1 December, 2020

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The Bond Issue Goes To Supreme Court – Full Text Of The Petition

A team of professional and experienced bankers and treasury managers and Good Governance activists Dr G. Usvatte-Aratchi, Dr. A.C. Visvalingam and Chandra Jayaratne yesterday have submitted a petition to the Supreme Court (SC FR 107/15) re the controversial Treasury Bond issue.

The Central Bank Governor - Arjuna Mahendran

The Central Bank Governor – Arjuna Mahendran

The petitioners request;

(a) The Monetary Board to carry out an independent inquiry by a competent panel of professionals well versed in the rules, systems, procedures and processes applicable to the public debt management under the supervision of Court and to report thereon ; and

(b) Direct the Monetary Board and other associated Respondents, in consultation with stakeholders, to formulate new systems, processes, rules and regulatory frameworks which assure transparency and best good governance practices are in place in respect of future public debt issuance

This public interest petition has been filed through, Attorney at Law Ms. Lilanthi De Silva and has been settled and will be supported by Attorney at Law, Mr. Saliya Peiris and Attorney at Law, Mr. Pulasthi Hewamanne.

To read the petition click here

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Latest comments

  • 20
    7

    Who knew Ranil would appoint a governor who makes Ajith Nivard look like a bastion of integrity.

    • 3
      1

      It takes long to be young.

      What do these monkies mean by ¬best good governance practices` US or UK standards of bluff & bluff with consultants for consultants for consultants (nice fat fee for just a signature)
      OR get their permission to go to the toilet??

      1. He was appointed because a major portion of Chinese sovereign funds were deposited at Singapore to handle investments in difficult countries like US & UK.
      2. Only HSBC in October 2007 was given the permission to set up branches in all villages of China.
      3. Just before the crash Barclay Bank brought out an issue for the sale of 14% shares and it was indirectly by Chinese funds. A whistle blower who knew that South Africa’ largest bank had sold 30% to China under Zumo informed the British and it was stopped.
      All British banks are private and HSBC has 95% of its business overseas not UK though it is UK’s biggest bank. Now they are being hounded for money laundering after the CD leak.
      They openly do it at Montreal- money laundering via Chinese and its my personal experience and when I raised the matter with the bank at UK they first ignored but now they have said sorry with a twist by letting me use my UK debit card at Canada than master credit card.
      China does not allow UK/EU/US debit card but Master or visa. which means I pay high interest to borrow cash when I don’t need to.

      • 0
        3

        Yanne koheda malle pol; this is about the petition to SC on controversial treasury bonds issue by RanilW appointed CB governor Arjuna Mahendran you idiot.

        • 0
          1

          Mechanics grow leaks.

          Coconut heads are good at shooting their foot

          HSBC holds most China sovereign funds because of Party policy to purchase difficult country.
          England sent TATA to build Rover at Chery China, Gordon gave £3 billion – it’s no secret to the British people it was opend and closed very soon by shareholders in UK. Human rights is political but business is business in vale not stupid fight- uK biggest export Guns of WAR Chinese dont match no one as yet- even the russian could not rescue sub without Tony blairs robot to do the ob.
          We have more than your dream to live at UK and blow you up from UK via drone modaya.

          When china comes to the west or in big deal the policy is direct and minum $10 billion

          indian imports from China $53 billion and its mostly private but ambani is the rep of india there with minum $10 billion.

          Where are you malle kunu bola

          your 2 Rotten gadu gudan/rambutan

          We need the man to get some thing accounted for the country to survive in he form of VAT atleast
          China will never tell like england never tells foreign contracts by law.

          its bad business.

          those men asking for his status are curious stupidly for their own greed.
          how many of them have offshore accounts or un marked stock in the rest of the world??

          Only merchant bankers know that grapewine.

          keep him now or there is no one better.
          set a thief to catch a thief.
          but he is not lankan to be condomed after doing the duty paid for- passa did the army boys from east commander days once job done.

          You gonna go drink more kassipu not WATER.

        • 3
          1

          Javi is no idiot. Only real idiots cannot understand his cryptic style and unbridled sarcasm. You need to be an intellect to understand him. Not a simple, grubby mechanic.

      • 1
        1

        Idea is when the governer finds out foreign funds like Hinuja case all have to pay VAT if they foreign funds if they are citizens of Lanka.

