26 June, 2022


Sirisena’s Bond Commission Is A White Elephant

The much hyped Special Presidential Commission appointed by Maithripala Sirisena last month to investigate the bond scam at the Central Bank is a Yahapalanaya white elephant sans necessary powers.

Maithripala Sirisena

The three member high level committee comprising of Supreme Court Judges Kankani Tantri Chitrasiri, Prasanna Sujeewa Jayawardena and retired deputy Auditor General Velupillai Kandasamy, has only been tasked to ‘inquire’ into the bond scam, and does not possess the powers to take action against the wrong doers.

The Commission will only be a commission tasked with ‘fact finding’ and none of the evidence submitted to the commission can be used in a court of law.

As per the term of reference of the commission, the commission has been only tasked to probe irregularities and procedures of the bond transaction.

The main objective of the commission is to “investigate and inquire into the management, administration and conduct of affairs of the Central Bank of Sri Lanka (CBSL)” as well as to inquire whether there was any misuse or abuse of power, influence, interference, fraud, malpractices, nepotism or any act of omission connected with corrupt activity at the bank.

However the commission does not have the power to take action and any person who testifies before the Commission of Inquiry will enjoy immunity and cannot be prosecuted in courts, including if anyone admitted to any wrong doing, no action can be taken against that person by the commission.

The commission has been tasked to only submit a report detailing its findings to the President following the conclusion of the inquiry.

“Basically, the commission has only been appointed to ‘inquire’ into the Bond Scam, which the Committee on Public Enterprises (COPE) has already done, so it does not make sense why another committee is required to do the same. This is nothing but a waste of time and resources,” a political analyst pointed out.

He highlighted that the government was trying to unnecessarily ‘buy time’ instead of taking action against the culprits when the Auditor General himself has clearly ruled that ex-Governor Arjuna Mahendran was directly involved in the scam which cost the country at least Rs. 1.6 billion.

“What is the point of such a commission if the evidence gathered from this exercise is not admissible in court,” he inquired.

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Latest comments

  • 4

    Special Presidential Commission

    “As per the term of reference of the commission, the commission has been only tasked to probe irregularities and procedures of the bond transaction.”

    Half a loaf is better than none.

    Well, this is half-a loaf of bread. Better than no-loaf, but may be, may be useful, in a future commission, after the findings come years later..and then there will be another commission…

    • 13

      Sure,half a loaf is better,only if it is a white elephant, but this is not a white elephant, this is a”RED HERRING” where bread does not come into account and CT HAS AS USUAL used the wrong terminology.

      Our man wants to divert attention and buy time so that we Sri Lankans will in true form soon forget to focus on hot issues and move on. Political Strategies !!

  • 12

    Do people want to vote him for another term ?

    I don’t think he has any such expectations ?

    • 7

      however, he is lesser evil than your god father Rajaakshe who looted and ruined before left the office. Today shamelessly he dares to opens his mouth to the very same folks – you buggers being cemented on licking mode sadly.

  • 8

    Presidential commission to save Maithripala sirisena and to close the mouth of those who questions the PResident. Mahinda Rajapakse did not come to the parliament during the specific question period because Mahinda Rajapakse and KAbraal were used to do this so many times. I think it was preplanned in order to face an election against Mahinda Rajapakse.

    It looks they got a letter from world bank saying that Everything of the Bond scam was OK.

    Anyway, the response depends on what information was provided by the govt. On the other hand, by asking a Second opinion from world which did not know much about the bond scam and neglecting AG’s decision are all cover up.

    It is very clear Maithripala Sirisena knew it from the begining. Because, the bond scam first happened during the early days of the govt.

    Every thing is made make legislators the thieves and to make it easier for executives to steal from the public.

    Besides, it says, Mahendran has used Rs 66 million from the Central bank for his personal expenses.

    • 4

      All are Crooks, no exception can be found.
      President M.R Rajapaksha is the best of all Crooks because his style of rule paved way all to play the hell with power while in power, since MR used and lambasted the “Patriotic”, “War Hero” terminologies by swindling and bungling national wealth, so that everybody in power can do the same, Maithiri may be an exception but not Srisena!!

  • 16

    This president is a good story teller, he is being driven by PM. What a presidential hype was given to this commission, not its a “puss wedillak”. No value but buying time to delay.

  • 10

    I think every thng the govt does is very expensive.

    Recently Nimal Siripala De Silva had been present the for the event of changing Railway tracks just for SIX KILOMETER length.

    The cost is Rs 762 billion.

    That is unimaginsble. This is just chainbg trcks. Railway is already over staffed in thousands and money losing in billions.

