit & EU ‘Blacklist’ On Money Launderingis a crude master class on PREVARICATION. In the ‘Comments’ section of the ‘Colombo Telegraph’ Kalinga describes it aptly as “A confession of dereliction of duty and due diligence by so called govenor of Central Bank.” The CBSL does not source the response to any particular official which is the norm in CREDIBLE organizations. The fact that none of the major print media thought it fit to publish my article which deals with an issue which does enormous economic damage to the country tells its own story. 

EU ‘Blacklist’

Not all the verbal gymnastics engaged by CBSL can undo the HUGE DAMAGE to the economy by Sri Lanka continuing to be on the European Union (EU) ‘BLACKLIST’ for money laundering for over a year. The EU issued the ‘Blacklist’ subsequent to the ‘Financial Action Task Force’ (FATF) placing the country on its ‘GREY LIST’ from November 2017. FATF recommendations are “recognised as the global anti-money laundering (AML) and counter-terrorist financing (CFT) standard.”

While Coomaraswamy who has been CBSL Governor since 3 July 2016 for 16 months PRIOR to this ruling must bear some responsibility (together with Messrs. Cabraal and Mahendran), he must bear MAJOR RESPONSIBILITY for the country CONTINUING to be on the ‘Blacklist’ for over a year. 

Of what use is the CBSL“time bound action plan” if the country continues to be on the EU ‘Blacklist’ for more than a year? What is its timeframe for the removal of the ‘Blacklist’?

Bond Scam

Of what use are the claimed Steps initiated by the CBSL” if it has not resulted in holding those concerned ACCOUNTABLE  for the Treasury Bond Scam under the Yahapalana government which is arguably the largest financial scam to have taken place in the post-independence history of Sri Lanka.  

I repeat (a) how long does it take for the CBSL to carry out its much vaunted FORENSIC AUDIT? (b) the CBSL which is the issuing agency for Treasury Bonds has to date not even QUANTIFIED the loss incurred by the State which is widely perceived to be huge (c) even crucial issues of governance incidental to the bond scam thrown up by witnesses at the Presidential Commission (PCoI) which include possible tax evasion, money laundering and PEPs (Politically Exposed Persons) being directors of banks are not even on the radar.

We look forward to the CBSL “press notice is to be issued in a few days” on the subject of “forensic audits”.

We trust it will also address:

i) Kaushitha Rathnaveera, a Senior Dealer of PTL (Perpetual Treasuries Limited) disclosing to the Presidential Commission (PCoI) probing the Bond Scam that “millions” encashed by him were “several times” left on “PTL CEO Kasun Palisena’s chair”

ii) Nuwan Salgado, Chief Dealer of PTL disclosing to the PCoI that on the “instructions of PTL CEO Kasun Palisena” he maintained a record of payments to “informants” code named as ‘Charlie’, ‘Tango’ and others 

(iii) B.R. Sinniah, Chief Financial Officer of GTLPL (Global Transportation and Logistics Pvt Ltd) said to be controlled by former Finance Minister (presently Minister of Power and Energy) Ravi Karunanayake’s family in his testimony to the PCoI disclosing:

“Chairman ‘Lakshmi Kanthan’ who resides in Britain had arrived at the Company on two occasions in February 2016 and 2017 and dumped cash amounting to Rs.145 million in the Chairman’s safe”

“it had not been supported by any documentation or receipt issued to Mr. Kanthan neither were there any entries in the GTLPL accounts books regarding these two cash inflows”

It is likely that both FATF and EU will track the CBSL “press notice” with interest.

Politically Exposed Persons

Politically Exposed Persons (PEPs) are at the centre of the worldwide efforts for the prevention of money laundering.

CBSL’s long meandering on PEPs is nothing but a fig leaf to cover-up its blatant inaction on this front. 

When CBSL itself as per its ‘Financial Transactions Reporting Act No.6 of 2006’ –

(a) Defines PEPs:

As “individuals in Sri Lanka or abroad who are, or have been, entrusted with prominent public functions” e.g. Heads of State or of government, senior politicians, senior government, judicial or military officials, senior executives of State owned corporations, important political party officials. Business relationships with family members or close associates of PEPs involve reputational risks similar to those with PEPs themselves. The definition is not intended to cover middle ranking or more junior officials in the forgoing categories.”

(b) PEP Bank Accounts:

“Opening of accounts for ‘politically exposed persons’ (PEP) should have authorization of senior management.”

Why is the CBSL tolerating directors of banks who as per its own definition are clearly PEPs? To put it another way, when even the mere “Opening of accounts” in banks by PEPs is under SCRUTINY, is it not RIDICULOUS for the CBSL to state “there is no legal restriction for the politically exposed persons (PEPs) to be appointed as directors of banks.”? 

