25 August, 2019

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The Bond Robbery & Loss Of CB Reputation: Yahapālana Govt. Should Stop Playing Hide & Seek

By W A Wijewardena –

Dr. W.A Wijewardena

Offering Rs. 1 billion and ending up taking Rs. 10 billion

Immediately after the Treasury bond auction on 27 February 2015, the news of a massive impropriety that had taken place in the auction spread across the market like a wildfire. The news said that the Central Bank had offered to borrow Rs. 1 billion through a 30-year Treasury bond, but ended up in borrowing 10 times of that, amounting to Rs. 10 billion.

This was unusual compared to the previous practice of the bank that not more than two to three times of the amount on offer was taken. Then, it further said that a half of the amount borrowed, namely, Rs. 5 billion, had been taken from a primary dealer connected to the newly appointed Governor of the Central Bank at a spuriously average bargain price of Rs. 91 per 100 rupee bond when the going market price of a 30-year bond was around Rs. 120.

Bond interest rates are different from their fixed interest rates

This particular bond had carried a fixed interest rate of 12.5% which the Government had promised to pay the bondholder annually on the face value of Rs. 100. However, bonds are traded in the market and depending on the market price, the actual interest yield, known as the bond interest rate, would differ from the fixed interest rate.

Since this bond had a market price of Rs. 120 per 100 rupee bond, the applicable bond interest rate was about 9.2% per annum. In other words, if an investor buys this bond for Rs. 120, he would get in interest income of Rs. 12.50 and when it is expressed as a percent of the purchase price, it amounts to a yield rate of 10.4%.

When the income tax of 10% paid in advance is deducted, the after-tax bond yield is about 9.2% which is the rate which the bidders of the bond have to quote in the bid document. The Central Bank had advised all the primary dealers informally that they should not upset the prevailing interest rate structure in the economy. Hence, they were supposed to bid at an after-tax interest rate of around 9.5% or at a price of Rs. 116 per 100 rupee bond.

Online bond auction system

These bond auctions are held electronically by using a dedicated telecommunication line between the Central Bank’s computer system and those of the primary dealers. The auction starts at 8.30 in the morning of the auction day and automatically closes at 11 a.m. Once a primary dealer has submitted a bid to the system, he is bound by the rules to honour it even if he may have made a mistake either in the price or the amount. Hence, primary dealers are extra careful when bidding not to bid at rates or for amounts which they cannot accommodate. Any extension of the auction time is done only if there are interruptions to the telecommunication lines but even then, they have to be certified by Sri Lanka Telecom, the service provider.

Central Bank could have generated a premium income for Government

The bid sheet of the bond auction on 27 February 2015 shows that almost all primary dealers had submitted their bids as per Central Bank’s informal instructions. The prices quoted by them had ranged between Rs. 104 and Rs. 119 per 100 rupee bond generating a premium income for the Government. In fact, if the bank had accepted only Rs. 1.3 billion, it could have issued the bonds at prices ranging between Rs. 104 and Rs. 119 generating a premium income of Rs. 94 million for the Government. Since the weighted average bond interest rate applicable to that issue is around 10.5%, it would also not have disturbed the prevailing interest rate structure unduly. If the bank had accepted only Rs. 1.3 billion from the auction, any additional fund needs could have been raised by using its practice, known as direct placements, of offering the balance requirement to primary dealers at the weighted average rate of 10.5%.

Since it was the prevailing market rate for this particular bond, no primary dealer would have been able to make any undue profit by selling them immediately to other investors. However, this could not be done due to three arbitrary decisions taken by the Governor on that particular day without the sanction of the Monetary Board, the legal body which owns the Central Bank with powers to make such decisions.

Increasing interest rates effectively before the bond auction

The first was the increase in the interest rates effectively contrary to the decision which the Monetary Board had taken four days ago not to change the interest rate structure until it will review the conditions of money supply, credit levels and inflationary pressures late in March 2015.

As revealed at the Second COPE inquiry into the bond scandal, Governor Arjuna Mahendran had walked into the regular morning meeting of the Market Operation Committee at about 8:30 a.m. on the day of the bond auction and made a surprise announcement that he wanted to increase interest rates and for that purpose, he wanted to abolish the lower interest rate payable to commercial banks which had been using the Central Bank’s standing deposit facility for parking their excess money for more than three occasions a month.