    • 7

      I agree with you Jim on this. This Nimal Siripala and Ravi K are the top swindlers. Sri lanka will never ever raise its head as long as people of this calibre are in the parliament.

  • 10

    we need a new President, any idea who is good nd not corrupt , young ?

    • 3

      Nagananda Kodituwakku?

      • 4

        srinath gunaratnam

        “Nagananda Kodituwakku?”

        There are only a handful of people who keep the nation’s conscience alive.

        Let Namal contest the elections and leave Nagananda Kodituwakku be the nation’s conscience.

        You appoint yourself as Namal’s official b***s carrier.

        • 5

          Native Vedda

          Ahhh Crazy Bugger you are back, Where were you on a crowd paid holiday?

          one still sees the verbal diarrhea rant on comments by your good self is still not cured

          so where did you go?? Any White van dreams? or MR Dreams?

          • 4


            I have no objections if you want to be Namal’s b***s carrier.

            Lets ask srinath gunaratnam if he has any.

  • 4

    What the article states in brief is true. Only to findout the “facts”, yet and yet again. HE claims that it is done under legal advice. OK if this “commiscion” finds offenders who would have to tkae action against the offenders? The AG.

    Therefore it appears to me that this wasteful exercise is not really to take legal action but to perform another drama to keep the subject alive and to engage in publicity bashing indirectly against the PM (Of course its his attitude that provided much cover to the alleged offenders).

    It must be mentioned in sidelines that was there no constitutional council then Department of AG would have tried its best to oblige the Prez. But with a CC on it has to be careful in view that all next promotions require the sanction of the CC, which virtually means the PM. Hence the Department of AG is expected to be silent for a very long time in this matter.

  • 11

    President Sirisena had a laughable “I, me and myself” story
    to relate when he spoke at the Abhayaramaya Temple in

    He said “it was I’ who removed Central Bank Governor Arjuna
    Mahendran. “It was I who appointed Indrajit Cumaraswamy.” It
    was I who told the Police the bond scam probe (on the COPE
    report} should be carried out as a criminal investigation
    when the Prime Minister Ranil Wickremesinghe wanted a civil

    What does this “I, me and myself” President do then. He appoints
    a Commission of Inquiry ONLY to find the facts behind the bond
    racket. Mind you – it has already been unraveled by the COPE.
    Why then is another inquiry to find facts necessary?

    Very simply, Sirisena is NOT rpt NOT a national leader and has
    no depth. He does not know state craft. He only wants to survive
    and therefore has to fall prostrate before PM Wickremesinghe. See
    the newspaper reports about what he is good at – talking about drought
    relief, fighting dengue, saving forests etc. He uses a helicopter to go
    all over the country opening daham pasalas and attending school prize
    givings. There is no tangible intellectual contribution. His speech
    on independence day was a disaster.

    These are the people who said Rajapaksa regime was corrupt and
    the former President has amassed $ 18 million in a foreign bank
    account. Where is this money and what investigations have been

    The bond racket involves over 26 billion rupees. Supremely arrogant
    PM Wickremesinghe,Arjuna Mahendran, Malik Samarawickrema,
    Arjun Aloysius and others now want to start a new newspaper with this money. Others amounts have gone to buy shares in banks and other
    companies. This is what is called Yahapalanaya by a Gamaya
    (Sirisena) and a Mr Dirty (Wickremesinghe).

    Both only want their positions safeguarded and are doing everything to protect it. This is why they have become unpopular and do no want to hold local
    and provincial council elections. Democracy is dead. All their actions are coming as great bonus to Mahinda Rajapaksa.

  • 8

    Exactly. Your perfectly right CT. This is just a conjuring to mislead public and a bid to save President’s image. (if there’s any).

    If HE really wanted to unearth the truth about bond issue, then he would have done so before dissolving parliament. In fact, he dissolved the house in order to save Ranil whom if not, Mythreepala never be able to be the first citizen. So he’s under obligation for obvious reasons. CB bond scam is a day light robbery. Appointing bogus commissions to “investigate” what had taken place, was just to by pass the public attention.

    We should actually tell the presi, people are not fools. (except the band wagon who in the opinion that the shit of yahapa also is taste). :-)

    And, there’s a atrocious media campaign also is in action in order to uplift HE’s political image. Basically tell the public that “Mythreepala is innocent and Ranil is the culprit”. Wijeya group, Sirasa are leading the campaign I guess.

    • 1

      If he cannot not appoint a shady commission to cover up the daylight robbery in the eye of JVP COPE, how is he going to dodge UNHRC’s call to investigate the internationally known Genocide Crime?

