25 June, 2021

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

Three member committee appointed to probe into Treasury bonds issue

Ranil Wickremesinghe

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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Latest comments

  • 12
    2

    Who are these gentlemen and what are their credentials? I am ashamed to say I have not heard of anyone of these luminaries.

    • 9
      4

      why is that you are forced to think that they should have been known. So long their credentials meet with the expectations of the need of the hour- nothing can go wrong. And I have no doubt Mr RW would not act to the manner Burwanse’s Boss MR did it leaving all messy situation regardless of what to date. All and sundry are upto attack current regime, alone what I read about the vehicles not yet being returned to Prez secretariat says everything about the gravity of corruption and abuses purposefully carried out by MR and this thugs in the previous regime.

      • 5
        2

        The committee being comprised of 03 lawyers affiliated with UNP obviously there is the issue of their credentials not meeting with the expectations of the need of the Hour.As a result anything and everything can go wrong.

        Trying to compare what took place during the previous Regime is neither a consolation nor a solution to the problem on Hand

        • 2
          1

          In SL 99% people, lawyers either SLFP or UNP.
          So do you want UN to investigate this?

    • 2
      1

      And the people voted for change. Former CB Cabarala must be chuckling his side off.

      • 0
        0

        Or he is behind this. Got someone to leak it to Perpetual !

  • 21
    0

    This is a classic Ranil bury-it-in-the-committee strategy. Arjuna is his very best friend – stays with him when in Singapore – and will fight tooth and nail to keep him on. Why we need a Singaporean whose arrogance is legendary is a vital question. Aloysius was already deeply tainted and to have a close relative appointed to such a lofty position was a conundrum at the time it was done. And now this…

  • 6
    4

    Who are these persons, never heard of them. What are their qualifications to be appointed to this very important investigation, which requires persons of integrity.

  • 9
    3

    Sir,

    With all due respect, just a few questions:

    1. Will the appointed committee consult RW before publishing its findings?

    2. Will the spineless Solicitor General consult RW, before any legally binding decisions to arrest suspects in this case as well?

    3. Will RW be rattled by the political impact/damage of such high profile arrests to his own future as PM? And resort to therefore obstruct them.

    Cheers!

    • 3
      0

      Ben Hurling

      Yet another example of crony capitalism is it?

      Please read the funny side of Gota with a veiled threat:

      I did everything according to the law: Gota
      2015-03-10 08:25:24

      Commenting on the foreign travel restriction imposed on him in connection with the floating armoury of Avant-Garde, former Defence Secretary Gotabaya Rajapaksa yesterday said he had never done anything illegal and always stood by the law.

      He said he had already given all the details in connection with the incident to the CID and criticized the impounding of his passport claiming even the probe into the incident was not completed.

      “We never left the country regardless what difficulties we had to face. Some people are attempting to portray us as thieves and murderers to the world. But people of this country know what we did and who we are. We never looted public properties. It is unfair to hinder us, who served the country, this way,” he said.

      Mr. Rajapaksa charged that moves against them were being plotting to gain political advantage and said the image of those behind these moves will be tarnished. “I know that a few officers of the Attorney General’s Department are involved in this,” he said. (Sujith Hewajulige)

      dailymirror.lk

      • 3
        0

        “I did everything according to the law: Gota 2015-03-10 08:25:24 “

        Even White Vanning people?

        • 3
          0

          Baya Gota

          “I did everything according to the Gota’s law” would have been more appropriate.

  • 10
    0

    Mr.Prime Minister,

    For your own sake let us hope this Committee has the mandate to carry out their work independently. Otherwise the issue though seemingly innocuous to the ordinary man on the street could very well sound the death knell for your probationary Rule.

