26 June, 2019

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World Bank Distances Itself From Arjuna Mahendran’s Bond Scam

The World Bank has officially distanced itself from the controversial Central Bank bond scam committed by ex-Governor Arjuna Mahendran citing that they are not aware of the international best practices to accurately calculate the potential loss in the case of the past bond auction.

In a letter addressed to M. S. B Ekanayake, Secretary to Prime Minister Ranil Wickremesinghe on December 7, 2016, the World Bank Country Director to Sri Lanka Idah Pswarayi-Riddihough referring to the letter sent by Ekanayake dated November 18, 2016 said, “Regarding your request for comments in the above mentioned letter, we are not aware of international best practices to accurately calculate the potential loss in the case of the past bond auction. Accurately quantifying the loss would require knowledge of the actual cost of the bond placement under non-competitive allocations (a necessary counterfactual). In our view that counterfactual cannot be accurately calculated on an ex post basis as it depends on the marker conditions on the auction date.”

Despite the World Bank officially distancing itself from the controversial treasury bond scam which reportedly resulted in the country losing Rs. 1.6 billion, several State-owned publications including the Sunday Leader newspaper which is now run by Finance Minister Ravi Karunanayake and Arjuna Mahendran’s Son-in-law Arjun Aloysius wrongfully reported the story saying that the World Bank had claimed the government had not suffered any losses as a result of the bond issue. “The World Bank was of the opinion that the government has not suffered any losses as a result of the bond issue. Wickremesinghe had submitted to the World Bank all details pertaining to Treasury bond transactions in Sri Lanka. The World Bank had praised the government on the actions taken to control debt and its tax reforms proposals,” the Sunday Leader story published today (January 29, 2017) said.

The two page letter by the World Bank country director also said that with the GOSL’s efforts and collaborative support from the World Bank, the IMF, will no doubt held enhance transparency and competition in the government and corporate bond markers, improve public debt management and bring Sri Lanka in line with international good practice.

Meanwhile, an economic expert said that the World Bank artfully got away from being a supporter of the scandalous bond transaction; under the conditions which it has laid down in the last sentence of paragraph 2 of the letter which says, one can easily calculate the potential loss; on the day of the first bond transaction, the market price of 30 year bonds was available which is a non-competitive bond price and except Perpetual Treasuries, all other dealers including NSB bid at that price.

“Even the Bank of Ceylon (BOC) bid at that price (that is, Rs 120 per Rs 100 bond) when it had submitted bids for Janashakthi Insurance (Rs 500 million) and Kalutara Bodhi Society (Rs 8 million). But the very same BOC after 10.57 am had bid at Rs 90 per Rs 100 bond on behalf of PTL in three bids: one Rs 3 billion, and the other two Rs 5 billion each. Harsha de Silva read this letter in Parliament and the government has shamelessly prostituted World Bank into this issue. If the government is interested, it can ask itself why it sold a bond that could have been sold at Rs 120 per Rs 100 bond for Rs 90 and incurred an opportunity loss of Rs 1500 million (that is: [(5000)/100]30 )in a single transaction. It is not World Bank at error but the government which has used an explanatory letter from World Bank for its own petty political gains,” he said.

Meanwhile a senior official at the finance ministry said that it was very unfortunate how the government has dragged the World Bank into this bond scam soup. “The government is so desperate that it will hand on to any straw in its attempt to float instead of drowning. This is a very sad situation,” the office told Colombo Telegraph.

Sinhala translation of the World Bank letter:

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Latest comments

  • 25
    13

    What the World Bank states is that they are not in a position to calculate potential loss to government in view of the fact that the transaction is an ex-post one. That is the professional position. In the light of this, how could COPE do that calculation? We need more professional explanation and we cannot leave this matter to ignorant persons. The Presidential Commission may consult professionals. Let’s wait and see.

    • 17
      8

      Whatever world banks utters, it is a matter of the srilanken soil.

      if the commission would draw conclusions that the losses have been the reality, without being partial, they have to be brought before the courts.

      Eqallay, we have to go on with getting the alleged 18 billions of dollars being kept in Dubai National Banks or the like minded banks by Rajakashe men.

