27 June, 2022


Review ‘Bond Scam’ Reports &  Be Your Own Judge Of Prosecution Options & Develop A Suspects List

By Chandra Jayaratne

Chandra Jayaratne

One media station tagged the ‘Bond Scam’ as the greatest financial loss inflicted on the nation since its independence. The million dollar question yet remaining unanswered however is, ‘will the truth, the extent of the scams, the long term impact on the nation and its citizens, the real culprits and recovery of proceeds of the crime be ever be transparently visible for society expectations of Justice to be delivered. 

Since 2015, beginning with analyst amber signals, media exposes and debates, parliamentary debates, followed up by public interest litigation, central bank investigations, Auditor Generals Reports, COPE committee reviews, the Presidential Commission Report and most recently the Forensic Audit reports, have made available to the public, sufficient material on the purported ‘bond scam’ and even the details of similar scams.

The Forensic Audit Reports cover the years prior to 2015; where irregularities are seen even under other accountability regimes. Regrettably, these Forensic reviews have left out of its scope, the essential detailed examination of the biggest scam of all purportedly carried out in March 2016 (which in any event is unpardonable to have been allowed to take place despite the public fury and remedial action demands following February 2015 scam). It is also likely that these Forensic Reviews have failed to ‘follow the money tracking of placements, layering and integration led money laundering tracings’ essential to institute court action.

In the back drop of  the purported Primary Dealer mainly connected to the 2015 and 2016 scams, failing to be liable for tax on its publicly declared profits from these  wrongful trades and also not being subjected to Financial VAT and Deemed Dividend Taxes, despite activist demands can citizens expect any action to recover proceeds of these crimes?

The only silver lining is that the material publicly now available could provide the interested citizens and even law enforcement officers, sufficient information to make their own judgments and express opinions; and even to advocate on the best option next step strategic actions. In this context should public interest oriented activists set up a mechanism to establish a Peoples Court ?

The business persons, professionals, academics, intellectuals, civil society activists, media expose journalists and even common citizens, leaving aside for the present, the accountability of  the Executive, Legislature and the Judiciary, should now begin to engage in a review process, in order to make up their mind on the reality or the myth of the purported ‘bond scams’ and their impact on the society and citizens. They can now, also determine or at least get a ball park estimate  of the likely extent of losses, suffered by the State, the EPF/ETF/Privately managed Funds, individual investors and last but not least the society as a whole ( ie. actually all present and future taxpayers, who are all the citizens of today and tomorrow). They should collectively or individually, even publicly critique and debate; and try to reach a decision on the reality or the myth of what previous and present governments, politicians, officials, the governors, central bankers,  primary dealers, public / private funds, state institutions, law enforcement officials, media and even the potential parties with direct or indirect connections to the scam have done, who are the other third parties who have either engaged in and / or aided and abated in any irregular, illegal, unethical or nationally detrimental actions leading to the purported losses, which  ultimately fall on the nation and its citizens of today and tomorrow.

Post the aforesaid review, the suggested stakeholders should also attempt to draw up a list of potential suspects, who may have engaged in such conspiracies; encouraged or led such conspiracies from the background; those who directly or indirectly engaged in their execution and also identify those who aided and abated in any such irregular, illegal, unethical transactions, including those persons who in supervisory or control positions with accountability to prevent such incidents who failed willfully and knowingly  to take such preventive actions. 

The next step for these stakeholders, where possible is to identify the potential charges that can be framed against these errant persons and possibly even prepare an ‘Evidence Matrix’ identifying the  critical relevant dates, the irregular /illegal/unethical transactions/events, available evidence, persons responsible, purported  violation  or offense, potential charges. 

The final step in this process is to recommend action that should be taken to recover the proceeds of crime.

Towards the initiative suggested above, the relevant statutory provisions and jurisprudence that can be considered by the public stakeholders in determining the  potential charges against the errant persons are those arising mainly from the Penal Code, Bribery Act, Declaration of Assets and Liabilities Law, Securities & Exchange Commission Act, and Registered Sock and Securities Ordinance, EPF Act and Monetary Law Act.

Looking Forward to Civil Society Collective Activism in setting up an independent and competent Peoples Court supported by citizens in advocacy and exerting pressure on the government and law enforcement and guiding  independent citizens’ voting decisions of  the future, set out hereinafter are the Relevant Statutory Provisions and Jurisprudence  for Consideration and Benchmarking by the Collective Stakeholders and Peoples Court

  • Penal Code Chapter V A – Of Conspiracy 

“Definition of conspiracy”                                  

Sections 113 A (1) & (2) and B)                                                                                                                  

(1) If two or more persons agree to commit or abet or act together with a common purpose for or in committing or abetting an offence, whether with or without any previous concert or deliberation, each of them is guilty of the offence of conspiracy to commit or abet that offence, as the case may be.

(2) A person within Sri Lanka can be guilty of conspiracy by agreeing with another person who is beyond Sri Lanka for the commission or abetment of any offence to be committed by them or either of them, or by any other person, either within or beyond Sri Lanka; and, for the purposes of this subsection as to an offence to be committed beyond Sri Lanka offence means any act which if done within Sri Lanka would be an offence under this Code or under any other law.

  • Penal Code CHAPTER XVII – OF CRIMINAL BREACH OF TRUST                                                

“Criminal breach of trust”                                                                                                             

Section 388                                                                                                                                              

Whoever, being in any manner entrusted with property, or with any dominion over property, dishonestly misappropriates or converts to his own use that property, or dishonestly uses or disposes of that property in violation of any direction of law prescribing the mode in which such trust is to be discharged, or of any legal contract, express or implied, which he has made touching the discharge of such trust, or willfully suffers any other person so to do, commits ” criminal breach of trust”.

Criminal breach of trust by a clerk or servant                                                                                

Section 391                                                                                                                                          

Whoever, being a clerk or servant or employed as a clerk or servant, and being trust in any manner entrusted in such capacity with property, or with any dominion over property, commits criminal breach of trust in respect of that property, shall be punished with imprisonment of either description for a term which may extend to seven years, and shall also be liable to fine.

Criminal breach of trust by public servant, or by banker, merchant, or agent      

Section 392                                                                                                                                               

Whoever, being in any manner entrusted with property, or with any dominion over property, in his capacity of a public servant or in the way of his business, as a banker, merchant, factor, broker, attorney, or agent, commits criminal breach of trust in respect of that property, shall be punished with imprisonment of either description for a term which may extend to ten years, and shall also be liable to fine


Public servant taking a gratification other than legal remuneration in respect of an official act

Section 158

Whoever, being or expecting to be a public servant, accepts or obtains or agrees to accept or attempts to obtain from any person, for himself or for any other person, any gratification whatever (‘gratification’ is not restricted to pecuniary gratifications or gratifications estimable in money), other than legal remuneration, as a motive or reward for doing or forbearing to do any official act, or for showing or forbearing to show, in the exercise of his official functions, favour or disfavor to any person, or for rendering or attempting to render any service or dis-service to any person the Government of Ceylon, or with any public servant as such shall be punished imprisonment of either description for a term which may extend to three years, or with fine or both.