    This country surely does not require another ” Cabraal ‘” however qualified the person may be for the Job if Honesty and Integrity are found wanting

  • 12
    0

    Strange that no one has heard of these three gentleman whom RW has dug up in haste. Looks like this whole issue will also be buried in haste very soon. This is a white collar crime for which the CB governor would have spent time in jail if he was in Singapore. But in SL …. now that’s another story and these people seem to know where they can commit a crime and get away. Makes me feel like an idiot for voting for a change.

    • 2
      0

      Mr Clean needs to be sqeaky clean otherwise he is done for.

  • 10
    2

    Mahendran from nowhere will arrange so that committee will be wined and dined from today and empty report submitted.

    Really,Lanka did not have economists at CB? Our own career guys at CB would have not done this,so wrong on so many levels.
    RW should resign and so should Mahendran.

  • 7
    0

    Same old same old

  • 10
    0

    In the first place why did the Yahapalana government appoint an outsider as the Governor of CBSL. You can find enough qualified people locally like Dr Indrajit Coomaraswamy or Dr Saman Kelegama or some one like Dr Thenuwara who is now in the US.
    Still it seems that Ranil has not learnt a lesson by ignoring others advice. As Prof. Rajiv Wijesinghe says Ranil thinks that he knows everything.

    • 7
      0

      Except for the last sentence, totally agree with you.

      Knowing very well there is a conflict of interest, Arjuna Mahendran shoukd’nt have accepted the role / the government shouldn’t have appointed him. Both are to be blamed. Before his appointment there was a story that he will not be appointed because of his son-in-law.

      Ranil’s weakness is, he lacks emotional intelligence.

      Compared to Ranil, cry baby Rajiva W need to read more books (this has been suggested by Ranil too) !

      • 6
        0

        Ranil lacks intelligence….period!,

    • 2
      0

      One hundred per cent agree with you these three gentlemen are reputed internationally known economists.
      Ranil could have easily appointed one of these to this top position rather than getting down a outsider.

  • 10
    0

    I have lost confidence in appointments made by Ranil after he allowed Ravi K to appoint his policeman sergeant B-I-L as chair of Sri Lanka Insurance. This will happen only in SL and a shocking appointment. His previous job was to provide security to a provincial governor!!!

    Ideally Mahendran should step down until the investigation is done but it will not happen.

    Committee will not have the independence to do their job.

    • 3
      1

      So Ravi Karunanayaka appointed the B.I.L as Chairperson of Lanka Insurance.

      At least he will guard the safe with diligence,

      What would be inside is anyone’s guess.

      Dalits should cash in their Policies and put the money in term deposits with the NSB.

      With Mahendran paying 12.5 % on US Dollars , Dalits should get at least 15 % on their LKR…..Right.

      • 2
        1

        “So Ravi Karunanayaka appointed the B.I.L as Chairperson of Lanka Insurance”

        Dont forget, Ravi K himself was facing fraud charges when he was made Minister of Finance. Yes, you heard it right. FINANCE. Its like choosing a fox to look after the chicken coup. So, what do you expect from a man like him now?

  • 4
    1

    A valid point raised by many-who are they? They are totally unknown characters and what are their credentials to be appointed for the panel? Did their selection receive the concurrence of the President?

  • 2
    8

    I know the PM is a gentleman and statement. If the governor has done any thing fishy, definitely he would ask him to leave. It’s not the question of shielding the friend but the truth must be established by the inquiry before the next step to be taken.

  • 4
    1

    If ranil tries to protect the criminals or anyone tries to protect criminals then people who protect criminals are criminals and should be penalized too. Problem in Sri Lankan prolitics is these nothing to do eating from public money jack asses should retire from politics. New educated generation who promote law and order and respect independant judiciary police should come in to power.

  • 2
    1

    Ranil wanted independent commissions. These commissions, if they not trapped like the presidential commissions the old King used, there can be some relief for South. Every Indications is there it will not be the case.