For example, it was revealed at the Presidential Bond Commission that B.R. Sinniah, Chief Financial Officer of GTLPL (Global Transportation and Logistics Pvt Ltd) said to be controlled by former Finance Minister (presently Minister of Power and Energy) Ravi Karunanayake’s family was “appointed to the Board of Directors of the BOC in 2015 by the then Finance Minister Ravi Karunanayake for a period of one year”.

Ravi Karunanayake being a PEP is a no-brainer. B.R. Sinniah too is clearly a PEP consistent with the CBSL definition.

Although the case of B.R. Sinniah may not fall during the period Coomaraswamy was Governor, it demonstrates IMPUNITY under the watch of the CBSL.

Under no circumstances is it suggested that Ravi Karunanayake, B.R. Sinniah or all PEPs are engaged in unlawful activities. Nevertheless, the high risk PEPs pose cannot be ignored. The point being made is that laws and guidelines are there for a purpose and must be adhered to. 

Even currently under the watch of CBSL Governor Coomaraswamy there are clear instances of PEPs being ‘directors’ of banks. It includes (a) Chairman of a leading bank who is the son-in-law of a senior minister (b) A former Chief Justice soon after retirement appointed as a Director of a leading bank (c) A former CBSL Senior Deputy Governor soon after retirement appointed as a Director of a leading bank. He is presently its Chairman.

Panama Papers

It is now more than two years since the International Consortium of Investigative Journalists’ (ICIJ) in a worldwide exposé named persons in several countries including Sri Lanka allegedly linked to offshore companies in tax havens revealed in the ‘Panama Papers’. 

By stating “After conducting the investigation, no information was revealed on investments as published by ICIJ.” is not CBSL casting ASPERSIONS on the INTEGRITY of ICIJ to cover-up its inaction or incompetence?

While not suggesting or implying that the mere listing of names and entities in tax havens is indicative of wrongdoing, it must be appreciated that until the accounts are determined LEGITIMATE, they will remain suspect and the persons concerned ‘NOT FIT & PROPER’ to hold any position of TRUST involving the Public. Inaction on the part of CBSL’s Bank Supervision Department as is the case today does INJUSTICE to those who have legitimate accounts.

This seems to be of no concern to CBSL Governor Coomaraswamy who has ignored this writer’s exhortations to him also in the public domain to address this issue. In this connection I refer to the questions posed to him in my e-mail of 30 August 2017 which include:

Whether the Central Bank of Sri Lanka has investigated the legitimacy of the Sri Lankan accounts in the ‘Panama Papers’?”

A name included in the ‘Panama Papers’ is an erstwhile colleague of CBSL Governor, Coomaraswamy on the Director Board of arguably the country’s most diversified conglomerate with top tier market capitalization. This person from 1 January 2019 has assumed the position of Chairman of this conglomerate. Until this date he was Chairman of a Bank controlled by this conglomerate. There is speculation that ‘conflict of interest’ may have a role in the inaction of CBSL’s Bank Supervision Department. 

Coomaraswamy was Board Director of this conglomerate for more than 5 years from 7 February 2011 until his resignation on 3 July 2016 subsequent to his appointment as CBSL Governor. Unless he functioned pro bono, he would have received pecuniary benefits from this office. Now his sister Radhika Coomaraswamy has been appointed as an ‘Independent Non-Executive Director’ of this conglomerate with effect from 1 October 2018. 

The Coomaraswamys have had a long innings in this conglomerate. His cousin who was Finance Director resigned from this position reportedly for “personal reasons” in October 2002. 

EAP Group Sale

I pointedly ask the CBSL whether its DUE DILIGENCE has considered the DAMNING allegations in the news report of ‘The Sunday Times’ 3 June 2018  “Purchase of Edirisinghe Group: Investors in a labyrinth of multiple companies”? 

Is there any truth to the allegation “But punitive action is being blocked by the Ministry of Finance which has taken from the Customs Department a file containing evidence against the suspects”?

Does the CBSL consider this report spurious? If so why has ‘The Sunday Times’ not been taken to task?

Mano Tittawella until recently Chairman, EAP Group is currently Senior Adviser to the Minister of Finance and Media under which falls the CBSL.

Conclusion

In the context of the foregoing – particularly the absence of the political will to enforce existing laws and regulations on a level playing field, it is downright dangerous to have in the statute book the recently enacted ‘Foreign Exchange Act, No. 12 of 2017’ which further liberalizes foreign exchange transactions which in effect is conducive for money laundering if people are so inclined.

The Act inter alia states “The Central Bank shall as the agent of the Government, be responsible for implementing the provisions of this Act”.

