{"id":186123,"date":"2018-01-06T15:58:00","date_gmt":"2018-01-06T10:28:00","guid":{"rendered":"https:\/\/www.colombotelegraph.com\/?p=186123"},"modified":"2018-01-09T13:56:38","modified_gmt":"2018-01-09T08:26:38","slug":"bond-scam-political-responsibility","status":"publish","type":"post","link":"https:\/\/www.colombotelegraph.com\/index.php\/bond-scam-political-responsibility\/","title":{"rendered":"Bond Scam &#038; Political Responsibility"},"content":{"rendered":"<p class=\"p1\"><strong>By <a href=\"https:\/\/www.colombotelegraph.com\/?s=Rusiripala+Tennakoon&amp;x=8&amp;y=5\">Rusiripala Tennakoon<\/a> &#8211;<\/strong><\/p>\n<div id=\"attachment_184135\" style=\"width: 160px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.colombotelegraph.com\/wp-content\/uploads\/2017\/11\/Rusiripala-Tennakoon-e1510564160278.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-184135\" class=\"size-thumbnail wp-image-184135\" src=\"https:\/\/www.colombotelegraph.com\/wp-content\/uploads\/2017\/11\/Rusiripala-Tennakoon-e1510564160278-150x150.jpg\" alt=\"\" width=\"150\" height=\"150\" srcset=\"https:\/\/www.colombotelegraph.com\/wp-content\/uploads\/2017\/11\/Rusiripala-Tennakoon-e1510564160278-150x150.jpg 150w, https:\/\/www.colombotelegraph.com\/wp-content\/uploads\/2017\/11\/Rusiripala-Tennakoon-e1510564160278-300x300.jpg 300w, https:\/\/www.colombotelegraph.com\/wp-content\/uploads\/2017\/11\/Rusiripala-Tennakoon-e1510564160278-45x45.jpg 45w, https:\/\/www.colombotelegraph.com\/wp-content\/uploads\/2017\/11\/Rusiripala-Tennakoon-e1510564160278.jpg 327w\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" \/><\/a><p id=\"caption-attachment-184135\" class=\"wp-caption-text\">Rusiripala Tennakoon<\/p><\/div>\n<p class=\"p3\"><span class=\"s1\">Sri Lanka badly needs at-least a Ministerial Code if not a code of conduct for all our Parliamentarians. Innocent citizens are unaware of what their elected representatives should practice as reasonable good ethical practices on their behalf. Politicians in our country are undivided when it comes to increasing of their perks &#8211; be it salaries or other benefits including pension privileges. But rather lethargic and indecisive when it comes to declarations involving policy and responsibilities. What we see as \u2018happenings\u2019 under good democratic governance elsewhere continue to remain as unfulfilled dreams. It is a pity such a situation prevails even under a so called good governance regime! All the more unpalatable after nearly seventy years of being masters of our own destiny.<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">Breaking news of the Panama leaks shook the whole world in April 2016. Focus was centered on several leading political figures in addition to giants in the corporate field. We witnessed the response of many in public life immediately following this information leak. <\/span><\/p>\n<p class=\"p3\"><span class=\"s1\"> In order to complete the record a few names are mentioned below;<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">On 5<\/span><span class=\"s2\"><sup>th<\/sup><\/span><span class=\"s1\"> April 2016, ICELAND\u2019s Prime Minister Sigmundur resigned his post when his name appeared,<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">Ukrainian Prime Minister resigned on 10<\/span><span class=\"s2\"><sup>th<\/sup><\/span><span class=\"s1\"> April, Industrial Minister of Spain relinquished his duties on 15<\/span><span class=\"s2\"><sup>th<\/sup><\/span><span class=\"s1\"> April.<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">Besides the political figures there were several others who resigned on moral grounds such as, Bert Meerstadt, ABN Amro Bank Board Member and FIFA ethics committee member JOHN,<span class=\"Apple-converted-space\">\u00a0 <\/span>and the President of Transparency International Chile,<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">President Mugabe of Zimbabwe was forced to resign after impeachment on corruption and mismanagement were threatened,<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">Theresa May fired<span class=\"Apple-converted-space\">\u00a0 <\/span>the one time<span class=\"Apple-converted-space\">\u00a0 <\/span>first secretary of State<span class=\"Apple-converted-space\">\u00a0 <\/span>and her<span class=\"Apple-converted-space\">\u00a0 <\/span>minister for the Cabinet Office Damian Green over a PORN cover up incident.