    With one defeat, Old King, at least temporarily backed off. After 20 elections losses, without contesting in the EP election, without a elected Parliament and PM post, Ranil appointing and dismissing the high political position without any questions. Brother Prince of Old Royals wrote filthy things about Jeyalalitha on the deference department web site. Mervyn talked indecent thins about Mrs. Pillai. While Indian FM Susma was coming to Lanka, While negations between fishermen was talking place, Ranil said that he will shoot the Indian fishermen. Tamils are cheap to Sinhala Intellectuals. They want to shoot Tamil fishermen. But, these Sinhala Intellectuals, who send women to Africa and middle east because there are no longer lions in India or Lanka to crucify them, when a women dignity come to Lanka take them too very cheap. They are throwing cheap shots at them.

    Tamils are cheap to Sinhala Intellectual, whether are from Singapore or India or Lanka. So they put three puppets in the spot light. IGP punished DIG Indran when he tried save Muslims in Aluthgama.

    Sarath Silva’s appointment was to complement CBK’s semi Royal Government. He throw away the ICC ruling over Lanka’s government. This excellent synchronization of the court and government paved way for Old King to Bring Shiranee. This paved way to dismiss Shiranee. This paved way to appoint Mokan Pieris. This paved way to dismiss him by the New Royals. This paved ways to appoint a puppet without mouth by the new Royals. When they saw, it was two birds with one stone, that is puppet plus, fooling IC as a Tamil appointment, they brought this guy too. This is not a Tamil appoint with Tamils recommendation.

    They looked for co-thief. Shranee was brought in to rob National Saving Bank with the help of Kariyawasam. But he took care of himself. The end was so pathetic. Mahendran was brought in with the idea of satisfying New Royals aspirations. If he too taking care of himself he too has to go like Sheranee. That will issue a lesson to the other puppet to take care of the Royal Business properly.

  • 4
    1

    My3 asks his secretary to ready to appoint 3 member committee but,RW beats him to it and appoints his own 3 member committee !!!

    This deal making RW and set must go !!

    • 1
      0

      Goo goo Mahinda,

      Don’t you think this is Yahapalanaya ? We are able to challenge, criticise and demand from the very government/people we voted into power.

      What a change from last 10 years.

      BTW, your Mahinda is gone for good and Ranil and the set is here to stay. These are only teething problems. Don’t you worry all will fall in place !

  • 5
    2

    US Sovereign Bond rates are barely 2 %.

    Even junk bonds won’t get 9 %.

    Mr Mahendran ups the rate to 12.5 % when the prevailing rates are under 9 %..

    And the bids exceeds ten times the amont on issue.

    Has Mr Mahendran down graded our Nation to to Junk Status?.

    Where is Champaka Ranawaka the smart alec anti corruption Sinhala Buddhist, who parades himseslf till sin Upasaka dress, even his Bo Tree hugging Boss has changed in to a Tuxedo to meet with the Diaspora.

    By the way which country in the World would appoint a Foreigner to run their Reserve Bank?.

    • 4
      2

      K.A Sumanasekera

      “By the way which country in the World would appoint a Foreigner to run their Reserve Bank?.”

      By the way which country in the world did appoint an American to commit war crimes and crimes against humanity?

      Any idea?

      • 1
        1

        @Native Veddah
        “By the way which country in the world did appoint an American to commit war crimes and crimes against humanity? “

        KOHEDA YANNE; MALLEY POL
        Typical Singala Moada Gamarala attitude.

        • 1
          0

          Perali Murali

          “KOHEDA YANNE; MALLEY POL Typical Singala Moada Gamarala attitude.”

          K.A Sumanasekera the expert economist should have known Mark Carney the Bank of England Governor, Chairman of the Monetary Policy Committee, Financial Policy Committee and the Board of the Prudential Regulation Authority is a Canadian Citizen.

          I am not sure whether you are supporting stupid Sumanasekera or proving to this forum that you too are stupid.

          • 0
            0

            @Native Vedda

            But what has white collar crimes got to do with war crimes and crimes against humanity? Pol Moadaya.