One would have expected CBSL Governor Coomaraswamy at the very least to have publicly CAUTIONED the government against the enactment of such an Act.

It beggars belief that CBSL has the audacity to state in relation to the Panama Papers:

The time period prescribed by the Foreign Exchange Act No. 12 of 2017 to conclude investigations under ECA expired on 19.05.2018 as stipulated in the Foreign Exchange Act No 12 of 2017. These investigations also lapsed on that date.”

In the context of little respect for the rule of law and regulatory agencies for the most part being indifferent or in some instances being active partners in wrongdoing, would not the proposed ‘Colombo International Financial City’ turn out to be a hub for money laundering?

At this rate one wonders whether Sri Lanka will EVER be removed from the FATF ‘GREY LIST’ and EU ‘BLACKLIST’? The official MOST RESPONSIBLE for the ‘Blacklist’ and to get it REMOVED is the CBSL Governor who is supposed to be INDEPENDENT – presently Dr. Indrajit Coomaraswamy. If the government is a stumbling block, is it not the honorable course of action for him to RESIGN? The likelihood of this happening can be gauged by Coomaraswamy’s RESPONSE when he was questioned after his appointment as CBSL Governor on his connection with jailed hedge fund manager Raj Rajaratnam for ‘Insider Trading’. He inter alia responded as follows:

(a) He was invited by Rajaratnam when he was “finishing at Commonwealth Secretariat” for “delivering some professional services” on “macroeconomic research”

 (b) “That happened for about 10 – 11 months and then of course he was charged and the operation stopped. It took another year for the whole thing to be wound up legally”

(0.25 onwards)

By stating “It took another year for the whole thing to be wound up legally” does he not tacitly ADMIT that after Rajaratnam was “charged” he CONTINUED in service for “another year” and drew remuneration for doing so? The question also arises why a person only doing “macroeconomic research” for an organization should be involved in its ‘winding up’?

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Latest comments

  • 0
    0

    Wherer is the customs file report link? I can’t find it in the article.

  • 0
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    This comment was removed by a moderator because it didn’t abide by our Comment policy.For more detail see our Comment policy https://www.colombotelegraph.com/index.php/comments-policy-2

  • 3
    14

    Amrit Muttukumaru you are a biased writer and therefore this piece comes down to zilch.

  • 0
    0

    This comment was removed by a moderator because it didn’t abide by our Comment policy.For more detail see our Comment policy https://www.colombotelegraph.com/index.php/comments-policy-2

  • 1
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    Attorney General Jayasuriya should act fast to remove the EU blacklisting. He is knowledgeable on the subject of FATF. Central bank does not have legal capacity to handle this very important issue

  • 2
    16

    Whilst Amrit has few points he seems to be biased, personal, vindictive to wit ,
    1. since 40 yrs after last work at Marga Institute by publishing photo, stating no major print media published his article, he appears to seek publicity.
    2.until the forensic audits for present and past bond scams are completed, it is unproven to state that this bond scam was the largest.
    3. He appears to be the judge, jury and executioner of the purported PEP’s
    4.He appears to have a hang up Re The Panama Papers Etc
    5. By using connotations as ” the so called governor of the Central Bank” and continued personal accusations, Amrit appears to reflect his personal bias, judgement and animosity towards the CB Governor sans an objective evaluation by a professional unbiased Economist worthy of publication of the Colombo Telegraph which stands for “In Journalism Truth Is A Process ” !

  • 2
    14

    He has some salient points Re panama canal, PEP, accountability etc but overall written appears to be biased, personal, vindictive since,
    1. after his last employment over 40 years ago at Marga Institute he again publishes his photo, commencing with as “no major print media published his article” thereby appearing to seek publicity.
    2.until the forensic audits for all bond scams to date completed it is unproven to state that this bond scam was the largest in SL history.
    3. appears to be “the judge, jury and executioner” of all the CB functions
    4.appears to reflect “hang up” Re “the panama papers”
    5. using connotations ” the so called governor of the central bank” with continued accusations appears to reflect personal bias, judgement & animosity towards the CB governor without an objective evaluation, critique and solution by an Economist worthy of his further publication.

    • 6
      1

      Ad hominem towards the messenger

    • 9
      2

      Mithila Gunaratna,
      You need to observe the relationship here the questioning person and the answering person. Here the answering person is CB; there is lot of onus on them to solve (at least to initiate to solve) the problems first and answer. You accept there are some issues that need to be answered by CB. So just leave it aside how Mr.M is putting the questions. If there is some part applies to CB, CB has to provide honest answer. They can ignore the personal part of the governor, though that is important to establish his integrity to function as the governor.