Taking a gratification in order by corrupt or illegal means, to influence a public servant

Section 159 and 

Taking a gratification for the exercise of personal influence with a public servant

Section 160 and

Punishment for abetment by public servant of the offences above defined

Section 161

Public servant disobeying a direction of the law with intent to cause injury to any person or the Government                                                                                                                                            

Section 162                                                                                                                                        

Whoever, being a public servant, knowingly disobeys any direction of the law as to the way in which he is to conduct himself as such public servant, intending to cause or knowing it to be likely that he will, by such disobedience, cause injury to any person or to the Government, shall be punished with simple imprisonment for a term which may extend to one year, or with fine, or with both.

Public servant framing an incorrect document with intent to cause injury                                

Section 163                                                                                                                                               

Whoever, being a public servant, and being, as such public servant, charged with the preparation or translation of any document, frames or translates that document in a manner which he knows or believes to be incorrect, intending thereby to cause, or knowing it to be likely that he may thereby cause, injury to any person, shall be punished with imprisonment of either description for a term which may extend to three years, or with fine, or with both.


Causing disappearance of evidence of an offence committed, or giving false information touching it, to screen the offender

Section 198

Whoever, knowing or having reason to believe that an offence has been committed, causes any evidence of the commission of that offence to disappear with the intention of screening the offender from legal punishment, or with that intention gives any information respecting the offence which he knows or believes to be false

Intentional omission to give information of an offence by a person bound to inform

Section 199

Whoever, knowing or having reason to believe that an offence has been committed, intentionally omits to give any information respecting that offence which he is legally bound to give, shall be punished with imprisonment of either description for a term which may extend to six months, or with fine or with both.

Giving false information respecting an offence committed

Section 200

Whoever, knowing or having reason to believe that an offence has been committed, gives any information respecting that offence which he knows or believes to be false, shall be punished with imprisonment of either description for a term which may extend to two years, or with fine, or with both.

Destruction of document to prevent its production as evidence

Section 201

Whoever secrets or destroys any document which he may be lawfully compelled to produce as evidence in a Court of Justice, or in any proceeding lawfully held before a public servant as such, or obliterates or renders illegible the whole or any part of such document with the intention of preventing the same from being produced or used as evidence before such court or public servant as aforesaid, or after he shall have been lawfully summoned or required to produce the same for that purpose shall be punished with imprisonment of either description for a term which may extend to two years, or with fine , or with both.

Fraudulent removal or concealment of property to prevent its seizure as a forfeiture or execution of a decree

Section 203

Whoever fraudulently removes, conceals, transfers, or delivers to any person any property or any interest therein intending thereby to prevent that property or interest therein from being taken as a forfeiture, or in satisfaction of a fine under a sentence which has been pronounced, or which he knows to be likely to be pronounced, or which he knows to be likely to be pronounced, by a Court of Justice or other competent authority, or from being taken in execution of a decree or order which has been made or which he knows to be likely to be made by a Court of Justice in a civil suit, shall be punished with imprisonment of either description for a term which may extend to two years, or with fine, or with both.


Punishment for attempting to commit offences punishable with imprisonment

Section 490                                                                                                                                            

Whoever attempts .to commit an offence punishable by this Code with imprisonment, or to cause such an offence offences to be committed, and in such attempt does any act towards the commission of the offence, shall, where no express provision is made by this Code for the punishment of such attempt, be punished with imprisonment of either description provided for the offence, for a term which may extend to one-half of the longest term provided for that offence, or with such fine as is provided for the offence, or with both

  • All of above
    • Read with Penal C ode Chapter V Abetment Sections 100, 101 & 101A, 105, 109, 112, and 113
    • Read together with Penal Code Sections 10- Person, 19- Public Servant, 20- Moveable Property, 21- Wrongful Gain and Loss, 22-Dishonesty, 23-Fraudulently, 24- Reason to Believe,  27- Document, 31-Ommission, 32- Act done by several persons in the furtherance of common intention,  34- Effect Caused  partly by Act and partly by ommission35- Co-operation, 36- Several Persons Engaging in Criminal Act, 41- Illegal, 42, Legally Bound, 51, Good Faith – Without due Care and attention
  • Bribery Act (No. 2 of 1965) 

Bribery in respect of Government business

19. A person-

(a) who offers any gratification to a public servant as an inducement or a reward for that public servant’s performing or abstaining from performing any official act, or expediting, hindering or preventing the performance of any official act whether by that public servant or by any other public servant, or assisting, favouring, hindering or delaying any person in the transaction of any business with the Government, or

(b) who, being a public servant, solicits or accepts any gratification as an inducement or a reward for his performing or abstaining from performing any official act or for such expediting, delaying, hindering, preventing, assisting or favouring as is referred to in paragraph (a) of this section, or

(c) who, being a public servant, solicits or accepts any gratification which he is not authorized by law or the terms of his employment to receive,

shall be guilty of an offence punishable with rigorous imprisonment for a term of not more than seven years and a fine not exceeding five thousand rupees.

Bribery of public servants by persons having dealings with the Government

21. A person –

(a) who, while having dealings of any kind with the Government through any department, office or establishment of the Government, offers any gratification to any public servant employed in that department, office or establishment, or

(b) who, within one year before or after his having dealings of any kind with the Government through any department, office or establishment of the Government, offers any gratification to any public servant employed in that department, office or establishment, or

(c) who, being a public servant, solicits or accepts any gratification the offer of which is an offence under this section,

shall be guilty of an offence punishable with rigorous imprisonment for a term of not more than seven years and a fine not exceeding five thousand rupees : Provided, however, that such offer of a gratification to a public servant as is referred to in paragraph (b) of this section shall not be an offence under this section if the offerer proves that the gratification was bona fide offered for a purpose not connected with and not relating to such dealings as are referred to in that paragraph and that when he offered the gratification he had no hope or expectation of having any such dealings or he did not intend that the gratification should be an inducement or a reward for that public servant’s doing or forbearing to do any act connected with or relating to any such dealings.

Attempt to commit, and abetment of, an offence under this Part

25.(1) A person who attempts to commit or to cause the commission of an offence under this Part of this Act and in such attempt does any act towards the commission of that offence shall be guilty of an offence and shall be tried in the same manner, and shall upon conviction be liable to the same punishment, as is prescribed by this Act for the first-mentioned offence.

(2) A person who abets an offence under this Part of this Act shall be guilty of an offence and shall be tried in the same manner, and shall upon conviction be liable to the same punishment, as is prescribed by this Act for the first-mentioned offence. In this sub-section the expression ” abet” shall have the same meaning as in sections 100 and 101 of the Penal Code

When a person offers a gratification

88. For the purposes of this Act a person offers a gratification if he or any other person acting with his knowledge or consent directly or indirectly gives, affords or holds out, or agrees, undertakes or promises to give, afford or hold out, any gratification to or for the benefit of or in trust for any other person.

