COPE calls for “proper investigation” into Hedging Deal

COPE calls for “proper investigation” into Hedging Deal

COPE calls for “proper investigation” into Hedging Deal

Written by Tharushan Fernando

04 Feb, 2017 | 8:06 pm

COPE says that the hedging deal is a completely wrong decision taken by the former Rajapaksa administration, and there had been no proper investigation carried out on the Hedging Deal in the past.

According to COPE Chairman Sunil Handunnetti, there is a loss of approximately two billion annually as a result of the hedging deal and a payment of 27 million US dollars had to be made to the Deutsche Bank in the month of August. He also pointed out that Rs.404 million has been paid in legal fees to foreign lawyers in order to settle this issue, while the Central Bank has spent Rs.500 million on behalf of the Petroleum Corporation.

“This has no end. Hedging is over even the chairmen are no more. That rule is also over. But the country continues to incur losses”, he said.

COPE has made a request from the Auditor General to investigate into this in  manner similar to the investigation into the “bond matter”, and for the investigation reports produced by the Auditor General’s Department, the CID the Bribery Commission and at ministerial levels, to be collected, and its progress to be presented to parliament.

Handuneeti said that COPE needs to begin investigations into this. And therefore a special investigation into this through COPE will commence in order to reveal the massive loss that has been caused to the country.

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