      Yesterday Mangala Paid $1B. Another $3B has to be settled this quarter. About $6B has to be paid within this year. About $2B lost in the Coup. What a staggering numbers are these? Once these are paid out can you tell me what will be dollar exchange rate? Can you tell me what precautions CB has taken to protect the rupee while paying out these?

      Beyond that I like to know cost of independence of the country’s trading ability and the sovereignty after CB has obtained the Reserve Bank of India $1B swap loans from India and $1B from Bank of China. You must remember the China grabbed Colombo Pong Cing not for any loans, but to let defense department operate its computers, hacking free. Then it swapped the port for White Elephant project loan, from Ranil. Now China upgraded a 15Y prison term to capital punishment to a Canadian to have a criminal caught in Canada to be swapped. This is not happening to puny Lankawe, but to Canada and America. I am not asking Governor to deal with the political questions, but I ask how much he knows about negotiating easy loans with China? Why can he tell the government to work for export oriented FDI programs and release CB out of the political questions in these dangerous loans?

    • 14
      2

      Mithila Gunaratna

      What a load of CRAP!

      Evidently wrongdoers exposed by ‘naming & shaming’ unleash PROXIES to shoot the messenger.

      In particular I refer to Gunaratna’s diatribe published twice:

      “after his last employment over 40 years ago at Marga Institute he again publishes his photo, commencing with as “no major print media published his article” thereby appearing to seek publicity.”

      1) Let me assure this chap that since I left the services of ‘Marga Institute’ I have held senior management position in amongst others: Ceylon Tobacco Company, Singer (Sri Lanka) and Millers Limited.

      In fact I was invited to be a director and functioned as such for well over 10 years of the holding company of a major corporate entity in the country. I was so invited before the late patriarch of the family thought it fit to have any of his children on the board. I understand Gunaratna on a regular basis enjoys the hospitality of one of his sons!

      For the record l state I do not suffer people who cannot be respected gladly and I have CONSISTENTLY maintained this position.

      2) He has distorted my comment “none of the major print media thought it fit to publish my article” as an attempt to seek “publicity”. I made this comment in the PUBLIC INTEREST since my article “deals with an issue which does enormous economic damage to the country”.

      3) On his obsession with a “photo” let me assure him that it is the ‘Colombo Telegraph’ which requested it as their practice for ALL writers of articles. His comment “again publishes his photo” is not understood!

      4) I did not use the term “so called govenor of Central Bank”. It was used by Kalinga in the ‘Comments’ section of the ‘Colombo Telegraph’.

      5) I reject with the contempt it deserves his reference to – “biased, personal, vindictive”

      6) I urge Gunaratna to get CBSL Governor Coomaraswamy to respond, this time without PREVARICATION.

      AMRIT MUTTUKUMARU

  • 3
    15

    Muttukumaru shows his ignorance of the legal provisions in Sri Lanka. If he bothers to read the law, he will find that CBSL has no power to prevent PEPs becoming bank directors. The Banking Act is specific about who is not fit and proper. Sri Lanka was not placed on the FATF grey list because of any transaction. It was because the law was not strong enough to cover the non financial institutions such as lawyers, accountants, property developers, casinos who are often used by money launderers to whitewash illegal funds. The necessary laws have been passed which has to be done by parliament but once placed on the list, FATF goes through a process including onsite audits to check effectiveness and these take their own time and they don’t jump and come to Sri Lanka. Many of the investigations that Mutukumaru is referring to have to be done by the police and his statement that the official who is most responsible for getting SL out of the list is Governor is nonsense. The Financial Intelligence Unit although housed and staffed by the Central Bank is independent and is under the purview of a multi agency local task force who all have to do their part. Resigning from jobs at the drop of a hat is not the solution to anything. He will become like Mutukumaru who keeps shouting from the rooftops with nobody taking any notice of! Far better to keep at it from inside.

    • 11
      1

      ‘Lahin’

      1) ‘Lahin’ whoever he/she is, is an APOLOGIST for the FAILURE of CBSL Governor Coomaraswamy to meaningfully address issues relating to (i) The highly damaging year-old EU ‘Blacklist’ for money laundering (ii) Sri Lankans named in ‘Panama Papers’ (iii) PEPs (Politically Exposed Persons) as directors in banks (iv) Issues relating to the egregious bond scam such as: quantifying the loss to the State, completing the forensic audit and crucial issues of governance incidental to the bond scam thrown up by witnesses at the Presidential Bond Commission such as possible tax evasion and money laundering.

      2) ‘Lahin’ wants us to believe that these are essentially LEGAL issues which have little to do with the CBSL. This is SHARPLY CONTRADICTED by the CBSL itself in its response to my article. Although CBSL has failed to act, they do know their statutory duties. The CBSL response although a cover-up has not trotted out the PUERILE EXCUSE it is OUTSIDE its purview.

