22 September, 2020

Blog

Treasury Bond Scams Continue At The Central Bank

As the country continue to plunge into a deeper economic crisis, another bond scam is alleged to have taken place at the Central Bank, with former Deputy Governor of the Central Bank W. A. Wijewardena also leveling allegations of the same in a column that was published recently.

The Central Bank Governor - Arjuna Mahendran

The Central Bank Governor – Arjuna Mahendran

Meanwhile, in a letter addressed to the Central Bank Governor Arjuna Mahendran, the Anti-Corruption Front has demanded for an explanation over the issuance of treasury bonds to the tune of Rs. 80 billion on March 29, 2016, even though the Central Bank originally stated that treasury bonds will be issued only to the tune of Rs. 40 billion.

The front noted that the manner in which this had taken place was ‘extremely suspicious’ even though the Central Bank had claimed that they had to double the issuing of the bonds due to the increased demands for the treasury bonds.

The Front also expressed concern over the failure by the Central Bank to reveal details of the primary dealers who had purchased the bonds, while emphasizing upon the need for an institution such as the Central Bank to be more transparent in all its activities and transactions.

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Latest comments

  • 36
    22

    The Singaporean (Ranil’s friend) did not come to serve the country … He just came to earn mega bucks for luxurious retirement in his old age … Another intention to put the country in the drain economically? That would make the job very easier for separatists!

    What a country to import a foreigner as a Central Bank governor when it has many many talented economists! Ranil and his gay/childless gang are outsiders who always think that locals are hopeless for anything … Bring the outsiders … Sell the institutions to earn quick buck! Have a nice time now … Without next generation, I mean children, why should one think about the future of the country…

    • 19
      12

      Bruno
      Exactly my thoughts! But the problem most Sri Lankans (especially ones commenting here regularly) either haven’t got a clue / likes being robbed blind by Ranil’s boys. They actually get off on it!!!…….Few months on when they are starving / do not have $$$ to buy their Jonnie Walker then they may come to their senses!
      Another thought, they are all the Tiger’s tail end / LTTE leftovers that are parading as Sinhalese!

      • 2
        1

        Dear CT, please allow me to put many many ‘likes’ to ‘anotherbuddist”s comment. He/She is perfectly right when writes about the so called ‘commentators’ here in CT.

      • 5
        0

        another sinhala/buddist

        “Another thought, they are all the Tiger’s tail end / LTTE leftovers that are parading as Sinhalese!”

        You mean KP, Karuna, Daya Master, …. former members of Pottu Amman department now working for the Military Intelligence are parading as Sinhalese.

        It is indeed and interesting thought.

      • 7
        0

        Don’t say anything.

        One of the notorious primary dealers made almost Rs 1 bn on that day!!

        We get what we deserve.

        • 0
          0

          PLEASE…. speak for your self

    • 11
      22

      he is a sri lankan living in singapore, was like gota in USA!
      so you dont speak about gota came to power but blame this man?
      we need all sri lankans to help us and come and server for lanka – dont focus whether he or she is tamil or sinhala or MR friend or RK friend.

    • 4
      3

      ‘…..What a country to import a foreigner as a Central Bank governor when it has many many talented economists!……’

      WE have become just like the British. They too went and recruited a Canadian to become Governor of the Bank of England. But there the similarity ends.

      • 3
        0

        Not just a Canadian but the governor who saved the nation from Economic collapse and a contender for chief IMF.
        Politicians don’t listen.
        In May 2014, Mark Carney, governor of the Bank of England, complained that housebuilding in the UK was half that of his native Canada, despite the UK having a population twice the size. The consequences have been rocketing prices in London, the South East and some other parts of the country.

        Ragu RBI chief and Prof Chicago Uni , gave Modi and Finance minister a dressing down when $1.5 B was swapped with Lanka- today they are thanking him because the dollar is rising- who begged of him to come over Dr Sing the economist.

    • 1
      0

      W. A. Wijewardena,

      RE: Treasury Bond Scams Continue At The Central Bank

      “What a country to import a foreigner as a Central Bank governor when it has many many talented economists!”

      The average IQ of Sri Lanka is 79 and that of Singapore is 108. So, the Singaporeans fooled the local Modayas, Mootals, Fools. That is businesses. The stupid lose.

      How are the talented local economists ranked compared to the rest of the world? What was the need to go abroad?

      National IQ Scores – Country Rankings

      http://www.photius.com/rankings/national_iq_scores_country_ranks.html

      Just look at Sri Lanksan Airlines. The results are mixed.

