Ravi K’s involvement in the Bond Auction proven at the Presidential Commission

Ravi K’s involvement in the Bond Auction proven at the Presidential Commission

Ravi K’s involvement in the Bond Auction proven at the Presidential Commission

Written by Lahiru Fernando

04 Oct, 2017 | 10:50 pm

Ravi Karunanayake – the former Minister of Finance who was in office during the Bond Scam was involved in the Treasury Bond Auctions.

Evidence to prove the matter was revealed before the Presidential Commission of Inquiry.

A witness who appeared before the Commission stated that Ravi Karunanayake instructed State Banks to bid at low rates.

According to the witness, Karunanayake had assured them that ‘no bids higher than the rates prescribed by him would be accepted’.

They said the acceptance of a higher volume at high yeild rates opposed to the assurance given by Karunanayake had deprived them of making better profits at market rates.

The witnesses said that Ravi Karunanayake, the former Minister of Finance, breached the assurance given to them, resulting on state banks making an opportunity loss.

In one of the deleted PTL conversations, Arjun Aloysius had informed Kasun Palisena that “state banks will be bidding low at the March 29, 2016 Auction.”

To inquire this, Senior Officials from the States Banks in question were summoned to the Presidential Commission.

The following were also present at the meetings where Ravi Karunanayake gave instructions to State Banks;

  • Former Senior Government Officer R. Paskaralingam
  • Central Bank Officials
  • Treasury Officers

Two witnesses said, Former Deputy Governor of the Central Bank P.Samarasiri was present for one meeting, but Samarasiri’s counsel denied this claim.

The key witnesses today (October 4) were;

  • Chairman of the People’s Bank – Hemasiri Fernando
  • Chairman of the National Savings Bank – Aswin De Silva
  • Chairman of the Bank of Ceylon – Ronald Perera

Meanwhile, P. Samarasiri – the former Central Bank Deputy Governor- has been proposed to an advisory post at the Ministry of Finance and Mass Media

Samarasiri faces allegations in the bond scam

So…., WHO proposed such a person to that post? – The Prime Minister and the Minister of Finance and Mass Media

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