When a person solicits or accepts a gratification

89. For the purposes of this Act-

(a) a person solicits a gratification if he, or any other person acting with his knowledge or consent, directly or indirectly demands, invites, asks for, or indicates willingness to receive, any gratification, whether for the first-mentioned person or for any other person, and

(b) a person accepts a gratification if he, or any other person acting with his knowledge or consent, directly or indirectly takes, receives or obtains, or agrees to take, receive or obtain any gratification, whether for the first-mentioned person or for any other person.

” public servant” includes every officer, servant or employee of the Crown, or of any local authority, or of any scheduled institution, every juror, and every arbitrator or other person to whom any cause or matter has been referred for decision or report by any court or by any other competent public authority; ” scheduled institution ” means any such board, institution, corporation or other body as is for the time being specified in the Schedule to this Act.

  • Chapter 26 – Bribery Act – *PART V-OFFENCES OTHER THAN BRIBERY  

Corruption.[§ 7,20 1994.]

Section 70                                                                                                                                                    

Any public servant who, with intent, to cause wrongful or unlawful loss to the Government, or to confer a wrongful or unlawful benefit, favour or advantage on himself or any person, or with knowledge, that any wrongful or unlawful loss will be caused to any person or to the Government, or that any wrongful or unlawful benefit, favour or advantage will be conferred on any person-

(a) does, or forbears to do, any act, which he is empowered to do by virtue of his office as a public servant;

(b) induces any other public servant to perform, or refrain from performing, any act, which such other public servant is empowered to do by virtue of his office as a public servant;

(c) uses any information coming to his knowledge by virtue of his office as a public servant;

(d) participates in the making of any decision by virtue of his office as a public servant;

e) induces any other person, by the use, whether directly or indirectly, of his office as such public servant to perform, or refrain from performing, any act, shall be guilty of the offence of corruption and shall upon summary trial and conviction by a Magistrate be liable to imprisonment for a term not exceeding ten years or to a fine not exceeding one hundred thousand rupees or to both such imprisonment and fine.


Issue of registered stock, promissory notes, bearer bonds and treasury bonds for the purpose of raising authorized loans

2. (1) ….the Minister in charge of the subject of Finance may from time to time raise such sum or any part thereof under the provisions of this Ordinance in any one or more of the following modes:—

(a) by the creation and issue of registered stock;

(b) by the issue of securities in the form of Government promissory


(c) by the issue of securities in the form of bearer bonds;

(d) by the issue of securities in the form of treasury bonds

Registrar to make necessary arrangements

5. Upon the publication under section 4 of an Order of the Minister in charge of the subject of Finance in respect of any loan to be raised under this Ordinance, the Registrar may, subject to the provisions of that Order and to such further directions as the Minister in charge of the subject of Finance may issue in that behalf, make all such arrangements as may be necessary to raise that loan upon the most favourable terms that can be obtained.

Restrictions on purchase of stocks and securities.

5A. (1) Any application or bids for the purchase of registered stock or securities may, having regard to the interests of the national economy, be restricted to primary dealers and designated non-dealer bidders.

(2) Without prejudice to anything contained in this Ordinance particularly the provisions of sections 21C, 21D, 21E, and 21F, the Central Bank shall regulate, supervise and monitor the primary dealers and the designated non-dealer bidders with respect to their transactions in Treasury Bonds issued in the form of written certificates.


Register of stock

6. The Registrar shall keep a register in respect of each issue

Delegation of powers of Minister in charge of subject of Finance.

56. The Minister in charge of the subject of Finance may by Order published in the Gazette delegate to the Secretary to the Treasury any powerconferred on the Minister in charge of the subject of Finance by thisOrdinance subject to such conditions, reservations and restrictions as may be specified in the Order


56A. (1) Any person who—

(a) fails to comply with any provision of this Ordinance or any regulation, order, or direction given thereunder;

(b) furnishes for the purposes of this Ordinance any information which is, or any return the contents of which are, to his knowledge false or incorrect;

(c) with intent to deceive—

(i) makes or causes to be made a false entry, or

(ii) omits to make, or causes to be omitted, any entry; or

(iii) alters, conceals or destroys, or causes to be altered, concealed or destroyed, any entry, in any of the records of the Central Bank, or in any books, records or accounts of any direct participant, including any dealer direct participant, or any primary dealer, shall be guilty of an offence under this Ordnance.

(2) Any person guilty of an offence under this Ordinance shall be liable on conviction after summary trial before a Magistrate, to imprisonment for a term not exceeding five years or to a fine not exceeding ten million rupees or where the offence has resulted in monetary loss or monetary gain or a loss or gain which is quantifiable in monetary terms to any person, to a fine equivalent to twice the value of such loss or gain or to both such imprisonment and fine.

(3) The Central Bank may, with the consent of Court, having regard to the circumstances in which an offence under this Act was committed compound such offence for a sum of money not exceeding rupees five million, or where the offence has resulted in monetary loss or monetary gain or a loss or gain which is quantifiable in monetary terms, to any person, for a sum of money equivalent to one and a half times the value of such loss or gain.

(4) The compounding of an offence under this section shall have the effect of an acquittal.

56B. Where the person convicted of an offence under the Ordinance is a body corporate, every person who at the time of the commission of the offence was a director or an officer of the body corporate shall be deemed to be guilty of that offence unless he proves that the offence was committed without his knowledge, or that he exercised all due diligence to avoid the commission of such offence.

The Gazette of the Democratic Socialist Republic of Sri Lanka


REGULATIONS made by the President of the Democratic Socialist Republic of Sri Lanka under Section 55 of the Registered Stock and Securities Ordinance (Chapter 420) read with paragraph (2) of Article 44 of the Constitution.


President & Minister In-charge of the subject of Finance and Planning.


24th June, 2009.


1. These Regulations may be cited as the “Registered Stock and Securities (Primary Dealers) Regulations No. 01 of 2009”.


2. (a) The Central Bank may, from time to time, determine the criteria for the appointment of Primary Dealers for the purposes of this Ordinance.

(b) A Primary Dealer appointed by the Monetary Board—

(i) may enter into transactions in Treasury Bonds directly as a counterparty with the Central Bank in the primary and the secondary market and may transact in Treasury Bonds for its own account and for the account of customers in accordance with the Ordinance, any other written law, directions, guidelines, operating instructions and contracts applicable, as the case may be ;

(ii) shall be bound by and comply with these regulations and any directions and guidelines issued by the Central Bank in respect of such Primary Dealers.

Monetary Law Act

Part III – The Governor and Deputy Governors

General functions and duties of Governor.

19. (1) The Governor shall be the chief executive officer of the Central Bank and shall accordingly be charged with the following powers, duties, and functions :–

(a) the execution of policies and measures approved by the Monetary Board and, subject to any such policies and measures as may be applicable, the direction, supervision, and control of the operation of the Central Bank and its internal management and administration;

(b) the preparation or the agenda for meetings or the Monetary Board and the submissions for the consideration of the board of policies and measures considered by him to be necessary for the purpose of carrying out the principles and provisions of this Act; and

(c) the exercise or performance of such other powers or duties as may be conferred of imposed upon him by the Monetary Board.