        Don’t kill any golden goose by pure animal instincts0 – of buddha land.

        don’t you see the suffering after the nationalization by Womans dynasty from 1968.
        Learn don’t be like the muslim kill kill- buy and sell.

        Whatever their stocks or cash is and if it is profitable like Harry’s keep it don’t destroy but pa VAT.

        That goes to these respondents too who are retained in some way by offshore account holders or thet have it too hidden else.
        They cannot fool international bankers who are smart to inform the Lankan authority.
        Then do it decently VAT 20% same amut is charged in the exchange mechanism without fighting like cocks with pol pittha.

        Then use the money wisely to bring respect to your multi tasking women not the Nonas who are okay in this soup then to all a better society that has not killed unnecessarily- be like the native american- appache.

    • 1
      2

      Ultimately the right action is taken by some learned and responsible members of the public.

  • 8
    5

    What a picture of the CB governor. He’s about to say, ‘Bond…. Arjuna Bond!

    • 3
      1

      BTW China fiscal policy: they can only take away $100 billion per year for FDI.
      They put their very first investment of all 100 with CITI bank Jan 2008 and lost every single dollar in 3 months (the bank gave away all that money to Freddy but today Freddy is laughing all the way they are right at the top)
      Cowboys will always be cowboys so CITI was not given the permit to operate as HSBC in China though it tried very hard.
      Many of the young top Chinese party boys with highs at Cambridge Uni work in top positions at Old Street London Merchant Banks.
      England knew Mahtmas weakness so they promoted him and still do so Modi has not been able to kick that name aside – he will do it within 10 years. Gandhi the muslim was shot at centre point Nagpur (Deccan Pleatau; Deccan means south in sanskrit; Gujarat is Deccan) by priest and Babasaheb the father of Indian constitution became a Buddhist there with statues every where.

  • 21
    2

    These Petitioners can feel “safe” now; because there haven’t been any “white van” or “road accidents” since the beginning of January, 2015. This is also a “litmus test” for the “Independence” of the Judiciary. Let us wait and see how the proceedings are unfolding.

  • 20
    7

    Why waste all this time and money. It is absolutely clear to even a blind man that there was fraud, collusion and nepotism in this stinking deal. The whole affair is a fraudulent mess. Instead of petitioning the Supreme court, these ’eminent’ men should have first demanded the immediate resignation of the CB governor and penalties imposed on him and those responsible for the fiasco. Instead, they call for an ‘inquiry’. What a sham. These things can “happen only in Silly Lanka” as Govinda the comedy Indian actor would be wont to bleat out on stage.

    • 5
      8

      DO you have any evidence of the fraud collusion and nepotism the new governor of the CB? If you do please enlighten the courts and the investigators. But also may I remind you of the monumental fraud collusion and god knows what else that went on unreported un-investigated and ignored for more than a decade. You seem to be so focused on the new governor of the central bank you are forgetting the other players who have clearly cheated the system and have gone unpunished for a very long time. To the other joker who seems to have woken up from deep slumber where were you when Cabral robbed this country blind by buying Greek bonds, setup the system of issuing bonds under the table in a closed process intentionally designed to collude with the major bond dealers. Where were you lot when Cabraal went hiring PR firms and squandered millions without following any procedure to cover up for the sins of his master? You make such a fuss about a bond that was issued and over subscribed at the announced interest rate simply because one of the firms has a family connection to the governor? While ignoring all the monumental stuff that cost us dearly due to the actions of his predecessor. There is a word for people like you.

    • 7
      2

      thankfully Lanka has not fallen into Sharia law as yet.
      there is civilized procedure that brings to light the other interactions that create this issue.

      • 1
        1

        Hi Javi,

        You are a educated moron, I cannot call you anything but that for your ignorance and racist remarks. Why are you bringing sharia law into this shit? Have you run out of rope? I think you are just another kid joker seeking attention (likes for comments).. in this forum. Please keep your gibberish to yourself. And unsubstantiated claims..

  • 10
    0

    Ajit Nivard’s sister is on the board of Arjuna’s son-in-law’s company that made the killing! Loom closely. WE are idiots and we must get GOOD men and women into politics.

  • 8
    1

    Brilliant.

    We need to keep the pressure on.

    Arjun has to go or the bonds have to be cancelled or both.

