Punish those involved in the CBSL bond scam – urges Opposition as “profits are officially recorded”

Punish those involved in the CBSL bond scam – urges Opposition as “profits are officially recorded”

Punish those involved in the CBSL bond scam – urges Opposition as “profits are officially recorded”

Written by Staff Writer

16 Oct, 2016 | 9:03 pm

Calls for a broad investigation into the Central Bank bond transaction continued on Sunday, October 16.

Propaganda Secretary of the JVP, MP Vijitha Herath says that Perpetual Treasuries, have very clearly mentioned in their annual profit and loss statement that they had accumulated a profit of Rs.5.2 billion  for the year 2015.

He added that the person involved in the bond scam is a person appointed by the United National Party,  and that for obvious reasons that group is trying to cover up this bond scam, while the group on the other side is also trying to protect the ministers in this government who stole during the previous regime.

MP Vijitha Herath went on to note that both factions are equally trying to protect their own people adding just like the law is being implemented against the fraud and corruption which took place during the Rajapaksa administration, the law has to be implemented against the fraud and corruption which has taken place during the current administration.

Meanwhile, UPFA Parliamentarian Ranjith de Zoysa noted:

Now when COPE was to table its report, Ranil Wickremesinghe went to court and obtained an injunction order against the COPE report ,preventing it from being publicised. Parliament was dissolved on August 18, because we split Parliament through our opposition to the Central Bank scam.”

Given the complexity of the issue, it is easy for the public to be confused by the information at hand regarding the Central Bank bond scam.

In order to address this confusion, News 1st has compiled the following timeline of events.

  • January 26,  2015 : Arjuna Mahendran assumes duties as the new Governor of the Central Bank of Sri Lanka
  • February 24,  2015 : The Public Debt Department decides to call for a bond issue of Rs.1 billion for a period of 30 years
  • February 26, 2015 : Urgent meeting with the participation of ministers, Governor of the Central Bank Arjuna Mahendran and other officials regarding the additional financial requirement for the payment of highway contractors.
  • February 27, 2015 : The first bond transaction after the appointment of the new Governor takes place
  • March 08, 2015 : Details of the controversial CBSL bond issue exposed
  • March 09,  2015 : President intervenes and orders for a committee to be appointed to inquire into alleged losses caused by the February 27,  bond issue
  • March 10, 2015 : Prime Minister appoints three-member committee
  • Names of Gamini Pitipana, Mahesh Kalugampitiya and Chandimal Mendis announced committee members, all of whom have strong affiliations with the UNP
  • March 11, 2015 : On the very next day, Opposition lodges complaint at the Bribery Commission seeking investigation into alleged bond scam
  • March 13,  2015 : UNP Chairman Malik Samarawickrema confirms he was present at the meeting held on February 26,  to discuss State funding requirements. Tells News 1st, he attended the meeting as the advisor to the Prime Minister
  • March 16,  2015 : CBSL Governor admits to News 1st the failure to communicate to primary dealers its intention to raise more funds through bond issue.
  • March 17, 2015 : Prime Minister makes statement in Parliament on alleged bond scam.  Announces that Arjuna Mahendran is on leave.
  • March 18,  2015 : Opposition stages protest opposite CBSL, demanding that investigation be expedited.
  • June 26,  2015 : Parliament dissolved on the day the Initial COPE report on the Central Bank Bond Scam was to be produced to Parliament.
  • March 29, 2016 : Another controversial bond issue takes place.
  • June 6t, 2016 : Committee on Public Enterprises informs the Auditor General to carry out investigations regarding the matter.
  • June 19, 2016 : Prime Minister informs that Arjuna Mahendran will not be reappointed until investigations into him are completed by COPE.
  • June 24, 2016 : Governor Arjuna Mahendran holds meeting at CBSL, meets all deputy governors and says he will be on leave.
  • June 29,  2016 : President says a new Governor will be appointed, President arrives at the Central Bank to hold a meeting the same evening.
  • June 29, 2016 : Auditor General’s report on CBSL bond scam handed over to COPE.
  • June 30, 2016 : President Appoints Dr. Indrajit Coomaraswamy as new Governor of the Central Bank.
  • July 4, 2016 : New governor of the Central Bank takes oaths before President promising to uphold the integrity of the Central Bank of Sri Lanka.
  • October 04, 2016 : Information comes to light that Perpetual Treasuries Pvt Limited, owned by the son-in-Law of the Former Governor of CBSL, earned a profit of Rs 5.2 billion for the financial year 2015/16.
  • October 2016 : CBSL draft report on Perpetual Treasuries leaked to the media.
  • October 10,  2016 : The CBSL makes a complaint to the law enforcement authorities to look in to the unauthorised release of an internal draft report of the CBSL.
  • October 14, 2016 : The CBSL issues a statement noting with concern the “sharp disparity in the performance of primary dealers”

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