(2) Every instrument of the following description, that is to say, every contract, promissory note, security, report, balance sheet, statement, or other document and every rule, regulation, order, direction, notice, or requirement which bears the signature of the Governor or such other officer as may be authorized in that behalf by the Monetary Board, shall be deemed for all purposes to be an instrument executed, made, or issued by the Central Bank or by the Monetary Board, as the case may be.

Governor to be principal representative of Central Bank and Monetary Board.

20. The Governor of the Central Bank shall be the principal representative of the bank and of the Monetary Board and shall in that capacity, but in accordance with policies or rules approved or made bythe board, have authority.-

(a) to represent the Central Bank and the board in all relations with other persons, including the Government and any body of persons, corporate or unincorporate, whether public or private,

domestic, foreign, or international; and

(b) to represent the Central Bank and the board in any legal proceedings either personally or through an attorney-at-law.

Delegation of powers of Governor.

21. Subject to and in accordance with such rules, if any, as may be made by the Monetary Board in that behalf, the Governor may delegate to any other officer of the bank his authority to represent the bank for any purpose mentioned in section 20, so however that the Governor shall remain and continue to be responsible to the board for and in respect ofany act or thing done or omitted to be done by any such delegate.

Appointment of Deputy Governor

22. The Monetary Board shall, with the concurrence of the Minister in charge of the subject of Finance appoint one or more Deputy Governors who shall perform such duties and exercise such powers as may be assigned to them by the board

Part VIII – Restrictions Relating to Central Bank Officers and Servants Duty to maintain secrecy.

Duty to maintain secrecy

*45. (1) Except in the performance of his duties under this Act, every officer and servant of the Central Bank shall preserve and aid in preserving secrecy with regard to all matters relating to the affairsof any banking institution or of any client of any such institution or of any matter relating to the affairs of any department of Government, corporation, company, partnership or person that may come to his knowledge in the performance of his duties under this Act, the Control of Finance Companies Act, No. 27 of 1979, or any other law for the time being in force, and any such officer or servant who communicates any such matter to any person, other than the Monetary Board or an officer of the Central Bank authorized in that behalf by the Governor, or suffers or permits any unauthorized person to have access to any books, papers or other records relating to any banking institution, department of Government, corporation, company, partnership or person, shall be guilty of an offence. 

Chapter vi – The Central Bank As fiscal Agent, Banker, and Financial Adviser of the Government

Issue of Government securities

112. The issue of secutities of the Government or of any of the agencies or institutions referred to in seubsection (1) of section 106 shall be made through the Central Bank, which shall act as agent, and for the account, of the Government or of such agency or institution:

Provided, however, that except in the case of treasury Bills, for which the Central Bank may make direct tenders, the bank shall not subscribe to any issue of such secutities or agree to purchase the unsubscribed portion of any such issue.

Facilities for maintenance of accounts at the Central Bank and a depository for scripless

112A. The Central Bank shall provide facilities –

(a) for non-commercial bank primary dealers to maintain accounts at the Central bank for the purpose of settling securities transactions;

(b) for direct participants including any direct participant which are not commercial banks, to maintain accounts at the Central Bank for the purpose of holding scripless  securities, clearing and settling transactions in scripless securities among direct participants; and

(c) for the maintenance of a depository for recording of title to scripless securities of the Central Bank, of direct participants and, in the case of dealer direct participants, of their customers. The Central Bank may make such rules and regulations as it may consider necessary in relation to the depository.

For the purpose of this section–

 “securities” means–

(i) treasury bills issued in accordance with the provisions of the Local Treasury Bills Ordinance whether isseud in scripless form or otherwise;

(ii) registered stock or securities issued in accordance with the provisions of the Registered Stock and Securities Ordinance whether issued in scripless form or otherwise;

(iii) any securities of the Central bank whether issued in scripless form or otherwise.

Any body corporate to provide facilities under sections 98(1) and 112A Management of the public debt.

112B. (1) Any or all of the functions referred to in subsection(1) of section 98 and section 112A may, notwithstanding the provisions of such section, be carried out by a body corporate authorised for the

purpose by the Monetary Board subject to such terms and conditions as may be imposed by the Monetary Board.

(2) A body corporate referred to in subsection (1) may hold an account with the Central Bank for the purpose of carrying out such functions.

Management of the public debt

113. The Central Bank shall, as agent of the Government, be responsible for the management of the public debt.

Advice on Government credit operations

114. No new loan shall be raised and no new issue of stock or debentures shall be made by the Government or by any agency or institution referred to in subsection (1) of section 106, whether in pursuance of authority conferred by any written law or otherwise, unless the advice of the Monetary Board has first been obtained upon the monetary implication of the proposed loan or issue


Powers and duties of the Monetary Board in relation to the Fund.

5. (1) The Monetary Board—

(a) may appoint such officers and servants as may be required by the Board for exercising its powers, performing its duties and discharging its functions under this Act, fix the salaries and wages of such officers and servants and determine their conditions of service;

(b) shall receive all sums paid under this Act as contributions, surcharges and fees, and the income from the investment of moneys of the Fund and shall credit such sums and income to

the Fund;

(c) shall have custody of the moneys of the Fund;

(e) may invest such of the moneys of the Fund as are not immediately required for the purposes of this Act in such securities as the Board may consider fit and may sell such securities;

(f) shall maintain a general account in respect of the Fund, and a separate account (in this Act referred to as an individual account) in respect of each member of the Fund;

 (2) Every officer or servant appointed under paragraph (a) of subsection (1) shall be deemed to be employed for the performance of duties under the Monetary Law Act, for the purpose of the application of the provisions of the said Act relating to officers and servants.

  • All aforesaid Statutory Provisions are also to be Interpreted in the Context of the under noted Jurisprudence 
    • Doctrine of Joint Criminal Enterprise in the Jurisprudence as a mode of Personal Criminal Liability – allows the prosecution of members of a group for the actions of the group. This doctrine considers each member of an organized group individually responsible for crimes committed by group within the common plan or purpose. International Criminal Tribunal for the former Yugoslavia and the Prosecution of Senior Political and Military Leaders: The Krajisnik Case

Due to the difficulties to determine the criminal liability of each of the offenders who take part in a collective criminality context, the JCE doctrine was conceived as a means to extend criminal liability to all the members of a joint criminal plan. The three categories of JCE share the same objective elements: 

1) a plurality of persons;

2) the existence of a common plan, design or purpose; and 

3) the participation of the accused in the JCE by any form of assistance in, or contribution to, the execution of the common purpose. 

    • Public Law Principle of Fraud on a Power, especially, as there is clear evidence of the intention of the Executive and State Officials to abuse and exceed the power vested in them by Parliament and it leads to a consequential losses to Sri Lankan Airlines and the State as its major Shareholder –General Treasury- and also to other third parties via Contracts which in itself can be deemed thus to be ultra vires and this abuse extends to be a Fraud On a Power.