The normal standing deposit facility rate of the bank was 6.5%, but to force banks to lend money to customers instead of safely parking with the Central Bank, those who had used the facility for more than three occasions were paid a lower rate of 5%. Since almost all banks had made use of this facility, the average market interest rate was around this lower end at 5%.

When the decision was taken to remove it, the average market interest rates would invariably jump to its higher bound, namely, 6.5%. Market watchers believe that this decision, arbitrarily taken by Governor Mahendran against the determined policy stance of the Monetary Board, would have justified the interest rate increase that was to take place later in the day.

Throwing away a valuable weapon to control the market misbehaviour

The second and third decisions were also taken arbitrarily by Governor Mahendran yet in another bizarre behaviour he had demonstrated on that day. That was to storm into the Public Debt Department when the auction was taking place at around 10.45 a.m., a move which no Governor had done previously.

The evidence before COPE has revealed that he had met both the Superintendent and the Additional Superintendent of Public Debt and announced that from that auction onward, all moneys needed by the Government would be raised only through auctions and the direct placement system which the bank had been adopting since 1997 would be abolished. In effect, these two decisions effectively took away from the Public Debt Department a powerful weapon it had possessed in order to prevent collusive activities by primary dealers to increase interest rates and thereby corner the market.

The decision taken by the Treasury Bond Tender Board that day and all issues of Treasury bonds thereafter were a testimony to the occurrence of such collusive activities. This decision not only ruined the otherwise smoothly functioning market, but also led crafty primary dealers to make full use of it to profit at the expense of the other investors, mainly, the state managed funds. However, two and a half years after the direct placement system was abolished, the Central Bank reintroduced it in July 2017 when it was found that without that weapon, it could not control the market (available here).

Flooding the Public Debt with bids

Within minutes of Governor Mahendran’s leaving the Public Debt Department, bids began to pour in from the primary dealer, Perpetual Treasuries, in excessive amounts and at spuriously low prices. Just before the close of the tender at 11 a.m., four bids were submitted by Perpetual Treasuries in its own name for Rs. 2 billion at prices ranging from Rs. 92 to Rs. 98; three bids were submitted by another primary dealer, Bank of Ceylon, for Rs. 13 billion on behalf of Perpetual Treasuries at prices ranging from Rs. 87 to Rs. 90.

This was an unusual bidding pattern since the Central Bank had offered to the market only Rs. 1 billion and the Bank of Ceylon had previously bid for other customers at prices ranging from Rs. 109 to Rs. 119. The excessive biddings and all bids coming after Governor Mahendran’s announcement that direct placements had been abolished and all the fund requirements of the Government would be met out of the auction in question raised the suspicion that the primary dealer Perpetual Treasuries had access to exclusive information which was not available to other primary dealers.

A Governor taking decisions for a Tender Board

Then, repeating his bizarre behaviour of the day, Governor Mahendran visited the Public Debt Department in the company of two other Deputy Governors at about 12.30 pm. The evidence placed before the COPE has revealed that he had access to the bid sheet, perused it and then directed the Superintendent of Public Debt to accept all the bids. Had she acceded to it, out of the bonds of Rs. 20 billion to be issued, Rs. 15 billion would have been for the Perpetual Treasuries. However, after the Superintendent and the Additional Superintendent had protested, Governor Mahendran had once again perused the bid document and instructed that up to Rs. 10 billion should be accepted. In that list, a half of the bids accepted had been from Perpetual Treasuries.

Displaying the lack of professional due diligence

In this case, on a number of counts, the Governor and the senior officers of the bank had not demonstrated that they had acted with due professional diligence. First, the Government, it appeared, needed money to pay outstanding bills and that was a liquidity requirement. For that purpose, a prudent central bank would not have raised a 30-year bond and committed the Government to pay interest at 12.5% for all these years. Short-term funding requirements should be met out of short term borrowings.

Second, the Central Bank is the agent of the Government and before committing the Government to a high borrowing liability, as the bank had done in the past, it would have got the concurrence of the General Treasury. Instead, it was an arbitrary decision taken, keeping the Treasury completely out of the picture. Third, the Governor deciding on the price as well as the amount of the auction vitiates the role of the Tender Board which had been appointed by the Monetary Board to decide on the tenders.

Fourth, direct placements had been abolished by an arbitrary decision of the Governor without assessing its merits and subsequent consequences. Fifth, the Monetary Board, the authority on these issues, had just become an active defender of the whole impropriety thereby allowing the reputation and the credibility of the bank to be eroded beyond repair.