      MIG deal too should be investigated getting the interpol assitance to corner that ballige putha udayanga weerasinha or someone again a relative of mafia leader Rajaapkshe.

      • 14
        1

        Today 8 individuals own half the Global Wealth according to the report released by OXFAM at Davos – the Billionaire’s Hot Air HUB!

        World Bank and IMF are DIRECTLY responsible for massive Economic Inequality in the world today and the resulting social unrest, violence and resource wars.

        Ranil Wickramasinhe and his team of Economic Hit men should ask World Bank and IMF it they really want to AID Sri Lanka, to use all their so-called experts to track down the millions looted from Sri Lanka by Mahinda Jarapassa, family and cronies as a PRIORITY, rather than selling off Sri Lanka’s land and marine resources to China, US, India and Japan, in order to pay Sri Lankas massive national debts amassed by corrupt politicians, while borrowing more from IMF and pushing Lanka in a bigger DEBT TRAP.

        World Bank and IMF are part of Global Financial Governance Architecture but their PhD. experts protect financial crimie rather than track them down. IMF and World Bank are supposed to do Global Financial Governance but rather are putting poor countries into massive DEBT TRAPS. Look at Greece and now Sri Lanka and IMF and WB bank role.

        WB and IMF protect global financial crime, off shore bank accounts and tax havens for the corrupt rich, including multinational corporate criminals, bond traders, and third world corrupt dictators.

        Because of Governance failures of WB and IMF global Economic INEQUALITY and WARS have increased massively, people do not trust global institutions and Trump is the President of the United States with the help of these outfits.

        IMF and World Bank are supposed to be in charge of Financial Governance and they should be asked to track down the Financial Crimes- the millions looted from Sri Lanka and other countries in the Global South by corrupt dictators and politicians.
        WB and IMF are part of the problem and not the solution to CORRUPTION, INEQUALITY, POVERTY, SOCIAL UNREST, WAR and RACISM.

        • 9
          2

          Spot on Don!

          FCID, Bribery Commission and Central Bank of SL should ask IMF and WB, which are so called global Financial Governance Institutions for help to trace Mahinda Jarapassa’s family and cronies looted billions overseas to pay off the national debt!

          But The Global Financial System is CORRUPT to the core, and corruption is protected and rewarded by these so called global governance institutions.

          WB and IMF and their uselss “experts at “knowledge bank” (which WB like to call itself Ha, Ha, Ha!) are part of the problem, and not the solution to CORRUPTION, INEQUALITY, POVERTY, SOCIAL UNREST, WAR and RACISM in Sri Lanka or any where else in the planet.

          • 6
            1

            what is not corrupted, if I may ask you this way ? Just adding the kind of thoughts to divert the airms of the investigation – cant bring anything forward.

            what matters is the gravity of the corruption.

            Even developed countries are corrupted – but not to the manner for example devloping couuntries have been.

            Everything on this earth relative.

      • 1
        6

        Leelawathie, I am sure, when you an urge for a ‘kakki bara’ in an odd time, you put the blame on Rajapakshes. Such a low mentality! :p

    • 15
      4

      There is no point world bank distancing itself from Arjuna Mahendran’s central bond scam, if Srilanka government is not prepared to distance itself from it, instead of trying to protect the wrongdoers.

    • 14
      2

      The World Bank position is flimsy and even contradictory. In one sentence, it says “Accurately quantifying the loss would require” such and such knowledge. In the next sentence, it says “counter factual cannot be accurately calculated.” What a farce?

      They have not denied the loss however. They cannot. They say about the difficulty in accurately calculating the loss! Even this is “In our [their] view.” This is flimsy.

      There is also a veiled attempt to safeguard the bond scam through auction. That is why they say that “we are unaware of international best practices to accurately calculate the potential loss.” Because they are the people who have advised against what they have now termed as ‘non-competitive allocations’ and in favour of potentially fraudulent ‘Auctions.’ What has happened to the World Bank’s much touted transparency?

