CBSL Bond Scam: Part 1 – The Malik Samarawickrama connection

CBSL Bond Scam: Part 1 – The Malik Samarawickrama connection

CBSL Bond Scam: Part 1 – The Malik Samarawickrama connection

Written by Staff Writer

17 Oct, 2016 | 9:40 pm

The alleged Central Bank bond scam is a complex and at times confusing issue for the general public. As such, it is important to understand the timeline of the events concerned.

Have you forgotten?

The first quarter of 2015 – the Central Bank of Sri Lanka (CBSL) informed the licensed primary dealers that the CBSL intends to raise one billion rupees through a bond issue.

March 6,  2015 – the Ministry of Policy Planning and Economic Affairs issued a statement noting that at a meeting held on February 26,it was noted that emergency funding of Rs. 15 billion was needed to recommence several expressway projects.

The statement also noted that the Finance Minister, Minister of Highways, Investment Promotion and Higher Education, the Treasury Secretary and the Governor of the Central Bank were present at this meeting.

Civil society and experts continued to raise questions regarding the participation of UNP Chairman Malik Samarawickrama, at the meeting held on February 26, 2015.

Speaking to News 1st, Samarawickrama confirmed that he had attended the meeting, adding that he had done so in his capacity as a senior adviser to the Prime Minister.

While Malik Samarawickrama’s participation at the meeting was continuously questioned, the subsequent bond issue also posed many questions.

Why? the Central Bank which had indicated its intention to raise Rs. 1 billion, went on to accept bids up to Rs. 10 billion.

While this was not communicated beforehand to the primary dealers, allegations were raised that this information had been received by the company belonging to the Central Bank Governor’s son-in-law.

The media, civil society, experts and intellectuals continuously maintained that leaking such information to a relative and allowing them the opportunity to take advantage of such a situation, is a serious mistake.

What happened next?

More details tomorrow…

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