Committee appointed to investigate insider trading in CBSL bond issue, under fire

Committee appointed to investigate insider trading in CBSL bond issue, under fire

Written by Bella Dalima

12 Mar, 2015 | 10:22 pm

The committee appointed to investigate allegations of insider trading in a recent bond issue of the Central Bank has become the subject of much criticism. The Prime Minister on Monday, appointed a three member committee comprising of Gamini Pitipana, Mahesh Kalugampitiya and Chandimal Mendis to investigate the alleged scam in the bond market.

Nishantha Sri Warnasinghe of the Anti Corruption Front claims that the Chairman of the Committee, Attorney-at-Law Gamini Pitipana has close ties with the United National Party adding that  Attorneys-at-Law Mahesh Kalugampitiya and Chandimal Mendis too are closely associated with the UNP.

Wasantha Samarasinghe of the Voice Against Corruption meanwhile noted that they are taking steps to refer this case to the CID.

Politburo Member of Frontline Socialist Party, Pubudu Jayagoda expressing his views stated that since the corrupt activity took place in a Ministry which falls directly under the purview of Prime Minister Ranil Wickremesinghe, he should resign from his post.

Investigative Business Journalist, Faraz Shauketaly echoed similar sentiments  noting that the three-man committee that has been appointed by the Prime Minister consists of three lawyers known to be Party loyalists. He added that there is no intimation as to their expertise in terms of investigating financial transactions and certainly not as complex a transaction as treasury bonds.

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