Losing confidence of investors

But, this single episode caused to erode the Central Bank’s reputation and credibility both within Sri Lanka and outside. The Government led by Prime Minister Ranil Wickremesinghe, instead of taking prompt action to control the damage, fought tooth and nail, to defend the Central Bank’s action. Many foreign investors in the Government securities market became agitated and shocked. The impression that a few selected individuals, with the connivance of the top leadership in the bank, could defraud all other investors with total impunity caused them to withdraw from the market. Thus, within 10 months, the foreign investments in Government securities which stood at $ 4.5 billion as at the beginning of 2015 fell to $ 2 billion. But the Government, more specifically the Ministry of Finance, and the Monetary Board did not seem to have taken notice of the haemorrhage of the country’s foreign reserves putting pressure for the exchange rate to depreciate and forcing the Government to seek a bailout package from IMF.

A bond explosion far worse than a bomb explosion

This writer in March 2015 drew the attention of the Government to the emerging catastrophe by noting that the bond explosion in 2015 caused a far worse damage to the bank compared to the bomb explosion that took place in 1996 (available here). There was very good reason for this writer to say so. In the bomb explosion, the bank managed to restore normalcy within a few months. Also, the Central Bank employees demonstrated the highest degree of integrity when they were under attack by terrorists. This writer recalls that the officers attached to the Currency Department, amidst the fear of being buried alive by a collapsing building, put all the currency which they had taken out for the day’s business back to trunks and safely deposited it in the vaults before leaving the building that was in flames. However, the dishonesty displayed by some officers of the bank during the first bond explosion and the subsequent ones that followed within the last two-year period would make these honest officers hide their heads in shame.

Governor alone is responsible under the law

It is usual for Governors to blame their officers for the follies that they commit as was done by the Bank of Thailand Governor Rerngchai Marakanond when he was taken to courts for losing the nation’s foreign reserves in a futile attempt at fixing the Baht-Dollar exchange rate in 1997. The Governor Rerngchai took the position that it was his officials who had advised him to sell dollars in the market. But the courts did not accept his plea and found him guilty of negligence. John Exter, the architect of the Central Bank of Sri Lanka, knew of this possibility. Hence, he introduced in section 22 of the Monetary Law Act that the Governor is responsible for all action done by the officers of the bank, whether they are good or bad, as the CEO of the bank. Hence, in the Exter Report, he qualified that the person to be appointed as Governor should be a person of ‘unquestioned integrity’.

Continuing to play hide and seek will be to the Government’s own peril

The Yahapalana Government played hide and seek throughout the last two-year period with respect to a number of bond explosions that had taken place in the country. When the pressure was mounting from the civil society, it just came out from the hiding place and pretended to seek the culprits. But after the pressure had subsided, it began to hide and play with the culprits.

With the new evidence which is now in public domain, the Government can no longer play this game. If it does so, it will do so to its own peril. And if it continues to hide and seek, it will be the biggest disappointment for a large number of people who had voted this Government to power in 2015.

*W.A. Wijewardena, a former Deputy Governor of the Central Bank of Sri Lanka, can be reached at waw1949@gmail.com

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Latest comments

  • 4
    1

    Dr. W. wijewardane” It looks you are also backtracking the issue and not move forward. There is no suspision it is Ranil wickrama singhe who intiated it. Yet, PENTHOUSE RAVI had been in singapore simultaneously with Arjun aloesius for 13 times singapore. At that time Arjun Mahendran was in Singapore. Then These individuals, RAVI THE LIAR and probably ALOYSIYS too haveaccounts in China, Hong Kong/singapore and Malaysia. Ranil Wickramsinghe is avoiding and absconding since the beginning. He appointed own UNP lawyers. they could not hide it. They tried to manipulate COPE which did not doa good job. anyway Gang of UNP Mps tried to run over the COPE office or meeting. Now, Ranil is hiding in finland, when it is fire in Sri lanka. Then the next thing this probalm had been there since 1994. Now, it says Cabrall got money, as the CB govrrnor, at least 18 times which may come to about Rs. one billion who are thos TANGO and CAR. Car certainly looks like a youngster who likes cars. Then FCID did not question MALik samarawickram and KAbir HAssim. Wht they are trying to hide. Sri lanka doe snot have laws with respect to politicl donations. amidst that, PResidents and PMs rob the central bank everytime they come to power. Auditor General is no where to be found. commercial crimes Politicians, higher officials are no where to be found. It looks, GALLE-ON Ravi, they use Judges to give verditcs to their benefit. EPF, NSB and other State banks, see those are eaten by vultures. There is not good politicians. Even one is looking for carcasses. Thry run it as it my car, I run it the way I want. No way, voters can escape this. ——–there are other things going behind this. some foreign organizations may be trying to destroy sri lanka, get banks and lands free of charge.