      3) If it were largely legal issues outside the mandate of the CBSL, why did the CBSL not flag this and urge the government to act? The EU ‘Blacklist’ is more than a year-old.

      4) If it were outside the scope of the CBSL should not its Annual Report have stated this unequivocally?

      5) When CBSL ‘Financial Transactions Reporting Act No.6 of 2006’ defines PEPs and states “Opening of accounts for ‘politically exposed persons’ (PEP) should have authorization of senior management.” , how could ‘Lahin’ state “CBSL has no power to prevent PEPs becoming bank directors”?

      6) How could anyone even in passing state that the Banking Act which defines who is ‘fit and proper’ to be a director of a bank ignores the appointment of PEPs as bank directors?

      7) If CBSL has no role in regard to PEPs, why does CBSL have a ‘Financial Intelligence Unit’ and a ‘Bank Supervision Department’?

      8) Under no circumstances is it suggested that all PEPs are engaged in unlawful activities. Nevertheless, the high risk PEPs pose cannot be ignored. The point being made is that laws and guidelines are there for a purpose and must be adhered to.

      9) It stands to reason that Sri Lanka was put on the FATF ‘Grey List’ from November 2017 for many reasons which would include the egregious Central Bank Treasury Bond Scam, no action on the Sri Lankan names in the ‘Panama Papers’ and PEPs being directors of banks. Hence it is wishful thinking for ‘Lahin’ to state “Sri Lanka was not placed on the FATF grey list because of any transaction”.

      10) If ‘Lahin’ is correct in his assertion (which he is not) “Sri Lanka was not placed on the FATF grey list because of any transaction”, it indicates that the CBSL has failed to be proactive and not taken necessary steps to prevent this from happening.

      11) I re-iterate – “If the government is a stumbling block” to get the EU ‘Blacklist’ withdrawn, “is it not the honorable course of action” for CBSL Governor Coomaraswamy to “RESIGN”?

      12) If as ‘Lahin’ maintains “nobody taking any notice” of my article (i) why on earth is he responding? (ii) why did CBSL itself respond? (iii) why did it attract scathing criticism to the CBSL response to my article? (iv) why did it attract vile criticism of me from proxies?

      Amrit Muttukumaru

  • 2
    18

    Perhaps the CB should get a court order to shut Mutthu up like Kumar Nadesan.CT stop publishing this jealous person’s articles they are biased

    • 14
      2

      ‘Ruwan Silva’

      A ‘Ruwan Silva’ I am aware of sadly passed away recently.

      1) Those exposed by ‘naming & shaming’ have got DESPERATE and have resorted to unleashing PROXIES to shoot the messenger.

      2) In an era where the ‘Right to Information’ is now a ‘fundamental right’, it is surprising that proxies are resorting to the suppression of information available in the public domain.

      3) How is the CBSL going to fulfill its proactive disclosure under the ‘Right to Information’ if it obtains a “court order” to prevent discussion of matters in the PUBLIC INTEREST? In this instance it concerns the role of the CBSL to get the HIGHLY DAMAGING year-old EU ‘Blacklist’ of the country for money laundering removed.

      4) As far as I am aware Kumar Nadesan is the longstanding Chairman of the Sri Lanka Press Institute (SLPI) under which falls the Press Complaints Commission of Sri Lanka. It is his duty to ensure that the press reports matters fairly, truthfully and accurately in the PUBLIC INTEREST. The suppression of information and public discussion is clearly not within the remit of the SLPI.

      5) At no stage has Kumar Nadesan obtained a “court order” to “shut Mutthu up”.

      6) Proxies are indeed getting DESPERATE on behalf of their sponsors! ‘Ruwan Silva’ has even appealed to ‘Colombo Telegraph’ to “stop publishing” my articles!

      7) Regarding “jealousy” that ‘Ruwan Silva’ refers to, he can rest assured that my articles which are SOLELY in the PUBLIC INTEREST have NEVER been motivated by base attributes such as jealousy or envy which traits are clearly demonstrated by proxies such as ‘Ruwan Silva’ which may also be influenced by FEAR of exposure of wrongdoing. What else does “shut Mutthu up” or appealing to CT to “stop publishing” my articles indicate?

      Amrit Muttukumaru

  • 2
    16

    Mutthukumaru is a sick man spurting out vermin and those in high places when he does not like them.He is like a loose cannon

  • 7
    2

    Those who have seen the photos released by Appe Aanduwa might have guessed what went in IMF negotiations, beyond the news so far the Colombo media is spreading as “Completely Successful” .