<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">Michael Fallon Britain\u2019s Defence Secretary was forced to quit on accusations of sexual harassment leveled against him;<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">Priti Patel, another cabinet minister of Theresa May\u2019s government was removed for holding unofficial meetings with Israeli government officials during a private holiday.<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">These are some of the recent actions to uphold democracy and good governance while history records other similar events such as, sudden resignation of Lebanon PM; Richard Nixon, US President who had to quit due to the Watergate scandal and the Japanese PM who resigned a few months after his election to power due to his failure to honour election promises.<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">Alas!, a pity what we experience today here in our country. Governors of Central Banks refused reappointments are made Prime Ministerial advisers. Ministers virtually sacked for unethical conduct are leading political campaigns with the party leaders and enjoy highly prestigious political patronage! They appear in public platforms too and criticize the performance of high profile officials in extremely vulnerable positions that account for the good image of the country such as Auditor generals\u2019, Attorney Generals \u2018 <span class=\"Apple-converted-space\">\u00a0 <\/span>etc. etc. Then we have Ministers who when accused of corrupt deals with facts and figures come out and publicly declare they have huge bank balances and therefore no need for them to rob ! Who cares what they have, the people only want to safeguard public money being misused, wasted and robbed.<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">We are also witnessing strange interpretations which appear to vivify the morale of degraded comrades by some ministerial characters. Most recent is the statement made by a cabinet minister about the Prime Ministers\u2019 responsibility in <a href=\"https:\/\/www.colombotelegraph.com\/?s=Bond+Scam+\">the Central bank bond scam<\/a>. While no one is interested in pinning any responsibility to any one, there are several issues that demand scrutiny and clarification due to facts revealed in the public domain on related matters, in the overriding national Interest. The following issues require specific answers rather than conciliatory whitewashings.<\/span><\/p>\n<p><span class=\"s1\">1. Are the following actions viewed in retrospect justified?<\/span><\/p>\n<ul>\n<li><span class=\"s1\">The statement made by the PM in parliament on 17<\/span><span class=\"s2\"><sup>th<\/sup><\/span><span class=\"s1\"> March 2015, where he maintained that<span class=\"Apple-converted-space\">\u00a0 <\/span>CBSL Governor Arjuna Mahendran has not committed any wrong !<\/span><\/li>\n<li><span class=\"s1\">The selection of Mahendran as a suitable person to hold the position of the<span class=\"Apple-converted-space\">\u00a0 <\/span>Chairman of the Monetary Board of Sri Lanka, <\/span><\/li>\n<\/ul>\n<p><span class=\"s1\">a) While being a non-citizen of Sri Lanka who is not able to take the national oath of allegiance and loyalty.<\/span><\/p>\n<p><span class=\"s1\">b) With no proven acceptability for such a high post evaluated at a proper forum,<\/span><\/p>\n<p><span class=\"s1\">c) With no proven record of an unblemished previous background<\/span><\/p>\n<p><span class=\"s1\">d) Being a person connected\/related to persons having dealings with the CBSL with a potential for future conflicts of interest and<span class=\"Apple-converted-space\">\u00a0 <\/span>insider dealings or access to sensitive information,<\/span><\/p>\n<ul>\n<li><span class=\"s1\">The contradictions yet to be clarified, about the additional excess amounts of funds made out as required immediately one day before the questionable bond auction of 27<\/span><span class=\"s2\"><sup>th<\/sup><\/span><span class=\"s1\"> February. Ravi Karunanayake under oath has stated a different amount and the former governor another amount while two cabinet ministers have stated yet a different position. What the PM stated in Parliament as the amount has not been corroborated by other evidence.<\/span><\/li>\n<li><span class=\"s1\">The failure of the PM as the minister in charge of the CBSL to take adequate preventive measures after the 1st Bond scam was reported;<\/span><\/li>\n<\/ul>\n<p><span class=\"s1\">(I) Not sending Arjuna Mahendran at least on compulsory leave to facilitate the ongoing enquiries free of intervention \/obstruction<\/span><\/p>\n<p><span class=\"s1\">(II) Not monitoring whether the son in law had divested himself of his interests in the primary dealer company licensed by the CBSL<\/span><\/p>\n<p><span class=\"s1\">(III) Failure to monitor whether similar events will be repeated as shown in the bond transactions of 29<\/span><span class=\"s2\"><sup>th<\/sup><\/span><span class=\"s1\"> march and 31<\/span><span class=\"s2\"><sup>st<\/sup><\/span><span class=\"s1\"> march 2016 in particular amidst the commotion already created.