      • 8
        0

        “”“Accurately quantifying the loss would require” such and such knowledge. In the next sentence, it says “counter factual cannot be accurately calculated.” What a farce?
        “”
        They are right. merchant banking data ticks like the clock.

        Lankans are experts at missing papers.

      • 6
        0

        Dr Fernando@,

        if WB fails to offer their assistance in this regard who else would be able to stand by ?

      • 4
        1

        Good points Prof:

        Shouldn’t the FCID, Bribery Commission and Central Bank of SL FORMALLY ask IMF and WB, to stop protecting, aiding and abetting corruption, and actually do the job of Global Financial Governance Institutions they are supposed to be, and help track the Financial Criminal transactions of Mahinda Jarapassa’s family and cronies, and their looted billions kept in shore accounts in US, UK, Switzerland, Panama, Singapore, Dubai etc.. to pay off Sri Lanka’s national debt, instead of VAT taxes on poor people?!

        Sri Lanka should work with Greece and other countries that are in the IMF DEBT TRAP to ask them to track down stolen funds.

    • 6
      1

      RE: World Bank Distances Itself From Arjuna Mahendran’s Central Bond Scam

      1. “The World Bank has officially distanced itself from the controversial Central Bank bond scam committed by ex-Governor Arjuna Mahendran citing that they are not aware of the international best practices to accurately calculate the potential loss in the case of the past bond auction.”

      The World Bank is correct, because they do not have the prevailing market conditions, at the time of the bond issue.

      2. “which reportedly resulted in the country losing Rs. 1.6 billion, several State-owned publications including the Sunday Leader newspaper which is now run by Finance Minister Ravi Karunanayake and Arjuna Mahendran’s Son-in-law Arjun Aloysius wrongfully reported the story saying that the World Bank had claimed the government had not suffered any losses as a result of the bond issue.”

      This is a pure lie, by Sunday Leader and its owners. This is where the media owners twist the truth to suit their own-self interest. This is white-washing, and simply lying, reporting the untruth. Did Arjun Aloysius use PART of the gains the gains from the bond issue to buy the Sunday Leader?

      However, one may estimate, by the theory of induction, by taking the prevailing market conditions before and after, to project approximately the prevailing market conditions at the time of the bond issue, to estimate the Rs. 1.6 billion loss and its validity.

    • 4
      1

      Are you being stupid … Or do you think the Yahapalana suckers in the PAYE Tax bracket who have already paid LKR 11.2 Billion pure profit to Aloysious and PT are stupid.

      Thank God our Dalits do not pay direct Income Tax..

      How about you Mr shymon?..

    • 5
      1

      S.J,
      You are absolutely correct.In simple terms the Government wanted to borrow x amount of money at Y interest rate. What actually happened was that the govt borrowed 10x money at y+2 % interest, from only one bidder.
      Now, if there was a loss, it is the 2% extra that was paid. Also, Perpetual Treasuries had insider information. That MAY be illegal.
      About the much-talked-about billions that PT made as profits, is there any law that prohibits companies making such profits? Do they not pay taxes on them? What is the purpose of investing in bonds if you do not make profits?
      I am not justifying bond scams, but much of the hot air is produced by half-educated politicians ably supported by the 3-wheeler constituency.

    • 3
      1

      What happened to Native Veddha ?

      Where are you ? Are u keeping well ?
      P:S hope not Jimsofty, Sumanya,Eusense,Sach et al together with Rajapakshe babarians may have hurt NV.

      All the best

    • 7
      0

      I dont understand people like jayasinghe who keep looking for reasons to feel good about this Mahendran/Ranil saga.

      I have a few questions for jayasinghe

      1.Was this Singapore citizen ( private banker/ businessman/deal maker)a suitable appointment to post of Governor of our Central bank ?
      2. did he have the vital sense of independence and political integrity that are so essential in exercising his duties ?
      3. Was his son in law( or companies associated with him) the beneficiary of the Bonds issued by the Central bank under mahendran ?
      4. were there unusual circumstances in the bond issue , such as increase in the volume of bonds, notice give to other bond dealers and enhanced interest rates, that increased the windfall profits of the son in law?
      5. did our Prime Minister act objectively on this matter ?