    That Photo is showing, while Mangala was carrying out his political campaign with IMF official, Indrajit Coomaraswamy was left far behind. Coomaraswamy looks like a person who has fallen in the sea out of the boat, in that photo.

    Mangala’s technique of negotiating is saying ” Yes, Yes; agreed; we will do it; in fact we had started these all in Jan 7th 2015 all these….” That is how Mangala earned “the Biggest Liar in the World. He masterly did it in UNHRC and fooled the earlier Obama government’s State Secretary. Harsha is one step ahead; he would add few more conditions himself, against Lankawe, to convince the other party to believe in him. After b/s ing like this Mangala bring the papers and leave it Ranil, to device the flip flopping. Then Ranil shows that to China, negotiate loans to sell assets. Then he go to Oxford and blast off IMF, West, WB…..

    Colombo media has portrayed a picture that this cunning team’s maneuverings has gone successful. But it appears IMF wants to visit before the final approval. But one can be assured when they come and get caught in Ranil’s hand, they will be another victim like EU on its GSP+. EU allows GSP+ for developing countries for political, humanitarian, equality issues’ improvement. But in Lankawe case they achieved nothing. The outstanding failure is MMDA.

  • 3
    11

    Amrit Muthukumaru, Wont you ever learn to stop raving and ranting ? You were sacked from Rotary once, then reinstated and sacked once more because of your rantings. Past Rotary International President K Ravindran has filed action against you for the second time for defamation. The last time you got away with an apology and a Rs 10,000 donation to a charity. This time he seeks not only damages for Rs 100 mn but also a jail term where you will have enough of time to write but not to publish. You claim proudly that you worked in companies like Ceylon Tobacco, Singer and Millers. How long did you work there ? You had about 10 jobs in 20 years because you could not work with others. Then for the past 20 years you have been a housewife. Your poor wife has to go out and work to support the children and yourself. You are a kept husband depending on the wife for financial support. Your wife holds a top position in the financial services sector. She works closely with the people you abuse and ridicule,surely causing her embarrassment. Dont you think of this for one moment before you begin your tirades ? What is your vendetta with the Coomaraswamy family ? You are having a battle with the CBSL Governor. Why drag his sister and cousin into this ? Did you write one letter when Cabraal was Governor ? There was hedging, Greek bonds, pumping and dumping of shares on the EPF, sale of Gold reserves etc. You were probably scared of a white van arriving on your door step, whereas now you attack soft targets who will not retaliate. Why not write on SL Cricket for a change ? The anger with which you write and your reaction to criticism only shows that you are suffering from narcissism

    • 10
      1

      ‘Peter Perera’

      1) The only ‘Peter Perera’ I knew is long DEAD.

      2) Although I do not wish to dignify his incorrect and vile assumptions with a response, I am compelled to comment for purpose of record.

      3) I know I am a ‘thorn in the side’ of wrongdoers in high places who are infuriated particularly by my ‘NAMING & SHAMING’. I have done so with responsibility in the PUBLIC INTEREST to which wrongdoers have NO RATIONAL ANSWER other than unleash MERCENARIES in different forms for different rewards. This will not deter me.

      4) How many people in this country undertake ‘naming & shaming’ as I do? It is standard practice for cover-up artists to attribute personal and base motives. This is reflected in ‘Peter Perera’ asking me – “What is your vendetta with the Coomaraswamy family?” The simple answer is NONE.

      5) Shooting the messenger with venomous insults that don’t hold up is also standard practice for these PROXIES.

      6) A similar occurrence was witnessed when I exposed issues concerning the egregious bond scam.

      7) In this instance it concerns the FAILURE of the CBSL led by Governor Dr. Indrajit Coomaraswamy to meaningfully address issues relating to (i) The HIGHLY DAMAGING more than year long EU ‘Blacklist’ for money laundering (ii) Sri Lankans named in ‘Panama Papers’ (iii) PEPs (Politically Exposed Persons) as directors in banks (iv) Issues relating to the egregious bond scam such as: quantifying the loss to the State, completing the forensic audit and crucial issues of governance incidental to the bond scam thrown up by witnesses at the Presidential Bond Commission such as possible tax evasion and money laundering.

      8) Now coming to issues regarding the Rotary Movement raised by ‘Peter Perera’. We have it on the authority of the Finance Minister himself (Mangala Samaraweera) under whom SRI LANKA CUSTOMS falls that Sri Lanka’s TOP DEALERS IN ILLICIT DRUGS are not those languishing in jail but some of those holding high posts in social service organizations such as some Presidents of ROTARY CLUBS. He stridently made this allegation last year at a press conference claiming “PERSONAL KNOWLEDGE”. His back peddling a few days later:

      “Inadvertently, I also mentioned Rotarians and Lions Clubs, which I deeply regret.” does not hold up.