    • 0
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      Dr. WIje: Ranil Wickramasinghe and his foot note team need to be IMPEACHED FOR GRAND LARCENY.
      Also, Ranjan Hulugalle, Director of Perpetual Treasuries and chairman of Lanka Business Online and an insider information trader needs to be questioned on overseas money laundering operation of PTL. Please check out: http://www.perpetual.lk/team/john-doe/
      Note the “John Doe” promise of “infinite Possibilities” @ PTL!
      Hulugalle would be able to provide info, on overseas money trails of PTL and corruption NETWORKS
      .Chitta ranjan Hulugalle, who is a Director of Perpetual Treasuries and runs a dodgy stock trading company in California, should also be questioned at the commission on the overseas money laundering NETWORK of cronies of PT to Singapore, Dubai and US and INSIDER INFORMATION trading.
      Huugalle recently bought an apartment at the Premier Pacific 2001 apartment, in Colombo 7 and beach front properties down south. He lives at Premier Pacific Colombo 7 which is run by Nimal Perera and Hulugalle’s wife, Shiyamika Fernando, as treasurer, who are extorting funds from apartment owners with advise from Shibley Aziz, Ranil Wickramasinghe’s appointee to the Constitutional Council. Premier Pacific’s Nimal Perera is well known like his namesake for financial crime.
      http://www.lankabusinessonline.com/sri-lanka-pm-meets-business-leaders-at-horton-debate/

      • 0
        0

        Dr. Wije: thanks for this, What is the connection between Bond gate and those Sri Lankans named in Panama Papers leaks? It is now time to go after International Networks of corruption which have been left untouched. Currently, only local corruption is being exposed.
        In Malta, one of the Panama Papers journalists, a woman, has been murdered. She and other Whistle blowers should not have died in vain
        Sri Lanka needs a commission of investigation into those named in the Panama Papers leaks. Many Sri Lankans named were known as “pump and dump boys” in the CSE and part of a ring of insider traders. This is where the dark art of legalized looting was practiced via Global Networks of corruption – and where Arjun Aloysius started.
        Those named in PP need to be asked why they sent funds halfway around the world, given that the world economic growth center is Asia? Ravi K. was protecting those named in the Panama Papers and refused to open an investigation, which the Central Bank should have opened.The Panama Papers leaks brought down Nawaz Sharif in Pakistan.

  • 2
    5

    Presidential commission yet to issue the final report. Judgement given by Former Deputy Governor Wijewardena in advance amounts contempt of court.

  • 4
    0

    Thanks, Dr Wijewardena for all your erudite and carefully researched articles. This one I have just glanced at, but after seeing an article in “Ceylon Today” which states that the Prime Minister, Mr Ranil Wickremasinghe will subject himself to examination. This has by now become very necessary.

    *

    There is so much at stake for the country in this. We voted for an end to corruption. Now we despair. It may be that there will be some local government elections in January. I don’t know whom to vote for, because even if I vote for some honest individuals here, it is inevitable that a message gets conveyed at National Level. We voted for freedom, for decency, for an honest, non-racist future. Now see what we have got?

    *

    Ministers Kabir Hashim and (who was the other? Never mind!) presented themselves, but it looks as though but to us it looks as though the Attorney General had been ordered to shut up. There are so many options for The Establishment to fudge any inquiry.

    *

    Ranil has had a life that must be considered long and successful by most mortal standards. I’m about the same age, but have not enjoyed all that fame and variety of living. Let me address him as one human being to another. Please state what you can as honestly as you can. More importantly, please do not ensure before you get there that those whom you have to meet have not been ordered to shut up.

    *

    I’ve tried to give a simple message in simple, and hopefully non-provocative words. Please heed this straightforward (and strait!) request.

  • 3
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    W A Wije,

    Yes true there was a Bond scam but where were you during the period 2005- jan 8 -2015. Seems you are on a witch hunt under the pay roll of the killi maharajanos.