  • 10
    0

    ” failure by the Central Bank to reveal details of the primary dealers who had purchased the bonds,”

    can we appoint a minister for transparency please.The chaps who have been not appointed as ministers will be felling like cow dung after all their colleagues have been appointed.Why leave out a few.Appoint a minister for transparency and a deputy minister too and a state minister for primary dealers to CB.

    Regarding the 40 billion becoming eighty billion appoint a commission to inquire into this comprising of eminent retired buggers who are twiddling their thumbs at home and can’t escape the wives who have at last got their lifelong dream of nagging them the whole day, unlike before when they could shoot off to work.

    Then the PM can propose a motion in parliament based on the recommendations of the commission and the MP’s can all go to the taxpayer funded cafeteria with subsidised scrumptious meals done to perfection and then pass the loose motion.This way the problem is solved and we can thank god for our rep’s saving our arse every time someone tries to screw us up.

    BTW this time i don’t think the CB governor would have done it without ranil first speaking to to sira and getting his okay for it,because the last thing he would want is to be hauled in front of the president again.As for the lack of transparency in the primary dealers do you think again the opposition should get political mileage saying that the governors son in law is the main dealer and a good part of the money he makes on it goes to the UNP coffers for the upcoming local government elections.electioneering is expensive business and there is no donald trump billionire here to do that for the UNP while when the UPFA was governing we did have a billionaire wih chinese funds for them.

  • 11
    9

    Aney, bring Cabral the tuition master. back. He certainly did a better job as head of the CB with the wifes help.

  • 10
    3

    Who cares? These people are internationalist royal(not the school, a good school should not be blamed for producing one corrupt murderous prime minister) types who had been fleecing the country from the colonial times.

    They have some kind of a cultural monopoly to fleece the ignorant public yet appear as holier than Jesus Christ. For example look at the lame response from commentators when the topic is bond scams? Where are the Native (kala)Veddas who roam here expecting to find the loot of the Rajapakshes everyday?

    • 5
      1

      Greg12

      “Where are the Native (kala)Veddas who roam here expecting to find the loot of the Rajapakshes everyday?”

      We are very much here. How can we help you?

      If you are lonely and need company please phone Samaritan or visit your local Vihare.

      We are busy reading Panama Papers and let you have a summary in the fullness of time.

      • 2
        3

        And what do you expect to find in this panama papers incident? Maybe another drama for the yahapalanaya? :D Typical of you to look into panama papers when the question at hand is yahapalanaya robbing the people blind. yes, that should probably make you feel better

  • 14
    3

    Whole country is in a mess. stupid President and PM may be thinking that appointing new ministers will solve the problem that country is now faced. Jayawewa Yahapalana

    • 7
      11

      The eternal refrain by Rajapakse bootlickers that ‘whole country is a mess’ is getting very tiresome now. What is the mess? I sure don’t see one. If you meam the value of the rupee- well that’s where it should be, and you can blame your Rajapassa for not doing enough to develop our exports all these years for that.

      • 9
        3

        Yes Rajapakshes didn’t do enough to increase exports but exports doubled in his two terms. You don’t know that exports in 2015 were lower than 2014 right? And what do you mean by Rupee should be at 150? Is it like a universal law? Rupees is at 150 because these scammers mishandled it.

        You want to know the mess we are at? Foreign reserves are down, Economic growth is 2.5% in the last quarter, rupee is at an all time low, exports are heading down, debt to GDP is rising, interest rates are increasing, taxes are increasing after the new year, government revenue is off target in billions. Are you sure you are not a bootlicker of the bond scammers?

        • 4
          4

          don’t waste your time explaining to these idiots (like bond) mate. They don’t understand statistics. They’d proly think its a computer jilmart or something. They refuse to believe what’s happening right infront of them. MR phobia is a serious sickness. Anything and everything related to MR is corrupted in their view. And every problem that we are facing now is because of the actions of MR and the previous government. Geez.. MR proly did steal.. which politician doesn’t? but its impossible to steal in the exorbitant amounts which yahapalanaya spread rumors of to fool the people with. What’s wrong with the country is it lacks strong leadership. MR may have been a hora, but he was a good hora. a good leader, who knew how to manage things. Between, what’s happening to the country now, and how it was when the “hora” was on the throne.. i’d gladly want the hora back. we don’t have a third option do we?

  • 3
    2

    MS MR can you appoint a minster and a dep minister to pluck coconuts please and cleaning public toilets. RW can take over boys toilets and MS women.

  • 6
    1

    Sad but true. Arjuna’s intentions are not clear. To serve SL or serve himself???

    • 4
      0

      Probably to ruin the economy completely so foreigners can come in and buy all strategic enterprises for a penny.