      Let him practice. He is jet only a lion cup. He is playing like biting. With that kind of skill sharpening, when you need his help, he jump on your enemy and hold it on the throat. That time UNHRC will know whom they supported to come to power.

      Don’t rush. Watch entertainly how the lion cup is playing the chasing and biting game. Wait and see how he makes one more electric chair of UN redundant that is now reserved for one above max.

  • 7

    This man always wanted to save Ranil. In 2015 he dissolved the government on the eve of COPE report being presented to the parliament by Dew Gunasekara and saved RANIL. Now he has appointed a so called useless presidential commission. This gutless man even has postponed the cabinet reshuffle. He is unable to take the right decision having done so many disgraceful acts during his term such as appointing people to the parliament as MPs who were rejected by the people. As such, when Ranil stands firm he acts as Ranil’s obedient servant and do whatever Ranil wants him to do but behind Ranil’s back he tries to undermine Ranil. He should not have come forward as the common candidate because he should have known that he is not suitable for such a high position.

  • 4

    I spoke to my elderly Jemis Maama of the bakery about this “Presidential Commission”. This is what he told me. “Mahattaya, owa kathakrala ethi vede mokkakda. Anthimata wenne, Natapu Thovilekuth Neha, Bere Paluvakuth Nehe kiyana dey thamai. Do I need to write anymore than that?

  • 3

    President Sirisena is a novice when compared to the political acumen of his Prime Minister. The PMs weak spot is his penchant for hubris. We are all godayas in his eyes, except the Royalists who surround him. The kaputas, picking scraps that fall off the table is our cabinet of ministers and MPs. Nothing happens without the big two agreeing, everything we see and hear are for our consumption, not contemplation.

  • 3

    Looks like Bodhi Sira is in it too..to come up with all this BS to con the poor Dalits in the SLFP.

    Galleon Ravi the biggest crook next to Batalanada’s mate Mahendran, said as late as yesterday that every Financial Deal he has done, has been ticked off by both Batalanda Ranil & Bodhi Sira.

    This was at the Press meet after that big ass discussion to reshuffle the Cabinet and sideline the crooks.

    Today the Colombo media says Bodhi Sira has postponed his “RESHUFFLE”. HeHeHeee..

    Say no more..

    • 0

      Even after getting belly full from bellanwila hamuduruwo,
      These guys are Teflon!
      Looks like MR is child play for the things to come.

  • 3

    Sirisena, we have had enough talk from you and establishment of commissions. This age old trick will not work anymore as the people are watching you carefully to see what is going to happen to all the crooks and blood suckers in the previous regime who are still roaming free.

  • 1

    It is sad that the present Commission appointed by the president to compare with COPE.What is COPE. Can members of the COPE to be compared with the Supreme Court judges.How many MPs in the COPE Knew anything about BONDS.This is the type of MPs who sent former Chief Justice Home.So there is room for a professional body to find out what exactly happened. Their conclusions will be of much value than 8th Standard MPS version

  • 0

    President Sirisena is lost in the wilderness of SL politics. He is the leader of the SLFP by the fact that he is the President of he country but lacks the clout CBK & MR have in the party. He is nobody without the Presidency & needs the UNP to keep him in power but appears to lean towards his own party on matters of state, instead of being impartial as the constitution expects. So he is doing a balancing act, neither he nor there & a drain on the SL tax payer.

  • 0

    This is better than nothing.

    After two years of blind faith on Ranil, now at least the President has the backbone to appoint a Commission to probe the corrupt PM’s direct involvement in the Central Bank fraud by appointing a non-Sri Lankan against the Constitution as the Governor of the Central Bank and by way of inside information seeping to Governor’s son-in-law’s company Perpetual Treasuries which involved in the bond auctions.

    The Commission has no authority to punish the culprits. Of course, they can’t. The President has to take action based on their Report as there is an involvement of the PM.

    As the Attorney General’s Department, the Police and the Judiciary is influenced by the PM and the officials at the Temple Trees and also based on confessions followed by revelations of Senior Government Ministers of their influence on the Judges, appointing a Commission directly answerable to the President is the only way to take the culprits to the courts and recover the enormous loss of money to the country.

    The three-month-period is way too long. I wish the President requests an Interim Report from the Commission after one month so that the tax payers in this country can see where the findings are leading to.

    • 0

      If this government convict anyone for bond scam, I will shave half of my head and send to CT!
      They eventually drop the matter!

      • 0

        Dont think CT readership will be interested in seeing you bold head, since they are all culprit supporters.
        You have proved it not just once several dozens of times. sofar

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