      Readers can LISTEN to his words in the link given below and decide for themselves whether there is any likelihood of any “inadvertence”?

      https://www.youtube.com/watch?v=5EYkM_tJYI0 (3:27 onwards)

      9) Apart from this there are Rotarians named in the ‘Panama Papers’ whose accounts have yet not been deemed legitimate/illegitimate by the CBSL. Some years prior to this a Senior Chartered Accountant was embroiled in a ‘Front Running’ scandal in relation to company shares. Other issues include questionable accountability for major donor funded Tsunami projects.

      10) I was “sacked” TWICE from the most senior Rotary club in the country – Rotary Club of Colombo after I pointed out wrongdoing at high levels. The reason for the ‘sacking’ on both occasions was taking issues outside the club described in the letter of termination as a “misconduct” – not withstanding no Rotary regulation prohibiting the same. This flies in the face of Rotary International claiming to have a “written whistleblower policy” when applying for ‘Tax Exemption’ in the US. It must be appreciated that Rotary solicits and receives large donations from the public.

      11) I emphasize I have NEVER BEEN FAULTED by any Court for DEFAMATION. I have never had a damages award given against me in any defamation claim.

      12) The “apology and a Rs 10,000 donation to a charity” that ‘Peter Perera’ refers to is with SOLE REFERENCE to an alleged ‘CONTEMPT OF COURT’. It has NOTHING TO DO with any NON-EXISTENT DEFAMATION. It was not a fine by court.

      13) ‘Peter Perera’ refers to a “second” defamation case filed by the same senior Rotarian he has named. This is in the context of the ‘first’ case coming a cropper! He has also referred to a “jail term”. This is laughable.

      14) I am well aware the THREAT of ‘Defamation’ and ‘Contempt of Court’ could be ABUSED by interested parties to HALT the exposé of WRONGDOING.

      15) ‘Peter Perera’ if he has any love for the country should URGE this senior Rotarian to work with the FINANCE MINISTER and identify the Rotarians who Mangala Samaraweera claimed with “personal knowledge”are TOP DEALERS IN ILLICIT DRUGS.

      16) It was in RESPONSE to another proxy (Mithila Gunaratna) in the ‘Colombo Telegraph’ who referred to “after his last employment over 40 years ago at Marga Institute” that I was COMPELLED to respond “since I left the services of ‘Marga Institute’ I have held senior management position in amongst others: Ceylon Tobacco Company, Singer (Sri Lanka) and Millers Limited”.

      17) For the record l state I attained every single senior position in some of the leading entities in the country on MY OWN STEAM and left with my HEAD HELD HIGH for personal reasons. I am far too INDEPENDENT to accept NONSENSE from anybody. I do not suffer people who cannot be respected gladly and I have CONSISTENTLY maintained this position.

      18) The despicable ‘Peter Perera’ even states “Your poor wife has to go out and work to support the children and yourself. You are a kept husband depending on the wife for financial support.” What does this creep know of my financial and other contribution to my family over the years? The manner by which I manage my personal financial affairs and domestic circumstances is nobody’s concern and has no relevance to issues discussed in my article.

      19) My children have been adults for well over 17 years and are self supporting.

      20) I am CONSTRAINED to inform this creep ‘Peter Perera’ that I was invited to be a ‘director’ and functioned as such for well over 10 years of the holding company of a major corporate entity in the country controlled by my “poor wife’s” family. I was so invited BEFORE the late patriarch of the family thought it fit to have any of his children on the board. Does this not convey a STORY?

      21) Please urge your good friend CBSL Governor Dr. Indrajit Coomaraswamy to DILIGENTLY work in getting the HIGHLY DAMAGING more than year long EU ‘Blacklist’ placed on the country removed and to address other issues which include (i) Sri Lankans named in ‘Panama Papers’ (ii) PEPs (Politically Exposed Persons) being directors in banks (iii) Issues relating to the egregious bond scam such as: quantifying the loss to the State, completing the forensic audit and crucial issues of governance incidental to the bond scam thrown up by witnesses at the Presidential Bond Commission such as possible tax evasion and money laundering.

      Under no circumstances is it suggested that all PEPs are engaged in unlawful activities. Nevertheless, the high risk PEPs pose cannot be ignored. The point being made is that laws and guidelines are there for a purpose and must be adhered to.

      22) Another Proxy (Ruwan Silva) has suggested that CBSL “should get a court order to shut Mutthu up”! Is this the route CBSL is going to take?