  • 0
    1

    Making Governor responsible for everything by Wijewardena may be has an ulterior motive. Its Wijewardena who is responsible for selling 10% of Sathosa Motors shares held by EPF to a private party at Rs.42 some time back . Now the price is Rs.300 and the company pays a very good dividend upto 50%. According to Wijewardena we can now make the Governor responsible.

  • 2
    0

    Sinhala man in his comments refers to the Prime Minister Dr Ranil Wickremasinghe
    offering to go before the Bond Commission. How beautifully he has manipulated it!!

    The know all, who is the Prime Minister of Sri Lanka says, he wants to appear only
    because he believes in good governance and transparency. Does he believe all those
    educated in Sri Lanka are just idiots? Does he think all will believe him?

    This horrendously devious manipulator first got Rat Face Minister Malik Samarawickrema and MinisterKabir Hashim to appear before the Commission. How did this come about? To whom did
    he speak on the telephone from Finland to ensure the two ministers were summoned? To whom did he tell that the AG’s Department officials in the Commission should not question the two
    Ministers. In the first place, how did he get the commission to summon the two ministers? The
    answers will be spectacular. Did he not appeal to President Sirisena and then to his lackey and bootlicker Attorney General Jayantha Jayasuriya.

    Now look at the questions asked from Rat Malik and cunning Kabir. One was whether
    Arjuna Aloysious’ Perpetual Treasuries give money to the UNP? They said no. It is only
    after that bit was done by our great manipulator, that he is now talking of transparency.It
    is only after that, he wants to appear before the Commission. He has already destroyed
    this government and is finishing what is left. He only worries about his gay pals spending
    time in Morawaka and Kurunegala.

    The other question asked by the Commission was how much money they sought from the
    Central Bank for road rehabilitation? Both said Rs 15 billion since they already had Rs 3
    billion. But what did Ravi Karunanayake say? He produced a letter to say the amount sought
    was Rs 75 billion. What happened to the remaining Rs 60 million. Who should answer but
    the Prime Minister. But such questions will never come.

    This is only a crude ruse because the elections are coming. Ranil by whatever ever name
    he flags himself is now crooked. He has robbed the people. His crony robbers are running
    the country.

    • 1
      0

      Dear Maurice Fernando,

      This was the report that I referred to:

      http://www.ceylontoday.lk/print20170401CT20170630.php?id=32212

      But we haven’t had any other reports, have we?

      *

      I’m beginning to despair that we will ever get to know what happened, and what is most worrying is that this sort of thing can go on and on.

  • 1
    3

    Hey Hey Hey Maurice Fernanado.

    Dappula what happened was asked to keep his stinking ,mouth shut by the Chairman.
    ASG was appointed to the commission to throw mud at the UNP and its leadership.
    Ranil is going to give one big kane para to Dappula very soon.

    • 2
      0

      YOu had guts to write it saying that UNP thieves did not do the great bank robbery. Sri lanka needs a few more Dappulas. There is possibility Maitheipala is lso protecting someone. Why Sri lankan LAw enforcment can not arrest GALLE-ON RAVI whi has another money laundering case on his head and it was duiscarded because of techniical matters. Probably, Judge wanted authorties to present it proper. Why they are now bringing the case again. There are more in UNP including Malik who got money from Aloesius. Why nothing is happening. It looks one judge is going to dig everything. —————What is the escape for peole Mahinda Rfetr that another thief Ranil and the gang. Who is Tango and who is CAR.

  • 2
    1

    Ha ha Bitchwal has begu shaking in the knees.
    So you are saying Sirisena appointed the Bond
    Commission to throw mud at the UNP. Have
    you for a moment thought why? Are there not
    enough mud for them to wallow in? He did so
    because the UNP and their leaders (RW included)
    are up to their necks in corruption.

    No wonder this Knee Sha is saying RW would give
    a kaney para to Dappula de Livera, the ASG. Why?
    Only because he was doing his job. So, not only
    Ranil but there are others who are having a knee
    jerk reaction. Good for champions of corruption
    like you, Avaneesha

  • 0
    0

    W.A. Wijewardena ~ “The Bond Robbery & Loss Of CB Reputation: Yahapālana Govt. Should Stop Playing Hide & Seek”
    Immediately after the Treasury bond auction on 27 February 2015, the news of a massive impropriety that had taken place in the auction spread across the market like a wildfire.
    We, the silent majority Lankans could not believe it. To help us Dr W A Wijewardena has provided us with numbers and arguments we can understand.
    This is as clumsy as the 2004Tsunami Aid Fund misappropriation. (A senior police officer unravelled this, was hauled before courts and fined). The need to squash this probably led to the invention of whitevans. They did not play hide and seek then. The lion roared “I am here come and get me”. No one dared – oh oh oh that is boring history.
    The SLCB incident of 27 February 2015, if proved, will gain the dubious distinction of ‘Mother Of All Clumsy’. Looks like the RK type self imposed back seating is a way out. Watch this space.
    Perhaps DA W can tell us as to whether the Ajith Nivard Cabraal led SLCB was independent. His frequent meetings with MR makes one wonder.