      I like to know jayasinghes response to these questions

    • 0
      1

      When the profit was 14 billion for 18 months, when there is a clear eveidence of insider trading, we need to wait.

      what BS.

  • 25
    2

    The more important news in the article is that Sunday Leader is run by Ravi K and Aloysius!..

  • 17
    2

    It appears that our PM probably doesn’t have faith in our own Justice system and requested the opinion of the WB on this scam. Media owned by the culprits then spread misinformation to justify their actions.

    If these are genuine transactions Arjun Aloysius should have a brilliant brain far superior than any other Srilankan to multiply a 300 Million investment by 50 times in three years.

    He could become an advisor to our PM and other developing countries.

  • 10
    1

    The following is copied from a report in the Sanday Leader ( 29/01/2017):

    “The World Bank has written to Prime Minister Ranil Wickremesinghe giving its opinion on the Central Bank bond issue.
    Sources said that the World Bank had given its opinion after the Prime Minister wrote to the bank seeking its input.
    The World Bank was of the opinion that the government has not suffered any losses as a result of the bond issue. Wickremesinghe had submitted to the World Bank all details pertaining to Treasury bond transactions in Sri Lanka. The World Bank had praised the government on the actions taken to control debt and its tax reforms proposals.”

    Is this letter from the World Bank different to the one presented in the above article? Are there two World Banks?

    Can anyone clarify wherein lies the truth? Is there a well planned disinformation campaign unfolding?

    Dr.Rajasingham Narendran

    • 5
      0

      “Regarding your request for comments in the ABOVE MENTIONED LETTER*, we are not aware of international best practices to accurately calculate the potential loss in the CASE OF THE PAST BOND ACTION** . Accurately quantifying the loss would require knowledge of the actual cost of the bond placement under non-competitive allocations (a necessary counterfactual). In our view that counterfactual cannot be accurately calculated on an ex post basis as it depends on the marker conditions on the auction date.”

      1. *ABOVE MENTIONED LETTER – we must have the entire content of this letter first before commenting on the reply of it

      2. **CASE OF THE PAST BOND ACTION – Which Past bond issues was referred for query from World Bank through that ABOVE MENTIONED LETTER

      3. Is it of Bond Issuance of Ajit N Cabral or of Arjun Mahendran World Bank Distanced Itself? Not Clear

      Therefore Dr.Rajasingham Narendran is correct

  • 2
    6

    WORDS.Why the Sunday Island jumped the gun and published that story I do not know. It is bad. But the more important thing is the whole issue about the calculation of a loss or profit on the bond transactions. World Bank has rightly stated that there are no known and accepted international practices of making calculations of ex-post bond deals. The market conditions at the time must be spelt out. Then, the fact that this funding had been on a long -term basis of 30 years is a factor to account. The potential loss would depend on what the government would have got by other sources of funding like foreign sources or local development bonds and this has to be computed over thirty years.
    Actually, this whole issue is absurd.In the Rajapakse years, these bonds were given on purely private placments whereas this time the former CB Governor had given it on auction where anyone was allowed to bid.
    I cannot see how any professional can compute this potential loss. It would be purely speculative. This case can, therefore, never end.

  • 6
    5

    Another lie of the so called good governance regime is exposed by the World Bank it self.

    Ranil you do not have a place to hide any more.

  • 7
    2

    In Sinhala, the language used by the majority in Sri Lanka there is an idiom which says “dee kirata balalluth saakkilu” (Even the cats seem to give evidence for curd.).

    There is no wonder that cats at the World Bank and The Sunday Leader are giving evidence in support of the people like Ranil Wickramasinghe and Arjuna Mahendran!

    The poor Sri Lankans will be more and more confused.

  • 4
    3

    It is not world bank. My thinking is both Maithripala Sirisena and Ranil wickrmasinghe knew for 10 years, Mahinda Rajapakse ganaged with Ajith Nivrad Cabral and manipulated the Centrl bank to steal money.

