Colombo Telegraph

Three-Member Committee Appointed To Probe Into Central Bank Bonds Controversy

Three member committee appointed to probe into Treasury bonds issue

Ranil Wickremesinghe

A Three-member committee has been appointed by Prime Minister Ranil Wickremesinghe to probe into the controversy that has emerged over the issuance of Treasury Bonds.

A statement released by the Prime Minister’s office today states the decision was made yesterday following a discussion between the President and himself.

Accordingly, Gamini Pitipana has been appointed as the committee Chairman while Mahesh Kalugampitiya and Chandimal Mendis have been appointed as the two other members of the committee. They have been mandated with investigating into the allegations and submitting a report including their findings, immediately. The media release further states that the conclusions of the committee report would decide the next course of action to be taken with concern to the treasury bonds issue.

This committee was appointed following criticisms and concerns raised by many parties and media reports that emerged concerning the blatant abuse of power by the Central Bank governor Arjuna Mahendran to favour his son-in-law with concern to the issuing of treasury bonds that opened on February 27 through which a sum of Rs. 1 billion had been offered. The allegation was that although the rates of the bonds were expected to be in the range of 9.5%, it had been escalated up to 12.5 % under the instructions of Mahendran. Media reports claim his son-in-law was fully aware of this step and as a result, managed to gain a massive profit by bidding at the renewed rates.

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