            • 1
              0

              Perali Murali

              Stupid Sumanasekera’s emphasis was on foreigner being appointed to an important state body as its head.

              My emphasis too on foreigner being appointed to the most powerful state job in this island.

  • 2
    2

    CDN online does not carry any news on Mahendran CB crook !!

    • 1
      0

      They learnt their kind of journalism from goo goo Mahinda !

  • 2
    1

    Looks like the ‘circus’ is still very much in town. It’s the same old ‘stunts’, only difference being the ‘stuntmen’.

    ‘Good governance’ should not only be about appointing committees after the fact. More importantly, it should be about appointing people with impeccable integrity and ethics to critical positions such as the Central Bank Governor.

    Let’s face it, if Ranil Wickremesinghe was serious about good governance, would he appoint Ravi Karunanayake as the Minister of Finance? Seriously People? This is like appointing the Klu Klux Klan to head the Civil Rights Movement.

  • 3
    1

    Central Bank of country should reflect integrity and excellence. What has happened is just the opposite. This alone is enough for Booruwansa and company to say that allegations were leveled at them to fool the public to vote for the present lot for them to plunder the economy. Within 60 days a cool 12% of 1 Billion. Where the heck would you get that? [Edited out]

  • 2
    0

    The whole episode has muddied the whole ground. There should not be any time wasted to inquire and report. All concerned in this transaction should be suspended until final report submitted. This is P.M.’so responsibility because his credibility is at stake as well.

  • 3
    0

    What is evident here than any “controversy” is this government’s incompetence and nakedness. The entire Treasury Bond market has succumb to racketeers like Arjun Mahendra for clearly manipulating the issue of bonds, inflating volume of issue, manipulating the interest rates and abusing the system through insider trading. When we have plenty of crooks in the country, do we need to import more crooks like Arjun Mahendra from Singapore? Handunetti (a JVP PM) asked in a media briefing that if Perpetual Securities had so much insight, expertise in bond markets and could predict the interest rates, then how come this securities firm that is headed by Mahendra’s son-in-law Arjun Alysus could not become Mahinda’s astrologer by brushing aside Sumanadasa Abeygunawardena who got it all wrong with his predictions? Although I have differences with the JVP, seems the JVP is the only party with politicians with brains and an ego (which I admire) to confront these mega crooks and their deal making.

  • 4
    0

    Now that the cat is out of the bag, Mr. Arjuna Mahendran should stay
    away honourably ,until the inquiry is over. He will be blocking the
    way for other humble Tamils, who are citizens of this country,to take over higher positions in the govt.sectors if he does not resign. RW, the PM had to face all odds to appoint him to this position and his greed let the PM down in a matter of days. His silence is acceptance
    of his guilt.
    His family had ties with the former regime and how come the PM did
    not know this before the Governor was appointed.? JVP leadership should be commended for taking this matter thro’ the media, very strongly.

  • 2
    1

    In a TV interview last night, previous UNP MP Shiral Lakthileke said the committee members were strong UNP (RW?) supporters. If this is true and that is their only qualification, the independence of the committee is in doubt. If this is a Presidential Committee, how has RW made the appointments. Judging by the many comments above, it is clear that none of the members are of any eminence. It appears then that RW is doing his best to keep Mahendran as Governor, rather than compel his resignation, which is best at this stage, since with merely 40 days left of the 100 days and many promises to keep, it is the UNP that stands most to lose. Whilst voters should not be foolish enough to vote back any party that will restore MR to an executive Prime Minister ship, they are likely to abandon the UNP in hordes in the face of RW’s arrogance and look for viable alternatives, like the JVP. Indeed the TNA and other Tamils parties are likely to contest on their own.

  • 3
    1

    It’s up to the general public to ensure that all these wolves in sheep’s clothing are booted out at the up-coming general election .We are all being taken on a right royal ride by these upstarts .

  • 0
    0

    Mechanism to select members of commisions and other major posts and regarding corruptionand negligence should be made by consesus with all parties until further legistlature is made.