    As soon as Ranil wickrmasinghe came, Ranil wickrmasinghe appointed his school-mate buddy and he legally but unethically manipulated the bank to give ex-orbitant profits to a private investment dealer.

    That is why Ranil complained when it was caught saying that Mahinda Rajapakse also did the same thing.

    So, Ranil Is still clean in his mind as he did not steal money for his personal use. Yet, he by passed the state banks, they used state banks and a msnipulated procedure to give high profits to this individual company who will in turn spend money for the UNP election.

    Anyway, Ranil also minister posts to both inviduals in a family becuse that individual spent money for the last election.

    So, because of all these, even with the presidential commission, there won’t be any recovery of money lost. Primary Delaer is used to corruptions even with Mahinda Rajapakse. Yey, Maithripala Sirisena is still thinking what to do.

  • 6
    1

    It was reported that SL has gone further down in the Transparency International Corruption Perceptions Index – Colombo Telegraph of 25 January 2017. The “Bond Issue” might have contributed to this decline.

  • 5
    3

    Even in the US, the trading of treasury bond is a controversial issue. The big Wall Street banks borrow money from the Federal Reserve’s – the US Central Bank, using this money they buy the bonds from the US treasury, sell them in the secondary markets, and make big fat profits. It’s a funny situation, they borrow from the government, and lend the money back to the government. That’s what the modern western financial system is a ponzi scheme, and very scary.

  • 2
    0

    There are people who say that Politicians forced Sri lankan factories or manufacturing places to be closed based on the IMF instruction. A politician with a little bit of brain should understand, the major focus of a country is to make it self sufficient and not to important everything from overseas.

    But, IMF/world bank are doing that because they help Developed countries to keep their international currencies floating as importnat money. That allows those countries to earn trascation fees, Thsoe who recommend it have employment in waiting.

    In that above mentioned sense, it should be IMF allowed this fradulent practice to go ahead, Sri lankan politicians are just bath balays who do not use brain and dewstroy the country.

    when Mahendran says he did not know what best practices to use for treasury bill profit calculations etc., it shows how dumb he is as a money manager. Simply should not have been hired as the head of the Central bank.

  • 7
    0

    After reading all this carefully I came to following conclusions:
    1. I would not read articles written by Shyamon Jayasinghe who tries to hide a very clear fact but try to safeguard the thieves without any logical reason.
    2. I would not read Sunday Leader at all; if it is owned by Ravi K and the Bond thieves, why should I spoil my mind for nothing.
    3. I don’t trust Ravi K at all; his useless threats and utterances are detrimental to himself and the government;I don’t think he is an honest man to handle the country’s Finances as the Minister. He doesn’t understand the heartbeat of the average Sri Lankan; he is only after his own selfish agenda which will bring curse on Yahapalanaya further and further. If there is a back lash he should be greatly responsible for it (Prez has sensed it now!)
    3. I salute Dr. Laksiri Fernando for having made a logical point. I would continue to read his articles.
    4. Colombo Telegraph! Thanks a lot for revealing the exact situation.

  • 3
    3

    Well done!

    I believe Ravi is praised as the best Finance Minister few days ago because of his plannings. He deserves it. For a strong defense lawyer, this has not just opened a path to collect court expenses, but to turn around it as a profit for CBs and put forward a claim to compensate the loss for defense.

    CT and Chandra Jayaratne have misunderstood a government fraud and accused it on an individual to make people to believe that there was law broken. Instead of narrow focus, net should have been wide spread.
    NPC saying Swamynathan is buying the iron cages three times the cost of cement houses. Nuraicholai $250 million tender was placed at $540 Million. For Sapugaskanda rebuilding, German firm wanted $1.1 Billion, but Chinese firm won it at $2.2. In those, loss calculations are possible.
    But this is private tender. Unlike public, there is no prove the 2nd best tender was not just jack up the price on the 1st best and driving it eventually out of market for future tenders.