      Ranil will declare that the economy was already destroyed by Rajapakshes and he has no responsibility over it.

      In the end we have to struggle and struggle just for nothing.

  • 10
    0

    sssssssh dont accuse him, he is a royalist and Ranils friend-such people dont do wrong things.Also Ranil always knows what to do…..so this is an excellent appointment, shut up you lot

    • 6
      0

      Exactly, see how racist these people are? Accusing Ranil and Arjun of bond scams? Low life racists.

  • 5
    3

    No wonder Yahapalana PM Batalanda Ranil put a total blackout on any Central bank information , before he left with a begging bowl to front up to the great Chinesen people.

    Yahapalana inaugural Bond issue set the Singaporean,s SIL for life with that extra 2.85 percent commission on LKR 5 Billion for 30 years.

    and another 80 Billion now,although the amount needed is only 40.

    How much the interest on the extra 40 ? Is it the same deal as before?

    Who are the dealers? Why is it a secret?

    What is the interest rate for the issue on average?

    Last but not least, lwhat happened to the USD 6.85 Billion which was borrowed only a couple of weeks ago at 6.75 Percent when the Dollar can,t get even half a percent in a White country?

    Because the PhD Economics Minister said the other day that the USD loan was all to spend on on paying debt?

    which debts did he pay ?

    BecauseA Batalanada said in China that he was pleading with the Chinese Leaders to show mercy on him for USD 12 Billion of Debts?

    Yahapalana Suckers have a lot to investigate, because our Dalits don,t understand all these. Debt trading , Bind Issuing and Commission raking.

    Neither do they pay income Tax like out Elite who now have both Batalandan and Bodhii Sira on thern walls while while watching Yahapalana news on prime time TV with a Red label in the hand.

    • 0
      0

      “”before he left with a begging bowl to front up to the great Chinesen people.””

      During the four day visit, he will be holding discussions with the Chinese leaders to advance bilateral relations. In 2015, bilateral trade between the two countries amounted to over 4 and half billion US dollars. All in Chinas favour.

  • 1
    1

    Sumane.

    prime time TV with a Red label in the hand…eh?

    The Nation is advancing!
    Channel 1 Red Label.
    Channel 2 Chivas Regal.
    Channel 3 Gin & Tonic

    Channel N Toddy!
    Cheers when you sip and dip!

  • 3
    0

    It appears that ALL officers of the Central Bank are sworn to secrecy.
    Else, why the name of the primary dealer cannot be obtained by the media.
    Does this mean that this “CB gang” is far above all other public servants?
    Do they get a ‘special allowance’ to keep mum?

  • 0
    0

    Arjunas feats depends on a CB Official Statement that will come out on Ranils return. In the meantime, why Bank of Ceylon had to open a Branch in Seychelles during the past Regime and the Panama connection
    can be related? Read –
    http://www.swissinfo.ch/eng/suspect-activity_panama-papers-put-swiss-lawyers-in-tight-spot/42074556

    • 1
      0

      Ah! Punchinilame you know the standard excuse Western countries doing it to.

  • 6
    4

    The former Daputy Governer cannot be taken seriously as he seems to be putting his 2 cents worth every time. Did he ever make a statement when the predecessor Cabral scrapped the legal dept.It was reported that Cabral had his favourites in the CB and many looked the other way when many things were done without proper procedures.

  • 6
    0

    ALEXANDER THE GREAT’S LAST THREE WISHES.
    ——————————————-

    Alexander, after conquering many kingdoms, was returning home.
    On the way, he felt ill and it took him to his death bed. With death staring him in his face, Alexander realised how his conquests, his great army, his sharp sword and all his wealth were of no consequence.

    He now longed to reach home, see his mother’s face and bid her last adieu. but, he had to accept the fact that his sinking health would not permit him to reach his distant homeland.
    So, the mighty conqueror lay prostrate and pale, helplessly waiting to breathe his last. He called his Generals and said ” I will depart from this world soon, I have three wishes, please carry them out without fail.”

    With tears flowing down their cheeks the Generals decided to abide by their king’s last three wishes.

    1. ” My first desire is that my physicians alone must carry my coffin.”
    2. ” Secondly, I desire that when my coffin is being carried to my grave, the path leading to the graveyard be strewn with gold, silver, and precious stones that I have collected in my treasury.”
    3. ” My third and last wish is that both my hands be kept dangling out of my coffin.”

    The people who had gathered there kept wondering at the great king’s strange last wishes, but no one dared bring the question to their lips. Alexander’s favourite General kissed his hands and placed them on his heart. ” O! king we assure you that your wishes will be fulfilled, but tell us why you make such strange wishes.”

