Former CCC Chairman on importance of public confidence in wake of bond issue

Former CCC Chairman on importance of public confidence in wake of bond issue

Former CCC Chairman on importance of public confidence in wake of bond issue

Written by Staff Writer

04 May, 2016 | 6:53 pm

In a letter addressed to the president, former chairman of the Ceylon Chamber of Commerce Chandra Jayaratne calls  for maintaining public confidence in Good Governance, in the face of purported continuing malpractices in bond issues.

Chandra Jayaratne notes there is a strong public perception that long dated bond issues in 2016 are also riddled with continuing bad governance practices. He adds that these include facilitation of interests of third parties via information leakages and questionable collusive transactions by managers in state-controlled entities.

The letter notes that these deficiencies in ethical conduct and professional integrity are believed to have resulted in avoidable losses to the state, state institutions, the public at large and stakeholders of institutions such as the Employees Provident Fund.

In the light of above, Chandra Jayaratne calls to appoint a Presidential Commission with terms of reference to review the issuances by the Central Bank of bonds of duration four years or longer during the period 1st January 1, 2015 to April  30, 2016.

He also calls for the appointment of a panel of professionals with integrity, indepth practical knowledge, capability and experience in treasury management, bond market operations, fund management and other relevant fields to advise the presidential cmmission on all aspects of their investigation and also on change management processes, enhancing controls and compliance mechanisms.

He requests the president to issue executive instructions to the Inspector General of Police and the Bribery Commissioner to begin inquiries to ascertain whether any financial crimes or acts of corruption have taken place in respect of the Treasury Bond auctions of
o 27th February 2015
o 8th January 2016
o 5th February 2016
o 29th March 2016 and
o 31st March 2016.

Latest News

Are you interested in advertising on our website or video channel
Please contact us at [email protected]