    Here WB’s commented about calculating the loss. It has been determined by Sunil Handunnetti that there was loss. Private placement is mainly procedure dependent rather than most cost efficient.
    If there is loss for CB, it needs not to be redeemed by contractor as it was tender. Beyond that, a crime would be possible only if all the ill will is well proved. A common understanding of loss occurred is not enough to prove ill will. A private contractor quotes only to maximize his profit. Mahendran-Aloysius family relation is not enough to stop Aloysius makes profit. To prove corruption, the internal information communication should have to be proved, can’t depend on family relationship. That might need handwritten notes from Mahendran to Perpetual.

  • 4
    1

    So, Galleon Ravi and Aloysious have bought Sunday Leader, all paid by the Yahapalana suckers in Colombo.

    HeHeHeHeeeee..

    Wonder how the so called Sinhala Buddhists in the Elite Class among Yahapalana suckers feel reading Sunday Leader, while enjoying Batalanada’s Bacon & Eggs for Sunday brekky!!!!.

  • 1
    2

    Bond traders, Publishing news papers! Wow!
    How long does it take for Sirisena to get rid of Ravi, He is taking down the whole system.
    Eran is the most suitable person for the finance minister! He is not corrupted by the system yet!

    More the yahapalana suckers try to whitewash the scam more shit ends up in their face.
    Value for money for the tax payers of Sri Lanka! How long are they planning to use Mahinda as the scape goat for inefficiency and ignorance!

    • 3
      1

      Eran or ANY qualified ones, cant do the job so long entire systems have been highly corrupted. We can easily see it being out of the country, but it has been no easy to do anything in that country so long the system is not subjected to paradigm shift.

      Your beloved MR and his brutal and totally ignorant administration – who though terminated the relay race of 30 year civil war, but the corrupted highly corrupted authorities remained. Actually the man et al was sensitive enough could do lot more replacing mediocrites with meritocracy. He enjoyed and got swollen by the power intoxications. That led to his nemesis by today – the john has been a laughter stock of the day – please watch it below
      https://www.youtube.com/watch?v=jAamQU1r_kc&t=450s

      Please check it again Diwulapitiya… that is the start of revealing about those higly corrupted abusive key persons.

      Meeharaka Rajaakashe gave the priority to mediocrites and entire systems have reached all appaling levels to this day.

      • 1
        2

        There is a cancer in Finance ministry! Give some radiation therapy!
        Pamankada Alimankada, Stinks

        • 2
          1

          Rajapakshe thirisana fooled the masses so that he could rule the nation as is the case in Mugabe s Zimbabwe: Read about today s Zimbabwei… that will help opening your old eyes, if nothing can help you grasphing the realities.

          Diwulapitiya or any other issue – is highly corrupted. But thosewho stand against any corrupted acts – are being attacked by Rajaakshe supportive forces – who are the grass eating folks. The levels of those people you could see in the Nugegoda rally few days ago – at the end of the day some of them were found drunk on the street corners.

          Instead, if Rajaakshe mechanisms helped those poor masses to think clean – things would have turned out to be CIVILIZED by today.
          Darker 10 years of Rajaakshes were the black era to this country – but like a rotten cake can be decorated with some icing layer -elemination of the terror, road construction etc were succeeded.
          Even Indonesian Suhartho, Zimbabwian Mugabe, Pilipinian Marcos all did some good work too. But in our country Rajaakshes made it worse.
          That is why today govt is on a snail walk in term of econmic steps being taken.. but end of the year, I have no doubt, things will turn out to be fine. Wait and see, we can then shit on your faces Srinath….. wait and see.

    • 3
      0

      Eran, Harsha, Ajith, Nalin and several others represent the educated young blood for the future. But in the current context, they cant get a chance.
      I respect these men – and these young men entered lanken politics with all energies, but being unable to do the due since senior politicians are very slow at their moves.