  • 1
    0

    America is trying to bring Bit coin in among indian people. What is the possibility Arjun Mahendran and RAVI-THE- LIAR tried- RANIL KNOWS WHAT IS HAPPENING THOUGH – to crash the bank making way for bit coin. Because some people talk about getting rid of Central banks. There is western propaganda saying that MODI wants to bring bit-coin even though the truth is different. Even in Sri lanka, some people talk about a plan to destroy the Central Bank. It is vert giid opportunity estalish bit coin in Sri lanka. That would result Rem-Nimbi useless here. …….. Just a theory.

  • 2
    0

    Dr. W. A, wijewardane: Don’t you think the lack of SHAMELSSNESS of this govt as well as of Mr. Ranil Wickrmasinghe seem limitless. How do they show their faces to the same people that feed them ?. See how many lies Ranil said, such as appointing THREE LAYWERs, sabotaging COPE, Once the Bank first heist is reported, they continued to do a quickie and robbed it again for a seccond time. Now, for absconding by politicians we should say went to Finland. Why Ranil is talking from finalnd that he will be respecting Good governance and will go to FCID. It is the same FCID that he established, now he is going there. LAw enrforcement’s silence is amazing. They are not doing their job. It is money paid for nothing.

  • 1
    0

    Don’t you think Sinhale voters deserve a Apology from the senior politician who behaves like a gentleman. Son’ you think that he has to show that he is a real gentleman and not just wearing a two pice suit but a robber from the poor public. it has to be a open apology in the TV and Radio. Subscribers to EPF do not they deserve their money lost. I heard it is about Rs 25,000 per head.

  • 0
    0

    Vasantha Cooray – Do not get distracted by the like of Bitchwal,
    a coward who does not have a name and an idiot who has no
    identity.

    There are propagandists, the green types, who will agree even
    if one says that the earth is flat and UNP is the only capable
    party to govern. Let barking dogs be…. They will not get away
    as long as there are sensible people like you and Jim Softy,
    who reason out objectively.

  • 1
    0

    If this sort of a thing happened in Japan, the guy would have committed ‘Harakiri’. Even if Ranil decided to do that the dagger will not penetrate because his skin is very thick. If his skin is not thick how come he goes to foreign countries and face the leaders.

  • 1
    0

    Ravi is a very forgetful man .Very soon he will forget his own name.

  • 1
    0

    By UNP leadership disobeying National Laws and undermined system of Judiciary is that Sri Lankan state has turn into Police rules of governances. By that extended such Police-rules of that without an Independent function of Judiciary authority , powerless enforcement authority of Attorney General & Public Prosecution, as well as the authority of Police Criminal Investigation been suppressed of that organ of state has turn directives of the political-AUTHORITY of UNP leadership of Ranil Wicks!

    The power of Independent democracy has lost. Which has been taken -Over by Political leadership of Ranil Wicks ,MS and CBK —from 2015, 8th of January. Of course the RULE OF DEMOCRCAY RUNNING UNCHECKED. SRI LANAK WAS CHOOSING A DESTRUCATION PATH OF DEMOCRCAY OF THAT AGAINST VITAL INTEREST OF PEOPLE. IF NOT THAT CREATED POLITICAL BORN SOCIAL CONFLICT.

    The Nation law and order under the direct control by UNP -Police leadership. All related enforcement power has paralysis by Ranil Wicks…and which shifted all power in One Man Centered by Prime-minister.

    That is why President said, he is No longer in-charge of any executive -power and having not an exercise Presidential power in now or in future. This not only result of 19th Amendment of Republic Constitution, that has buried all previous principle norms of Democracy by blessing of USA, UK and support of Indian RAW.
    By the mighty vision of Super-power politics an Island that naked role played to be covered operation of Bond scam of CB that UNP leader has clear involvement but exonerated by USA Department of State? That is why Primer is above the Law of Land?

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