Fraud on a Power: the interface between contract and equity

Lecture for the Chancery Bar Association Great Hall, Lincoln’s Inn, London

Lord Sales, Justice of the Supreme Court-12 April 2019

In Lord Parker’s formulation of the principle of The equitable doctrine of “fraud on a power” 

“The first is to grant discretionary powers to some person to make binding decisions in the future with legal effects. The grant of such powers to one party to a contract may give rise to especially acute issues regarding legal control, to take account of conflicting legitimate interests under the contract. 

The second technique is to impose some supervening and flexible obligation regarding future conduct, such as a duty to act in good faith or reasonably, to govern the extent to which opportunistic advantage can be taken of express rights when circumstances change in unexpected ways. The parties may in this way seek to secure some protection against abuse of rights. Fiduciary duties also work in this way.

 Both techniques have generated considerable recent interest in the field of contract law. Contract lawyers have become very interested regarding discretions created by contracts and how, if at all, they are to be subject to legal control. There has been something of a trend of reaching out for public law concepts and the public law notions of rationality and capriciousness as possible models for judicial control in this area. “

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  • 25

    Cabraal”s behavior just prior to the official release of the Forensic Audit Reports was pretty peculiar. He became jittery and started scrambling to write article after article in a bid to cover up his era. It seems he has had access to this report and the annexes long before it was released. And knew what was coming.
    The corona virus has been a godsend for him and for those who had their voice recordings in the CD’s with the Police and in Ranjan’s bank vaults..

    • 12

      Thanks for your article. Thus scam has been going on since 2005 and continued by “Tradition “ past 2015, curtsey of the Yahapalanaya “Leadership “.

      Different shills, cronies and actiors come on stage, to tell their version of the story.

      The bottom line is that this scam was going on since 2005, and all the culprits, MaRa , Ranil E etc., were aware of it.

      Here is one example..

      “Dr. Wijewaradena has particularly said that the method used to calculate losses in the pre-2015 and post-2015 eras by forensic auditors is flawed.”

      So, if a non-flawed method is used, whatever the results., won’t it will still be a scam? Of course the degree and extent of the losses will be different.
      From the grape vines……

      Mahendran, Cabraal should both be arrested, tried: UNP
      Former Central Bank (CB) Governors Arjuna Mahendran and Ajith Nivard Cabraal should be arrested and tired in court as the forensic audit reveals that the bond scam had taken place from 2005 onwards and continued even after 2015, UNP MP Thushara Indunil Amarasena told a press conference held yesterday.

      “One cannot deny the revelation made in the forensic audit. We are not willing to cover up the scam that took place during our time, which is why we call for the arrest of both individuals who governed the Central Bank during the period in which the scam took place. What had transpired prior to 2015 is similar to stealing coconut from an estate by loading them into a lorry in the estate premises and what happened after 2015 is that sacks full of coconut were thrown out of the estate,” he said, while calling for the extradition of Arjuna Mahendran from Singapore.
      Meanwhile, former Western Provincial Councillor Niroshan Padukka who participated in the press conference said the EPF had been put on risk by investing its funds in companies that were not listed in the Colombo Stock Exchange (CSE). “This should also be investigated,” he said.

      • 20

        Nothing will happen to both Cabraal and Mahendran as top politicians of both sides are involved in these scams. In 2012 Gamini Wickremasinghe resigned from the post of chairman of Bank of Ceylon because he was against Mahinda government misusing EPF/ETF funds. Worst scams took place under Mahinda than under RW/MS.

        • 13

          Dr Ghana San,
          You are dead right. Nothing will happen even if all was clear that muslim boy rugby player was brutally murdered by Rajaapakshe family. That murder was no second to that of Jamal Khashogi though…
          This is good old srilanka where rascals would lead this to hell.

      • 8

        Chandra Jayaratne,

        RE:Review ‘Bond Scam’ Reports & Be Your Own Judge Of Prosecution Options & Develop A Suspects List

        Bond Scam is not the only scam, in this “Sinhala-Buddhist” country. Initially it was not Sinhala and it was not Buddhist . It was all Native Veddah Aethho Country, before the arrival of the outsiders, Paradeshis, Paras.


        Through a comparison with the mtDNA HVS-1 and part of HVS-2 of Indian database, both Tamils and Sinhalese clusters were affiliated with Indian subcontinent populations than Vedda people who are believed to be the native population of the island of Sri Lanka.

        There are a lot off other scams. Listen to some of the scams, Ranjan disclosed in Parliament.


        Ranjan speaks in the parliament | LNW

        There are many other scams , going back thousands of years.

        The monks, Sangha, appointing themselves as the 3rd Gem of the Triple Gem.
        The scams, the lies and imaginations in the Deepawamsa and Mahawamsa, in order to maintain the monk hegemony, and to get the imbeciles to prostate to the monks, getting the king to donate, Nindagam, about 10 percent of the fertile land to the monks, etc.

        • 5

          Chandra Jayaratne,

          The smile or grin of Cabral in the picture says it all: “You suckers”!

    • 13

      I’m glad to see this type of essays; the more the better. However, it is very saddening to see the plea falling into deaf years; for, except anti-Ranil faction of the UNP, a vast majority of voters still appear to stand on party line on the issue. That is b’cos nearly all “white collar crimes” like this are well connected with the political establishment of highest level: Cabraal is one of close confidant of MaRa while Arujun Mahendran is of Ranil. Therefore, neither side is expected to push for justice. As I said before regarding this case, I’ll be very surprised if Arjun will be brought in from Singapore, or he would spend even a day in protective custody, if he is brought in!

      For the same reason of political connections, I doubt a potential Sajith Gvt could be able deliver justice no matter how hard it might try. That is b’cos both MaRa side & Ranil side will apply all the tricks in their disposal to derail a fair process. One ongoing good example is Hiru’s relentless efforts to muddy the case against Duminda Silva. Cabraals & Arjuns are much important to MaRa & Ranil. If anybody who might get into trouble for trying to prosecute bond-scammers, it will be the honest criminal investigators like Shani. Will a Gvt which didn’t waste a minute after coming to power, to go after Shani for investigating their past crimes, ever be expected go after bond scammers? Until public learn to look at these issues without color glasses, I doubt whether any crime with high level political connections will ever see true justice!

      • 4

        D P,
        What a grim situation. Essays such this and numerous other copious reports go unread by all most all. The biggest scam mongers are SriLanka Governments. Robber Barrons. The Gota Govt. is spun from the same decaying spool Of yarn. In whatever color they are ‘elected’, it’s the same bunch of recycled robbers. The Forensic Audit Report is likened to the Indictment Of Mafia Boss Al Capone.
        That we the People allow these Crimes to be perpetrated against the State and degrade ourselves in ‘reporting on reports’ is a crime in it self. What a set of losers are we!!!!!
        Chandra J should be howling for Punishment. Retribution for the Poor Hapless Peoples.