    At this Alexander took a deep breath and said ” I would like the world to know of the three great lessons that I have learnt.”

    1. ” I want my physicians to carry my coffin because no one should realise that no doctor on this earth can truly cure anybody. They are powerless and can save no one from the clutches of death, so let no one take life for granted.”
    2. ” I spent all my life conquering and greedy for power, earning riches but cannot take anything with me. Let people realise its a sheer waste of time earning riches.”
    3. ” I came into this world with nothing and I go out of this world with nothing completely empty handed.”

    With that the great king breathed his last and let death conquer him.

    The moral of the story is,
    Remember your health is in your hands so look after it.
    Wealth is only meaningful so if you have the opportunity to share it then do so while you are alive and in good health.
    What you do for yourself dies with you, but what you do for others lives on as a legacy. Leave the legacy behind.

  • 9
    2

    These are guys who are greedy, very greedy for riches. The man being a Singapore citizen with a top job there, is still not satisfied with what he has and only God knows what more they want. He is a chocolate bunny friend of Ranil the PM and this goes to show how the PM does things. The guy has nothing to worry, as he will make his money and bow out gracefully like all crooks. The country is in a very precarious situation sinking deeper into quick sand while the Govt is playing ” here we go round the mulberry bush.”
    The Gap between the rich and poor is widening daily creating a gulf that will be very difficult to narrow.
    Its time MS, RW and company is told that enough is enough and asked to bugger off in a gentlemanly manner before things take a turn for the worse. Every time RW came into a Govt the country turned into a mess, a stinking mess and as someone mentioned earlier the man is a unblessed, selfish being who only thinks about his personal ego and his chocolate bunny friends. He may not be corrupt but that isn’t enough to run a country.

    • 1
      0

      “He may not be corrupt”
      My foot!
      would he have allowed the central bank be robbed like this if he was not a crook himself?

  • 4
    3

    Fools who send rthese stories to these 3rd ratte internet sites are JEALOUS PEOPLE.
    This story is absolutely untrue.
    Krishanth Cooray, appointed by Charitha. Ratwate to the board of the Monetary Authority, is well concealed in the pocket of the well known wheeler dealer /Primary Dealer Ajit Fernando,who spends his time Cycling for charity, for the pearl . when all he has to do is sign a cheque to cover the cost r get his Mistress Shiromal Cooray of the Jetwing group to TOP t up.
    Minister or Deputy Minister Hasha’s Son works/worked for Ajit Fernanos company.
    Christhantha Cooray was/is a director of Ajit Fernando’s Primary Dealer company.
    He MAY have given ip his appointment, but is still very much in Fernando’s pay threshold.
    So he Cooray, likes to think he is a big bug & interfere with the day to day operations of the CB TO get information for Ajit, who is a total failure in this game.
    He has no brains, just those beady eyes, younger Mistress whose X Husband is very much a part of her business.
    I fact he comes to their house & acts as host, while AJ sits around looking for something to do .
    Very embarresing, being at a function in ms Coorays house with a Boyfriend & ex Husband who is the Father of her 2 sons

    • 9
      0

      To Pucci:-

      The article is about the Central Bank and scams taking place on day to day to basis. This has nothing to do with the personal lives of other people and if they do no wrong but do good, their personal lives are their personal lives. No matter what they do their personal lives are their’s to live and get on with it.
      Instead of commenting in a garbled way try to fathom out how you could as a citizen of the country solve these problems. It is because of grasseaters like you, that the good country is going to the dogs, because those who rob and cheat know that you people only bark and are afraid to bite.
      If you love your country then go out, grab those who you feel are robbing you in plain daylight and give them a sound bloody thrashing. After you have trashed them say ” enough is enough”.
      Commenting on others private lives will only make things worse and eventually you will be looser of it all.

      Finally before you decide to comment on articles get your facts straightend out and improve your english. Your past, present and future leaders always hated the english language so much so that they themselves are the laughing stock of the world when it comes to doing anything and everything and you have become the scapegoats and loosers.
      Sri Lanka is a lovely land in many ways, a land of plenty, and untill your politicians, those in power and authority, and you, wake up from your slumber, the land will be robbed and looted because all that you do will be only to bark and not bite.

  • 5
    0

    The failure of good governance started with this man. RW chose to sidestep the issue which has left black mark on yahapalanaya giving oxygen to commit similar crimes at the expense of the public. Nepotism, thuggery , frauds, expenditure on vehicles and property are just a few cases.

    Once a rogue you are always a rogue. I can’t believe that Arjuna M traded his good name and family for 1billion rupees. Cheap. Bloody way too cheap!

