{"id":186113,"date":"2018-01-06T04:43:28","date_gmt":"2018-01-05T23:13:28","guid":{"rendered":"https:\/\/www.colombotelegraph.com\/?p=186113"},"modified":"2018-01-09T00:11:22","modified_gmt":"2018-01-08T18:41:22","slug":"has-bond-commission-cleared-pm-of-any-involvement","status":"publish","type":"post","link":"https:\/\/www.colombotelegraph.com\/index.php\/has-bond-commission-cleared-pm-of-any-involvement\/","title":{"rendered":"Has Bond Commission \u2018Cleared\u2019 PM Of Any \u2018Involvement\u2019?"},"content":{"rendered":"

By\u00a0<\/b><\/span>Amrit Muttukumaru<\/a> –<\/b><\/span><\/p>\n

\"\"<\/a>

Amrit Muttukumaru<\/p><\/div>\n

Although we the commoners have to await the Bond Commission Report being placed in the public domain prior to commenting whether there is a silver lining for our beloved country wallowing in the mire of virtual unrestrained corruption, Cabinet Minister <\/span>Faizer Mustapha has affirmed<\/a>:<\/span><\/p>\n

\u201cBond Commission had clearly said that there was no involvement whatsoever by Prime Minister Ranil Wickremesinghe in the bond controversy.\u201d<\/span><\/p>\n

This is preposterous since at the core of the alleged Bond Scam are the following indisputable facts:<\/span><\/p>\n

Core of Bond Scam<\/b><\/span><\/p>\n

1) \u2018Conflict of interest’ arising from then Central Bank Governor <\/i>Arjuna Mahendran\u2019s son-in-law, Arjun Aloysius – owning\/controlling PTL (Perpetual Treasuries Limited) – a Primary Dealer. <\/span><\/p>\n

2) Arjuna Mahendran – a foreign national being handpicked for the position of Governor, Central Bank of Sri Lanka (CBSL) by the Prime Minister although aware of the \u2018Conflict of interest\u2019. The PM himself confirmed this in his affidavit and while testifying before the PCoI.<\/span><\/p>\n

3) <\/span>The CBSL the issuing agency for Treasury Bonds which normally falls under the Ministry of Finance being brought under the purview of the Prime Minister.<\/span><\/p>\n

4) The PM continued to have Mahendran as CBSL Governor although he was aware that Mahendran had reneged on his \u2018assurance\u2019 to him that his son-in-law (Arjun Aloysius) will sever all links with PTL prior to his appointment as CBSL Governor.<\/span><\/p>\n

5) The PM robustly defended and endorsed Mahendran for a second term despite the widespread perception of Mahendran\u2019s role in the alleged Bond Scam.<\/span><\/p>\n

6) Being fully confident on the propriety of the issuance of Bonds, the PM robustly defended the same in Parliament despite the evidence that subsequently transpired before the PCoI.<\/span><\/p>\n

7) During his testimony at the Bond Commission the PM stated: \u201cMr. Aloysius did say to me he need bit of time to dispose his share holding to get good price. (shares of Perpetual Treasuries Ltd or shares he held in other entity in the name of PTL). I met him (Aloysius) at one or two parties, and there he told me that he was pursuing his interests in Mendis distilleries.\u201d<\/span><\/p>\n

What is at issue is the integrity of the CBSL. How can the PM who is also responsible for the CBSL even consider a \u201cbit of time\u201d to resolve a \u2018conflict of interest\u2019 concerning the Governor and that too articulated \u201cat one or two parties\u201d?<\/span><\/p>\n

Other Issues<\/b><\/span><\/p>\n

1) R. Paskaralingam is Senior Advisor to the Prime Minister. <\/span><\/p>\n

It was revealed by the Chairmen and senior officials concerned of the Bank of Ceylon, People\u2019s Bank and National Savings Bank during their testimony at the PCoI that then Finance Minister Ravi Karunanayake<\/a> had \u2018instructed\u2019 them at two meetings convened by him in March 2016 \u201cto make bids at the treasury bond auctions at lower interest (yield) rates\u201d resulting in their respective banks being deprived of \u2018substantial profits\u2019. It was alleged during their testimony that these \u2018instructions\u2019 were given in the presence of the PM\u2019s <\/span>Senior Advisor, R. Paskaralingam.<\/span><\/p>\n

The PM in his affidavit denied any knowledge of such meetings and in his testimony also denied any knowledge of his Senior Advisor attending such meetings. If indeed Mr. Paskaralingam attended these meetings, would it not have been SOLELY in his capacity as Senior Advisor to the PM? Is there not a major management failure in this respect? <\/span>Surely the country does not need the services of McKinsey & Company\u00a0to arrive at this conclusion!<\/span><\/p>\n

Those who testified included: Chairman, Bank of Ceylon<\/span> <\/i>(Ronald\u00a0<\/i>Perera),<\/i> Chairman, People\u2019s Bank (<\/span>Hemasiri Fernando) and Chairman, National Savings Bank (<\/i><\/span>Aswin\u00a0<\/i>de Silva)<\/span><\/p>\n

2) Dr. <\/span>Harsha de Silva is Deputy Minister, Ministry of National Policies and Economic Affairs where the Prime Minister is the Minister in charge. <\/span><\/p>\n

On his role in the <\/span>controversial \u2018footnotes\u2019 saga in the alleged Treasury Bond scam, <\/span> \u2018The Sunday Times<\/em><\/a>\u2019 of 30 October 2016 reported as follows:<\/span><\/p>\n

\u201cAs is clear, the thrust of these footnotes is to make clear that Mahendran has not been responsible of any impropriety.<\/i><\/span><\/p>\n

The UNP is confident that it can, through the documentation Deputy Minister Harsha de Silva has received, prove its case that its man Arjuna Mahendran is not to blame.\u201d<\/i><\/span><\/p>\n

Response to Journalist on \u2018Footnotes\u2019<\/span><\/p>\n

<\/i>\u201cMinister do you at any point now regret the footnotes on that COPE report? Going by what is being revealed now, do you regret it or was there a lack of information at that point?\u201d<\/span><\/p>\n

Watch his response from<\/span> (21:25:40) \u2013 what does it indicate?<\/span><\/p>\n