      23) Proxy (Ruwan Silva) has also requested ‘Colombo Telegraph’ to “stop publishing” my articles. Some leading print media run by ‘top’ businessmen are already doing this. So be it. My articles are written pro bono in the PUBLIC INTEREST.

      Amrit Muttukumaru

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    His Children are self supporting They have recently bought apartments @Empire for Rs70m each (in addition to what they have already) They are also large share holders in CT Holdings Did they buy them with their own funds.What is their income.It is his wife who helps them.This bugger wont give a penny As to his appointment at Millers Albert Page put him there to have some peace

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      ‘S.R.de Silva’

      1) I will not allow proxies and apologists for CBSL Governor Coomaraswamy to DIVERT the conversation from his ABJECT FAILURE to get the HIGHLY DAMAGING more than year old EU ‘BLACKLIST’ placed on the country REMOVED and address other issues which include (i) Sri Lankans named in ‘Panama Papers’ (ii) PEPs (Politically Exposed Persons) being directors in banks (iii) Issues relating to the egregious bond scam such as: quantifying the loss to the State, completing the forensic audit and crucial issues of governance incidental to the bond scam thrown up by witnesses at the Presidential Bond Commission such as possible tax evasion and money laundering.

      2) Under no circumstances is it suggested that all PEPs are engaged in unlawful activities. Nevertheless, the high risk PEPs pose cannot be ignored. The point being made is that laws and guidelines are there for a purpose and must be adhered to.

      3) Coomaraswamy must COME CLEAN on his ACTUAL CONNECTION with jailed hedge fund manager Raj Rajaratnam for ‘Insider Trading’. The following is his RESPONSE when he was questioned on this connection after his appointment as CBSL Governor. He inter alia responded as follows:

      (i) He was invited by Rajaratnam when he was “finishing at Commonwealth Secretariat” for “delivering some professional services” on “macroeconomic research”

      (ii) “That happened for about 10 – 11 months and then of course he was charged and the operation stopped. It took another year for the whole thing to be wound up legally”

      https://youtu.be/SAgzdPrhyTA (0.25 onwards)

      (iii) By stating “It took another year for the whole thing to be wound up legally” does he not tacitly ADMIT that after Rajaratnam was “charged” he CONTINUED in service for “another year” and drew remuneration for doing so?

      (iv) Does not the question also arises why a person only doing “macroeconomic research” for an organization should be involved in its ‘winding up’?

      4) It is downright OBNOXIOUS to engage in the PERSONAL AFFAIRS of my family irrespective of the veracity of their assumptions. Could it be they are GREEN WITH ENVY?

      5) Proxy ‘S.R.de Silva’ referring to my financial contribution towards my children states “This bugger wont give a penny”. What do these creeps know of my financial and other contribution to my family over the years? In any event, how is this relevant to the subject matter of my article which concerns the CBSL and its Governor?

      6) A person of some REFINEMENT will abhor referring to people as “This bugger”. It is also indicative of the DESPERATION of his HANDLER.

      7) The manner in which I manage my personal financial affairs and domestic circumstances is nobody’s concern so long as it is compliant with the law. It has no relevance to issues discussed in my article.

      8) Proxy ‘S.R.de Silva’ also asserts “As to his appointment at Millers Albert Page put him there to have some peace”. This is poppycock.

      9) The reality is that I was INVITED to be a ‘Board Director’ and functioned as such for well over 10 years of the holding company of a major corporate entity in this country. I was so invited BEFORE the late patriarch of the family (Albert Page) thought it fit to have any of his children on the ‘Board’ during a difficult period for the company. Does this not convey a STORY?

      10) The directors with whom I served included Messrs. D.S Jayasundera, A.L. Thambiayah, S. Sellamuttu, Norman Weerasooriya, Cyril Gardiner and Albert Page. I was the YOUNGEST member of this quoted public company at 33 years.

      11) At the time I was INVITED to be a ‘Board Director’ of this holding company, I was holding a senior management position at Ceylon Tobacco Company. Be that as it may, I fail to understand how any of this is relevant to the matters raised in my article which concerns the CBSL and Governor Coomaraswamy.

      Amrit Muttukumaru

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    S.R.de Silva no need to be personal Muttukumaru is only trying to bring into the limelight the faults in the system For your information he comes with a pedigree of a thoroughbred from Puttalam way His ancestor was the legendary first civil servant Simon Casie Chetty They had thousands of acres of lands later lost to Land Reform and he must have benefitted from the compensation Among the others in his family tree are Army Commander Muttukumaru and Dr Muttukumaru the legendary private physician at Moratuwa At Rotary he exposed the humbugs They say a prophet is not honoured in his own country Sadly this is so in Muttukumaru’s case More ink to your pen Muttukumaru

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