<\/span><\/p>\n<p><span class=\"s1\">(IV) Failure to obtain a report on the implementation mechanism and the<span class=\"Apple-converted-space\">\u00a0 <\/span>resulting consequences of the directive given by him personally to the Governor to change the bond auction system<\/span><\/p>\n<ul>\n<li><span class=\"s1\">As the person who recommended Arjuna Mahendran for this post will the PM take the responsibility for ensuring his presence in Sri Lanka for any future legal proceedings that may be required in pursuing the recommendations of the Bond Commission<\/span><\/li>\n<li><span class=\"s1\">The huge loss that is caused is the result of Mahendran following the directive given by the PM to change the Auction system. Mahendran has acted negligently in not getting due approvals of the monetary board before implementing this directive. Who should take or share this responsibility?<\/span><\/li>\n<li><span class=\"s1\">Should the PM take the responsibility for the huge losses made to the EPF and other captive funds as determined by the Commission as some of these funds were allocated to his ministry. (for the first time in the history of those funds)<\/span><\/li>\n<li><span class=\"s1\">Should the Prime Minister take the responsibility for the state of affairs at the CBSL and the EPF since they were specially taken over to be under his ministry changing a long existing system and practice? <\/span><\/li>\n<li><span class=\"s1\">The efforts made<span class=\"Apple-converted-space\">\u00a0 <\/span>and the reported insistence by the PM to re- appoint Arjuna Mahendran as the central bank Governor after 2 Cope inquiries and one 3 man committee of inquiry revealed various questionable acts by him in his performance as the Governor <\/span><\/li>\n<\/ul>\n<p class=\"p3\"><span class=\"s1\">No doubt this is a serious matter. It leads to several consequences.<\/span><\/p>\n<p><span class=\"s1\">(I) The international image on<\/span><\/p>\n<p><span class=\"s1\">a) The financial management and monetary policy of the country<\/span><\/p>\n<p><span class=\"s1\">b) The prospects of foreign investment and investor confidence<\/span><\/p>\n<p><span class=\"s1\">c) The wrong message to donor agencies<\/span><\/p>\n<p><span class=\"s1\">d) The global outlook on the democratic functioning and good governance<\/span><\/p>\n<p><span class=\"s1\">(II) The political landscape of the country,<\/span><\/p>\n<p><span class=\"s1\">a) What is the message we are giving to the youth and future generations<\/span><\/p>\n<p><span class=\"s1\">b) How do we make people believe that we are respecting democracy and good governance<\/span><\/p>\n<p><span class=\"s1\">c) Will the people have any faith in the good governance promises given to them<\/span><\/p>\n<p><span class=\"s1\">d) Will it reflect as a correct action in trying to change into a Westminster Style of Govt.?<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">Whether the passing of the buck and the running away from the responsibility cause a severe damage to the good name of the UNP a long standing leading Democratic Party in the country is a matter that has to be viewed by the Party members seriously. Honorable acceptance of a responsibility for the lapses, negligence, unsavory decisions, and the huge losses caused to the country will help the world to get a message that ours is a clean country and people are respectable enough to accept responsibilities and so on. Even for the UNP it will be a relief to say that the party is now clean. After all new leaders have to emerge in critical moments. No party or country will sink by changing to a good leader but it may happen if the leadership is wrong.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":74,"featured_media":184135,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,46,8],"tags":[],"class_list":["post-186123","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-colombotelegraph","category-constitutional-reforms","category-editorial"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bond Scam &amp; Political Responsibility - Colombo Telegraph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.colombotelegraph.com\/index.php\/bond-scam-political-responsibility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bond Scam &amp; 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