“Tender Committee Members shocked at then CBSL Governor Arjuna Mahendran’s instructions”

“Tender Committee Members shocked at then CBSL Governor Arjuna Mahendran’s instructions”

“Tender Committee Members shocked at then CBSL Governor Arjuna Mahendran’s instructions”

Written by Keshala Dias

06 Mar, 2017 | 9:43 pm

Two visits made by Former Governor of the Central Bank of Sri Lanka, Arjuna Mahendran, on the day of the controversial Treasury Bond Auction, to the Public Debt Department, was re-confirmed by the then Superintendent of Public Debt, before the Presidential Commission of Inquiry to Investigate and Inquire into the Issuance of Treasury Bonds.

On Monday March 6, Mrs. N. K Seneviratne, the current Director of the IT Department provided evidence before the Presidential Commission of Inquiry to Investigate and Inquire into the Issuance of Treasury Bonds.

Notably, it was revealed at the Presidential Commission that Seneviratne had no prior experience in Public Debt, and her previous posting in the Central Banks was as the Superintendent for the Currency Department.

It was also revealed that when the Second Option Sheet presented by the informal Technical Evaluation Committee to the Tender Board following the Treasury Bond auction on the 27th of February 2015, the members of the Tender Committee were shocked at the Governor’s instructions to obtain over 10 billion from the bids made during the auction.

Giving evidence before the Commission, N. K Seneviratne said the Tender Committee had said that it cannot accept the instructions without discussions with the Governor.

The then Superintendent of Public Debt N. K Seneviratne said the Tender Committee was not in agreement with the instructions made by Arjuna Mahendran – and held several rounds of discussions before reaching the point to follow the directive of then Governor Arjuna Mahendran as he was the head of the Central Bank of Sri Lanka. However, the decision was reached only after the Chairman of the Tender Committee had a phone conversation to understand the rationale behind the Governor’stole instructions.

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