  • 4
    0

    The turns and twists are funny indeed.

    From London, there is a news release
    that the President has asked his
    Secretary to appoint a three member
    Committee to probe the Central Bank
    scandal, the latest to hit the
    Wickramasingha government.

    And suddenly, there is another news
    release from Wickremesinghe appointing
    three unheard of lawyers. It says RW
    spoke to the President on the phone.

    Was this after the news release from
    the President?

    Mark these words – nothing will come
    out of this Committee. Ranil is doing
    a white wash after seizing the
    opportunity to talk to the President
    after the latter’s news release.

    Ranil’s has been proved to be a weak,
    incapable, dishonest, corrupt and
    devious manipulator. Not the statesman
    he is perceived to be. He is protecting
    all the crooks and will pay a very
    heavy price at the elections. This time
    he will not be able to return to do his
    jugglery.

    Sajith Premadasa is waiting on the ready
    and has condemned the Central Bank Governor’s
    action on Sirasa TV. Well done Sajith. Don’t
    endorse corruption. You will become leader of
    the UNP one day. Don’t protect the crooks.

    • 1
      0

      Agreed on every thing except Sajith’s part , Sajith is the MR version in UNP , don’t be fooled by his opportunistic comments , have you ever heard Sajith criticizing any of of mafia family members before 9 th Jan 2015 ? have you ever wondered , what might have happened to Sajith’s money printing scandal ?

      • 1
        0

        Those who have much less education has no other choice than respecting MR and the like personalities, while others with healthy mind sets (no means ones like Dayan Jayathilaka) would never go back and make any effort to get those highly corrupted men (MR,GR,BR). When reading about the gravity of the abuses deliberately made by BR – I feel he should be hung by his balls regardless of where he is.

  • 3
    0

    Arjuna Mahendran, the foreigner, was appointed by the prime minister, Ranil Wickramasinghe. It was a dictatorial decision taken by this dictator. There is only one difference between Mahinda Rajapaksa and Ranil Wickramasinghe. That is the personality. For the blatant abuse of power by the Central Bank governor Arjuna Mahendran, both Arjuna and Ranil should be held responsible and as such, both should resign till the inquiry is over.

    People wanted a change, a yahapalanaya, as promised. The president and this government is in power due to the untiring efforts of Maduluwawe Sobhitha Thera. It is well known that Ranil hates Maduluwawe Sobhitha Thera. However, president Sirisena being a mild mannered man should not ignore Theras advise. President should use his powers vested by the executive presidency to control Ranil Wickramasinghe if he wants to fulfil his promises.

  • 0
    0

    Arjuna and Uncle will be raking it in Big time, to the tune of USD 60 Million a year at 12.5 percent.

    Poor Fonny’s S.I.L had to go walk about for five years with the left over Green Backs which Ranil arranged through his connections.

    Now I regret dissing Fonny,

    It was peanuts in comparison to Singapore Mahendran’s S.I.L’s investment returns.

    After all he is a Sinhala Buddhist who put up a brave fight against Prabakaran.

  • 2
    0

    Let RW to commit suicide with his buddy Arjuna. But the President must do something to rectify this act of bad governance.

    • 1
      0

      Is our Elite, Anglican & SLMC President wasting his time appointing even one man,. let alone a three Member Commission?.

      Mr Ravi Galleon Karu who is the Finance Minister / Treasurer has already cleared the Singapore Mahendran of any wrong doing.

      I mean Singapore Mahendran reports directly to Galleon Ravi. although the former was appointed by PM Ranil…..Right..

      Wonder whether Galleon Ravi has any shares in Arjun & Arjuna Investment Bank. like the interests Ravi had in Galleon Hedge Fund..

  • 1
    0

    We have renown economists like DR.Coomaraswamy & DR.Kelegama I can not understand why Ranil appointed this outsider to this prestigious position.

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