  • 8
    1

    Mahendra – I came, I saw, I plundered, I left!

    • 7
      1

      ….and, I WON! Fools all of them.

  • 7
    0

    A lot of these economic hit men come from other countries and rob Sri Lanka. Former Petroleum Minister Anura Yapa brought in a Singapore lawyer called Sri Rajaratnam as an adviser to the petroleum corporation. This chap had no experience whatsoever in the field but was a big talker and smooth operator. Minister Anura Yapa operated with the help of this guy.Please investigate what happened in the petroleum Corporation when Singapore lawyer Sri was there as a consultant.

  • 4
    1

    I am fortunate that all 3 petitioners are known to me personally. They are gentlemen of the highest integrity who voiced their opinions on public matters without fear or favour in those dangerous times of the last regime.

    The present Sirisena-Ranil W regime deserve the thanks of the public for allowing critical examination of their governance without the presence of white vans or those otherwise phantom men coming and vanishing in brand new motor-bikes such as those who savaged Lasantha Wickrematunga to death in those dark years from which the country has been spared.

    Any adverse reaction, if at all, from the proposed action should not be considered an indictment against the present government but as a further measure of the rapid restoration of the system of good governance that we were fortunate to enjoy from the time of the British.

    Backlash

  • 2
    5

    meezan – no, I think that taking the matter to the SC makes sense, for everybody, including the opposition parties, have been demanding his resignation. Yet he is thick skinned and has not the honourable thing of resigning. It would have also been the most prudent, for now his leader Ranil and the rest of the UNP Cabinet are wasting time and resources in defending this man when they are failing in their election promises. In this light the court action has the benefit of demanding exposure to the public, which Ranils pliant party panel cannot hide.

    • 5
      0

      “”no, I think that taking the matter to the SC makes sense, for everybody, including the opposition parties, have been demanding his resignation.”2

      no wonder we call you Buru banda the thief. in politics.

      you are good at shooting at foot.

      you set a thief to catch a thief.

      Not animal sihala mentality display using democracy as cover.

      passa did that and you supported it under the buddha emblem- he condomed his military long before Fonny- remember the east commander and take in Karuna, Douglas KP.

      What this man can bring back to the country in iside dealing of the corruption no are better than him in the international deal-

      Stop farting they are working for other thieves of foreign accounts and shares from being taxed like in India or US or lose citizenship like Hinduja.

      Dont get into nationalization like you have done from 68 – greedy buggers fu*k the island and shoot foot.
      your passport has no value in the world just wipe your butt with it. neither do you have any offshore account or shares to talk shop and if you do you fear the worst for you- the big thieves in the region selling guns in the sea to terrorist- terror state.

  • 5
    0

    If anything like this took place in Arjun’s previous places of work – Singapore and Dubai.

    He would be behind bars.

    In Sri Lanka we are talking about committees and conflicts.

  • 0
    4

    In politics, people are, as usual, on the crossroads of a dilemma and fall prey to the pseudo politician and land themselves in the labrynth of political gimmicks. Ranil is not a national minded politician, his interest in politics is self centered and is trying to project his own image and force it down the masses.
    CBK and other competitors images were systematically eliminated by MR. However by belief in “divine” power he declared the Presidential election two years ahead and set the “divine” date of Jan 8 for the voting. Many leading and extremely corrupt politicos who were scheming from their “graves” the downfall of MR were resurrected and appeared openly and with a vengeance in support of the common man and MY3 became the common choice fall guy.
    When the “P” election results were announced the “resurrected” wanted their share of the spoils before anything else. Ranil, the evil schemer, had his own pre prepared “who should be where” list where Arjuna Mahendran appeared among the top.
    Sri Lanka is a nation of immense talent, not in politics, but in honest administration which has never been recognized and Ranil brings his man all the way from Singapore is questionable, but by whom ? the masses have spoken on Jan 8 and lost their voice and rights now what is the next step ? Are the masses going to take to the streets in protests, no way, as we have seen time again that civil disobedience has taken any country anywhere. We paid for the tickets for this day to day drama with our only saving, the vote, now let us watch it as long as it goes to day is episode 80 which I am still to read
    at the end of the day.

  • 5
    0

    Arrest the culprit. Recover the loss and black list the man from all financial institutions for the damage he has incured to the countries economy.