    • 0

      Please see my post to you (under the article about the AG) about Friday Forum’s latest statement — advocating bi-lingual singing on the 4th — on page 3 of the Sunday Island.

      Perhaps they held their horses until the govt’s decision was finally know. Or maybe, like some of us, they thought the govt had decided to have it sung in Tamil, too, but held back declaring it in order to pre-empt hostile reactions. Wishful thinking.

  • 2

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    For more detail see our Comment policy https://www.colombotelegraph.com/index.php/comments-policy-2

  • 17

    What Hirunika said in parliament is absolutely true. Like in many other cases, NO one will be send to prison on this matter. Reason is , members from both political parties are heavily involved in this swindling over years. The only difference here is , Rajapaksas took advantage and exploited it with help of fake media and their supporters who kept repeating it 24/7 , as told. Where as political pimp RW muttered in few words and went silent because his men too were involved.

    • 1

      Not only Hirunika, but whole lot of people are aware of the ground realities of abusive Rajakashe politicis and the degree of his HOODWINKING nature of politics. But when it goes to elections, the very same people, not being able to see it right, just get caught.

      Here we have to agree with our BELOVED commenter Mr Amrasiri who repeats IQ level of lanken average.
      I think it was greater mistake to UNDER ESTIMATE previous govt going by EASTER SUNDAY BOMB which killed over 270 innocient prayers and injuring 1000 or so. That could happen everywhere, but today, the successor leaders, score far behind the Good governace leaders….. with MEDIA mafia stay as if they are fed with clay – NOT reacting independently.

      Their behaviour is like walking on a curve. JVPrs earn lot more respect to be the leaders, but people of this country would never focus on right things.
      That has become their culture and religion. For nor reasons, they dont want see it right. But in the same time, they tend to compare their levels with that of Israelis or any other powerful nations.
      I am ashamed of our nation. ‘

      It is more of less like danger is provable, but to fall in to their clutches is common to our people. Be them within yours or mine are the same. I spoke to my sister lately, she and many close her are born fools when it goes to fall down to the tricks of Rajakshes.

  • 17

    Nivad is the big crook, Arajun mahendran the small crook. Nothing will happen, both work for Gots and MR.
    Weerawansa sent a plane to collect his children from mainland China,and no quarantine for weerawansa kids and friends, some 800km from Wuhan.Who pays for this. Only 6 came in the flight. Gots knows how to party.

    • 2

      You are right. MAHINDA RAJAAKSHE AND AJITH NIVARD are 1000 times worst than Ajuna Mahendran.
      I will give you some hints about SO CALLED SAIBABA of the 69 mio of voters
      – We transfered collections for TSUNAMI victims and records proved over 5000 millions went to the pockets of RAJAPAKSHE family. ::::

      And if you would check it if Arjuna Mahendran owned a good profile prior to his CBG position – yes, he had no whatsoever frauds made to middle east or singapore banks.
      That means, the losses made by AM was not inevitable in that process.
      Main culprits are with MAHINDA RAJAPAKSHE and AJITH KABRAL. latter should be hung by their balls by bringin to GALLE FACE GREEN

  • 22

    In any other country conflict of interest in taken very seriously.When Nivad Cabrall was Governor of the Central Bank his own sister was a director of the fraudulent bond dealers Perpetual.

    Many of his relatives were holding high and decision making positions in commercial banks which came under Cabrall’s supervision. First Cousin Amal Cabrall was at Commercial Bank , Nihal Fonseka was at DFCC.

    Yahapalanaya Government appointed a Presidential Commission to investigate Bond manipulations at the Central Bank.

    On this commission sat late judge Prasanna Jayawardena who was very active in the Commission. Prasanna Jayawardena’s own sister is married to Amal Cabrall.

    In the circumstances it is obvious that judge Prasanna Jayawardena had a conflict of interest to take the matter away from Nivad Cabrall( his brother-in -law’s first cousin) and just concentrate attention on Mahendran who succeeded Cabrall.

    Colombo is all inter-connected and a big jumble !

    • 9

      At this rate his entire “paramparawa” has to be taken to task and send Cabrall’s suits for dry cleaning to the UK

  • 15

    Both MR regime and Yahapalana regime are GUILTY of Bond scams since 2005.
    Cabral, Mahendren, and their political masters should be put in jail for using govt. Institutions as their private property to rob public money.
    Cabral talks like a saint but he has done the same fraudulent deals which had been carried out by Mahendran.
    Sad thing is SriLankan voters elect these two faced fraudsters to run our country .
    One of these fraud gangs are now asking for 2/3 majority in the forthcoming general election to rob more public money.
    Dear SriLankan voters, please WAKE UP and send these fraudsters to the political wilderness.

    • 9

      You must be joking.These fraudsters will be living in the lap of luxury and you will be sent to the wilderness for the rest of your life. Sri Lankan voters are fast asleep and you cannot wake them for the next five years. History has proved this

      • 3

        Don’t be so negative.
        Have a “Can Do” attitude.
        It is better for people like you to keep quiet and let the people who are working hard for a ‘Change’ to fight for it.
        You are singing from the same hymn sheet which is used by the fraudsters who advocate that there is no other alternative.

  • 7

    The most “STRANGE” and “BAFFLING” question to me in this “Bond Scam” saga is: THE SILENCE OBSERVED by the “Working Population” ( I believe it far exceeds 1 million) over the “LOSS” brought to suffer on the “EPF” and “ETF”- both funds that belong to them and left in the “CUSTODY” of the Central Bank. All the “Political Parties” that “CONTROL” the “Trade Unions” made up of “Employees” that even when a slight tremor takes place in the working arena, come out in “PROTEST RALLIES” and “STRIKE” ACTION” least worried of the inconvenience caused to the public with such actions, have OPTED to remain SILENT over the Loss “CAUSED” to their funds. No consolidated effort is proposed or initiated by any of the “Trade Unions”, that collect on a month;y basis “Membership Fees” from the membership ( MUTTI CASI) . Isn’t that “STRANGE” and “BAFFLING”? These “STOOGES” (Trade Union Leaders) of Political Parties are very silent and some are very “VOCIFEROUS” at “Media Briefings” (such as JVP) over the loss on EPF and ETF; but do not INITIATE any Trade Union Action or even to embark on a “JUDICIARY PROCESS” to bring the culprits to book and RECOVER such loss. They (the TRADE UNIONS) have the means by way of “FUNDS” and necessary “Legal Brains” within them to take that step’ but strange enough they have “Forgotten” and conveniently left it to the very “Political Parties” and their “Cohorts” – the PERPETRATORS to take action. What a JOKE and a set of JOKERS these Trade Unions are managed by. One living example is the “Nominated ” MP to Parliament to fill the vacancy created by the resignation of the UNP MP. That indicates WHY and for WHAT these “TU LEADERS” are. .

    • 2

      I think that I answered your question about the silence by the public.