      For example in the incident croped up in Diwulapitiya, the female secretary to challenge VISITING deputy minister to the place while people are on a protest should NOT be commended by anyone regardless of the side.
      In europe, the kind of issues, politicians stay neutral since the peoples re more intelligent. Poverty stricken srilanka – if you would want to kill a rival of any nature, calling them born buddhist or sinhala buddhists, there will be more…. most ridiculouly most of them like the former leader – you will see wearing Pirith nuula on their wrists, and gold chains around the neck, and ring equipped with gems are on their fingers… this is the nature of punnaku eaters.
      So long mediocre men would be the key element of the society being further supported by poltiical goons, meritocracy will have no chance inthis country anymore. In 70ties and 80ties the country earned a world wide recognition to have produced intelligent public servant. Teachers exported to Nigeria othe like country benefited from srilanken educated skilled workers. But today even if you are blessed with PhDs, you have no place in the society rotten to the core.
      Who to be blame ?

      They the politicians, senior ones just enjoy – my only hope is on Ranil and the few politicians whose profiles have been recognized by entire world by now. However it will not be easy that is for sure.

    • 2
      1

      Yahapalaya cant be suckers even if they may be on slow mode.

      Ballige putha led thuggish politics looted and left ruined the country is the problem.
      Had MR played healthy politics in the post war scenario, nothing like today s problem woudl ever have been the consequence.
      Current govt not only pays the interests of the huges bills of Rajaakshes, but also started all the debts payments after 5or 6 years of grace periods. All these are facts Srinath.
      You may be eating grass being in UK, but you should focus on the facts.

      Bond scam is a great failure, but everyone makes mistakes.. now it is on the tract to punish the wrong doers..
      After next 3 months is gone, we can see, how Rajaakshes will further be away from being convicted.

      The days meeharakas are jailed the day the folks start all speedy developments.

  • 0
    2

    Shyamon Jayasinghe’s analysis is spot on

  • 2
    4

    Comments by supporters of Arjuna Mahendran, Son-in-law Arjun Aloysius and the government is “mind boggling.”

    Whom are you trying to fool all the time!

    Ramani

  • 2
    1

    People who do not know anything about bonds have been educated well by Media . It is great. There is no question that there was a planned play out of the people’s money. Those in power are trying to take cover under World Bank, the greatest white Collar crime committed with such an ease through connections, instead of prosecuting. I do not much about Chinese legal systems. But one thing I have read is most white collar Criminals holding top posts have been punished. Our Legal system based on English law gives lot of cover to corruption. We scold British imperialism but we are following their legal practices. Government must seriously consider importing the salient features of Chinese Legal practices on white collar crimes, as well as pick from Sinhalese Legal System(Kandyan Law) if our country has to progress. By white collar crime one is killing for gain a society,a country as a whole, while by murder you kill one person, not necessarily for gain.

    • 5
      0

      Like the case with Tsunami the term “Bond issue” came to light in the current administration. These bond related transactions should have held even previous times too. But none of the state men or the professionals were allowed to release them to public.

      That alone proves the accountabliity of the the information. There I have some respect on the corrent men.
      And also the fact COPE reports too were released by previous govt too, but none of them and the contents were regarded as anything. To that time, the tyranny held by Alibaba and Thieves kept the people in terms of information flow – so dark. Believe or not, the reality is that.
      Now JVP makes every effort to score – as if they had been fallen from the sky to the current regime.
      Why the men seem not talking about the sad realities of the previous regime is questionable.
      All in all, it is right to punish anyone if they robbed billions. But the law and order should work on everyone equally.
      God bless motherland srilanka.

  • 2
    0

    Now the government has appointed a commission headed by Supreme court judges.
    So with out writing bull shit , if you have any positive contribution to be made go before the Commission and say what you have to say.
    It is time bull shitters for and against the bond scam give their pens a rest and wait. Let the judges do their Job

    MPs are not the best judges. Remember how eight Standard MPs found Former Chief
    justice was guilty at the behest of Maha Raaja.

    It is my belief most of the COPE members do not know what BONDs are. So their decsions are all political. Let justice prevail

  • 3
    0

    Everyone talking about Basil Rajapakse’s hotel in Dubai. As a Sinhalese I am proud Sinhalese to have a Hotel in Dubai. I am living last 3 decade in Dubai, anyone knows and asking or questioning, Sri Lankan Muslims having 2 hotels in Dubai.Whose this money, how they purchased these hotels, how they pump money to buy these 2 hotels? Anyone knows?

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