  • 0
    0

    Paga karayas, Kappan karayas, Wancha karayas, and boru karayas. There appears to be no end to the vandalizing of the economy and plunge this country further into the abyss of irrecoverable debt. One set of hooligans and rogues substituted for another.

  • 0
    1

    NOW THEY ARE SHOWING THEIR REAL COLORS, WHEN MR WILL COME TO POWER HE WILL RIP THIS GROUP FOR YET ANOTHER SIX YEARS THEN THE TURN WILL COME FOR THE OTHER……..THIS WILL GO ON FOR EVER. WE FOOLS KEEP APPLAUDING BOTH SIDES. ANEY POOR LANKA AND WE BOAST OF BEING ONE OF THE HIGHEST LITERACY RATE IN ASIA!

  • 2
    4

    Gerald,
    You are obviously illiterate in the financial world & may be others too.
    To me , it seems like you wouldn’t even know o sweep the street.
    My English, is the proper British English, unlike you , who have probably been born & brought up in that native Veddas land.
    I gave you the facts , I repeat them as you seem brainless & stand by what I say.
    Mr Chrishantha Cooray, appointed to the Monetary board, by Mr Charitha Ratwatte, another incompetent nincompoop
    Who was/is a director of Mr Ajit Fernando whose Mistress is ms Shiromal Cooray.
    He may have resigned from Fernando’s board , but Fernando pays him millions to look after his business at the dealing desk.
    Don’t mess around with me, w/o knowing English & what actually goes on in the bank.
    You obviously have no contacts at TCBSL & just read the trash in the tabloids.

    • 5
      1

      Pucci, Gerald who responded to your comment has told you facts.
      Don’t bring others private/personal lives into the open because the subject is about your CB scams. You are no finacial expert from the sound of it neither are you a decent person because decent people do not, repeat do not, discuss others personal lives in public.
      Probably, you are like your vulgar politicians who do same just to win votes in your part of the world.
      We doubt if the respondent to your article wants to mess with a grass eating joker like you who does not know etiquette like your crude robber politicians.
      Sweeping the street has nothing to do with writers comments to you.
      Very soon jokers like you will have to sweep the streets of your lovely land to survive because there will be nothing left to survive by the looks of it.
      Instead of commenting on others private lives, turn yourself into a better human being by doing a course in public etiquette and start making positive comments to better your country.
      Time may be short so dont delay make it quick.
      Time and tide waits for no man.

      End of subject.

  • 4
    1

    Instead of digging old shit why can’t the FCID arrest this fellow and have an inquiry? Are they waiting for the regime change? Very unethical governance.

  • 2
    3

    It does seem odd that the media’s eyes have been opened only after the new government came in. If everyone did their research properly, they would know that accepting more bids than what was originally intended is a practice which was carried out during the previous regime as well. Get your facts straight before slinging mud at others.

    • 3
      1

      Let us agree that the media was biased or intimidated or whatever else may be the case to have ignored such practice in the past.
      Does that take away one’s right to raise a valid question.

      There is the question about the validity of the practice.
      There is a bigger question about the scale of the difference between the declared and the issued bond values.

      People have a right to ask and Governor CBSL has the responsibility to reply.
      That would be “Good Governance”.
      It is right to denounce false allegations but not fair questions.

  • 7
    1

    The biggest problem Central Bank has is lack of transparency! The previous Governor though he had many faults had a plan to implement a trading system for the Primary Dealer who were very unhappy with the plan. He also wanted to bring in a Clearing Corporation which would guarantee settlement. The new Governor the moment he took office shot it down! These systems would have brought in the transparency in the Primary Dealer market and also a lot of credibility! Its time the Government woke up from the deep slumber!

  • 4
    0

    R Pemadasa had one thief, he went out of the country and bought houses in a few places in developed countries. Now, he is back and serving an advisor to UNP govt.

    Now Arjun Mahendran is doing the samething.

  • 1
    0

    this guy and Rvi will send Us bankrupt , to the tune all country will economically crash in few years, they are taking foreign loans and out resave are diminishing every day ,no actual development that we see, good for those idiots who voted to this use less people in to the parliament, Mithir has no back bone or intelligence to run a country rani don’t give a dam about , all other idiots that we selected has lager mouth and no brain, they are thieves for many years. we need JVP back again to kill all these baster ds ,

  • 1
    0

    This yahapalanaya is a ghost, Mahendran, Telecom sirisena, daham, ravi k and the thug arjuna (former captain cool) will destroy this country in style. Why can’t RW and MS see this. These chaps should be chased off for country to improve. also RW need to study basic economics or get advice from Eran or Dr

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