  • 13

    What is the point in debating, arguing or even writing regarding all the illegal dealings of white collar criminals? The President and the PM will find ways to protect the accused. For example President and the Prime Minister together with the Judges of Trial at Bar court have given permission to Mahindananda Aluthgamage to avoid the case set for February 17th and go to China for a long period of time. When flights in and out of China are blocked and parts of China are on lock down Mahindananda is sent to China. Is this the promise Gota and the Viyath Maga gave when he asked for our vote? Is this the impartial and independent Judicial system we expected when we voted? What is the point in writing about all the corruption and appointing Presidential Commissions? The main purpose is to protect the crooks. where are the GMOA thugs, where are the yellow robed monks, where are the other trade unions on this? Actions of this Gota-Mahinda government is worse than the Yahapalana Govt. They protect the accused in an open manner. Shame on you Gota!

  • 5

    We have had many Presidential Commissions in the past and no one has been held accountable. The number of commissions could be close to 30.

    Bond Commission is no different since they are merely fact finding committee and from there the AG and Police have to take it over. Our Police have no clue about such bond transactions since they have no idea as to what is the difference between a bill and a bond!!

    Heads of State have used such Commissions to buy time and protect their loved ones. Civil Society is weak and if not for one particular media / TV institution this would have been long forgotten.

    Wait and see and you would see all culprits in the bond scam will be get nominations from their respective political parties to even contest the next election.

    In SL, no one holding high office is held accountable for any atrocities. This would be the same outcome even with the Easter bomb blast.

    Politicians have intentionally made the Police and the Judiciary weak so that they can get away with murder. The only way out is to strengthen these two institutions by ensuring that the appointments are not in the hands of the Politicians.

  • 5

    At least once even let the big fish be caught and fried, People will enjoy it

  • 6

    Thanks Mr Jayaratne for this excellent analysis.
    Me feels however, that there needs to be an inquiry in to the grant of the contract for the Forensic Audit to the two Indian firms (KPMG and BDO India) itself, to reveal the connections between Mahendran and key operatives in these firms.
    Otherwise the 300 million (275 m fee + Central Bank assistance) needs to be added to the Rs 10.4 b said to have been stolen from us, the employees who are waiting to survive on the EPF.
    These criminals are still roaming around free, to the shame of Ranil and Mahinda.
    Shme, Sri Lanka.

  • 8

    If Bond Scams have taken place before 2015, what the hell Ranil did as Leader of the Opposition?

    • 6

      Very very Blind Eagle…..

      … Don’t you know that Ranil and MaRa represent the two sides of the same coin. Both of them immensely benefited from Bond scams since 2005.

      • 2

        If so why the hell NGO’s and Civil Society junkies persuaded voters to elect Gamarala who promised to give Premiership to Ranil with an assurance that he is ‘CLEAN’?

  • 5

    It is a well known truth that the governments of Srilanka is fully responsible for fraud, bribe, scams over the several decades in the name of Lord Buddha and Motherland Srilanka patriotism under the leadership of a people elected President and people elected parliament. The high level Buddhist establishments never voiced against those who were responsible for these crimes. The people of Srilanka is divided into two political parties fight each other but never worried about their leadership involved in these crimes. In 2015, over 50% of the population believed that the government in the power did these crimes while others did not believe that. In 2019, over 50% believed that the regime ruled after 2009 did these crimes, but not other 50%. The judiciary and law and order establishments change their color and dance to the music of the changing regimes. yesterdays criminals are freed and replaced with previous good chaps and vice versa. What a country?

  • 9

    Remember all these crooks were elected by our immoral sadistic public, who dosent care for their own well being , but gets high on misery caused to their own country men. Here is an example how Lankan leaders act ,who are in turn elected by retards. , today Rathana the racist monk, who sat on a day of fast with the sole intention of causing violence and hatred against Muslim community is now pleading to the public to show sympathy for the Chinese currently living in Lanka and not to turn them away out of irrational fears. This is to get the government message to the apprehensive public , because China has already complained about discrimination by local people. (turning them away from restaurants, eateries, public transport). This shit head is neither a monk or a leader , he is just a selfish immoral politician like the rest.

  • 1

    D.P.: Thanks. I wanted to for the moment let the “People and the Country” fight out the “Bond Scams” in general; but remind how the “Working Population” in particular, must RISE against the “CRIME” (Fraud & Misuse) of their own FUNDS that are to be depended upon on their retirement. If this happened in any other country, where the employees are “Conscious” of their earnings and savings, by this time the whole of the “Working Machinery” would have been brought to Grinding Halt and the Governments of today and yesterdays would be COMPELLED to yield and rope in the “CULPRITS” both in politics and bureaucracy.. These “Working Classes” can fill in thousands and thousands like “SLAVES” at the back and call of “Politicians” at “May Day” rallies and for such other political purposes. All “Pandits” demand this “Forensic Audit” must be made use of to institute “Legal Action”. If that is the case why not the “Trade Unions” for an on behalf their member who contribute “MUTTI KASI” take that action as far as the EPF and ETF Funds are concerned. Would even the members (employees) make a DECISION to with-hold contributing membership fees to the TUs until they resolve this matter? I doubt it very much; because they are “SLAVES” to the TU s and Political Parties.

    • 2

      Trade union leaders themselves are no lesser thieves. Did you read the news about an audit report of Hatton CTB depot conducted just after the so-called Oct Coup? 70 buses kept out of service to allow more private buses. If my memory is correct, total loss during that period has been Rs 70 millions. I mentioned this incident b’cos I heard Mahinda Amaraweera was saying a couple of days ago that 700 out total fleet of 6000 CTB buses are kept out services with the excuse of lack of enough drivers. Can you see the connection? Since these union leaders have become a key supporters of the political establishment, there is nobody who dare to challenge these midday thefts. If anyone dares to stand against corruption, they will have to fase the fate of Shani Abeysekara.

      Did you follow my oft-mentioned quote from one of the revelation by MY 3 about MaRa’s attitude towards corruption by his loyalists? At a meeting set up by him as the sec of the SLFP to warn all the PS chairmen after Walallawita PS chairman got caught for taking a bribe from a colleague, MaRa has said that “Do it but don’t get caught”! With such an assurance from the Prez himself, would it ever possible to expect their trade unions to rise up against corruption? They all are in it.

      SL public in general also tend to turn blind eye for two reasons: Corruption is the name of the game everywhere including religious institutions; and the deep rooted cynicism towards the political system meaning they all do it & therefore, what is the difference? If there going to have any positive change, then it must start with the highest level of political system in order to erase the feeling of cynicism first.

  • 2

    Everybody who has even a peanut size brain can understand it. As soon as the Yahapalana govt came, Ranil was travelling overseas to various economic conferences to meet Zorros. He went to Belgium looking for GSP extension but it says Zorros was operating from there.
    My question is whether Ranil also got his BOND SCAM PROFIT SHARE during Ajith Nivarrd Cabraal Time. If so, he had lied to people in 2014 saying he would establish FCID, HE SAID, HE WOULD SET UP EVEN THE legislation BUT HE DID NOT DO THAT,but he did nothing. About 188 had received profits TNAMPs drivers, some ministry Secretaries and their children all those were in papers.
    The important thing is whether Ranil got profits even from 2006-2014 bond scams. That may be the reason, he did it three more times without any hesitation.