    • 1
      0

      Are you talking about corrupt MR (who shamelessly robbed Tsunami aid), his brothers, sons and all other family members ? Then, I am totally with you.

      • 0
        1

        These are the minorities who voted sira. What’ a mess!!!

  • 4
    1

    This Bond Issue is obviously a “Black” mark on tge government. We all are dead sure RW is honest but people around him are a question mark including his best friend/s.

    • 3
      0

      he rW set a thief to catch as thief- is the policy
      Or the country would be in rebellion the way you ask for Spring- but by nature you folk are chicken. look at yourself in the mirror.- any rebellion is shot down you are now cowards who did not come out when the world was watching the commonwealth meet to get him out for fraud.

      COWARD NOW SPOIL SPORTS TO ALL YOUR OWN NEIGHBORS RELATIVES>

      don’t be prodigal sons all around just COUNT YOUR BLESSINGS.

      He is the only man who knows the soverign chinese funds- HSBC
      Soverign funds of china are in Singapore market for purchase of this type of less than $10 billion. They purchased 30% of Africas largest bank via this.

      All lankans are good at is at shooting their own foot.
      Isn’t that your gripe greed jealousy??

      • 2
        0

        @JaVI
        ” he rW set a thief to catch as thief- is the policy”

        Youre referring to Ravi K the new Finance Minister?

        • 1
          0

          rustic pick pocket government- is doing the right deal under circumstances. It’s clean and subtle – good for the nation.
          You folk are chicken inside to not have won a spring at the CW summit when Cameron went there and the whole world watched. you could have even done it like Yugoslavia did. The response would have been rapid resolution.
          But everybody wants something for nothing over there- buddha land of tamil, muslim sinhala.

          Any way after the prince of UNHRC recommends in Sept her Majesty will approve how she sees fit in Europe devoid of all Lankan, S,M,T, and Indian at Malta Valletta from 27 to 29 November. Summit of Commonwealth.

          Malta is the real pearl of Europe better than Lanka climate etc etc.

          THE British Monarchy News and DiaryPress releases2015

          Queen to attend Commonwealth Heads of Government Meeting 2015
          Latest News and Diary
          The Queen, accompanied by The Duke of Edinburgh, will visit Malta and attend the Commonwealth Heads of Government Meeting (CHOGM) which takes place in Valletta from 27 to 29 November. The Prince of Wales, accompanied by The Duchess of Cornwall, will also attend CHOGM in support of The Queen.

          Further details of the visit and Her Majesty and Their Royal Highnesses’ attendance at CHOGM will be announced in due course.

          http://www.royal.gov.uk/LatestNewsandDiary/Pressreleases/2015/QueentoattendCommonwealthHeadsofGovernmentMeeting2.aspx

    • 0
      0

      ranil may be honest but he is a FRCS – Fellow of the Royal College Society.
      Who was the great guy who coined the phrase FRCS?

  • 3
    1

    If a man uses a system finding ways and means to make the best use of it then he is not wrong but considered smart guy even in England. It is up to the guardians of the system to `change the policy not the system` to plug the loop hole thereof.

    Shouting thief is not just display of ignorance but pot calling the kettle black.

    This is common for the first inventors in Europe or US. Sony purchased the patent rights to radio from US after they lost the war because of radio hams and today they produce some of the best. Same goes with software giants Microsoft, Adobe they all have to sell their product to developers who create other software which is smarter than the original.

  • 2
    0

    Bedrock Barney.

    Or is he about to say…

    Mame Jamis Banda..

  • 0
    0

    At last we can sense a Just Society being formed in Sri Lanka. Under Mahinda Rajapakse there would have been no possibility or to put it blunt there would have been no point in going to court. Under President Sirisena that opportunity is there.

  • 1
    0

    Where the hell were these clowns and jokers when the vampires Nivard Cabraal and the Rajapakses were pillaging and plundering the countries wealth?

  • 3
    0

    Mr. Buddhika Lokubandara do you think just because the former MR regime were rogues , the present set of rogues should be allowed to rob freely ? The people are in a hopeless situation !.

  • 0
    0

    This is another ploy to involve the CJ (a Tamil) as he may have to give
    judgement in Arjuna Mahendran’s favour if the case is weak and not presented properly by the defence as judgements are made on correct evidence and that is enough for Wimal & co.to sing the communal song in the next meeting.

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