  • 3

    Aloysius, son in law of Mahendran was said to have given Rs, One Million to many MPs and to others, presumably to ‘buy’ their silence.
    Will these people be prosecuted?

  • 2

    Weerawansa kids if they have coronavirus will infect more people with there friends, they are not quarantined. how did these guys get released. whole country will suffer as the coronavirus has the Ro of 4, (to the power 4). dont play with peoples lives.

  • 1

    Thank you Dr Jayarathna.You could have gone at least full three Rounds on an 18 Hole Course with the time you seem to have spent on this..

    MrWijesekera the UNP/SLFP/Yahaplana/and now Pohottuwa Minister admitted collecting LKR One Million from Aloysious.

    UNP ex best Finance Minster bragged that he is as Clean as a Whistle even as late as last week, pointing to Samy’s F******Bond Report .

    But Galleon Ravi was the first to get caught buying that Balasooriya’s penthouse with the money which came from the EPF loan to PT.

    One of UNP heavies from Colombo Central and the Pin Up Boy of Colombo Elite, who has now fallen out with their Supreme Leader Dr Rani also admitted that he collected LKR 3 Million from PT.

    The other two who wrote Foot Notes to the First SCOPE Bond to clear Mr Aloysious and Uncle Mahendran also have fallen foul with the UNP Supremo Dr Rani.

    And all three have lost their UNP Exec Committee Gigs as well, on the order of the Supremo Dr Rani.

    Dr Mahendran who fixed the Yahapalana Bonds publicly has declared that the UNP Supremo Dr Rani gave him all the orders.

    And Dr Rani is in Hansard declaring that he as the PM has frozen LKR 11 Billion from the assets of the Aloysious Family Empire to refund all losses to EPF and BOC.

    I can list so many others with this Yahapalana Bond Scam , but I don’t want to miss my Booking this Morning.

    The sad part part of this whole sorry Saga is the Yahapalana suckers will not read this for sure.
    Neither they believe that Dr Rani’s mate and his Son in Law did anything wrong .
    After this Samy’s F******* Bond Report ,they seem to have got a new feeling of deja vu to say Pohottu Cabby also done it . So what is wrong wit Dr Mahhy doing it .

  • 3

    Would some kindly soul explain in plain language and without technical jargon what the hell Bond Scam was and what all the other thievery allegedly committed at the Central Bank? Scores of people talk about it, accusing one or the other, often on political lines, without obviously understanding what has taken place. Perhaps the much respected current Governor, Prof Lakshman, being a former teacher, be able to give a clear explanation as to what had happened in the past. The bottom line, however, is will anyone ever be prosecuted, any stolen money recovered, those engaged in corrupt and unethical practices punished. Would there ever be an open and fair court case heard by impartial and competent judges? I doubt very much. The Yahapalana government for ever destroyed the faith in governments to prosecute the criminality of politicians. It also destroyed the faith in criminal justice system, from policeman to the highest court in the land. Sri Lanka is in a downward trajectory in this regard. And even if we ever become economically successful, morally and ethically we would be a failed state. Our claim to nobility based on Buddhism is no different to United States claiming the moral high ground based on Democracy and Freedom while committing murder and mayhem around the world.

    • 4

      Mr Goonaratna, Have you heard about Insider Trading, which landed the richest Tamil Diaspora inhabitant Mr Rajaratnam behind bars in the Brox for 11 years?.

      What Dr Mahendran did is far worse than that both in Criminality as well as Morality.

      Because all the profits they made came out of our poor suckers EPF savings.
      Unlike the USD 50,000 Mr Rajaratnam made from NASDAQ and S&P 500 Punters.-
      Another remarkable aspect of this White Collar crime is the sheer magnitude of the Loot.
      Unlike that 50 thou Galleon Ravi supposed to have made, Aloysious Family made over 11 Billion .
      Even in our poor Lankan Ruppaiah that is a colossal collect.
      I am not sure the current rate , but it must be close to at least 100 Million in USD, which our Tax Payers have to pay back over the next 26 years..
      With interest too, mind you..

      But Don’t worry mate..You are not alone.

      Dr Ranil and his Cabinet themselves had to take Tuition from Aloysious himself through their Pin Up Boy Senasinghe . after the Shit Hit the Fan at the COPE Committee..

      Still they think they have done the right thing to the EPF members.

  • 1

    We are guilty as for evidence in the Forensic Reports > Please charge as for the section in the Penal code and sentence us accordingly . People will appreciate it and will deter others indulging in these fraudulent activities in the future

  • 1

    Should not be prejudiced, let a high court at bar try the forensic report and determine all those guilty and the punishments to be given. Obviously we know who the culprits are. The moneys spirited should be brought back and used to ease the economic stress of the poor. The court also should analyse the weakness of the constitution that allowed for these frauds.

  • 0

    C.B.G, there will be more mudslinging from both parties , but more from Govt because of their helplessness/hopelessness. With the crash in Tourism and less foreign returns from Gulf Countries, Lanka is facing a bad to worse scenario . Privatizing and selling SriLankan Airlines will not prevent bankruptcy. With no austerity measures in place, and continuing with freebies (it will multiply in hundreds during election years to win voters) as usual, to keep our voters quite , I do not see anything other than blame game. But one thing is for sure ,with China now in quarantine,global economy as a whole is facing severe headwinds.China will not be in position to Dole out Lanka as before. Even the projects which are now in process will come to standstill or delayed. (scarcity of money and man power, China will not finance for Lankans to employ)) International stock markets have lost 1 to 2 % of their capital each day in past one week. So blame game, mudslinging, passing the buck and other (usual racial divisions/hatred) distraction methods will have to continue for coming years. For starters the Govt has to maintain its Denial until elections (not to stir the Hornet,s nest.)

  • 3

    EPF money does not belong to the Government if I understand right , it is a fund built on the contributions of the Employer & the Employee, So.SLCB had taken charge and used it the way they liked and incurred losses to the Fund , now one of the former Governors is on the saddle will he tried the hand in it again ? The public must raise a protest immediately

  • 4

    The difference between Cabral and Mahendran is just this.
    Cabral is true to style James Bond. He was not exposed until Mahendran was caught by bringing in his son-in-law!
    The Rajapakses left no clue and covered their steps in their quest to loot anything, anywhere all and sundry!

    • 2

      Mahinda and Cabral are like Ali Baba who looted without getting caught, unlike Ranil and Mahendran who like Ali Baba’s brother got caught trying to loot.

    • 2

      What can we do ? All from MaRA,GoRa. My3, Ranil, Kuru, and many ministers from both parties looted the poor Sri Lankan citizens, who are voting them to power with the hope that one gangsters would be better than the other. This is worst than a Corona virus, going towards no-point of solace.

  • 1

    Are these” partners ” in fraudulent activity in High office going to go Scott free? Hope not. Justice must be done and must appear to have been done

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