Bond Scam Recap: What really happened at the Bond Auction?

Bond Scam Recap: What really happened at the Bond Auction?

Bond Scam Recap: What really happened at the Bond Auction?

Written by Nathasha De Alwis

23 Dec, 2017 | 11:03 pm

Only eight days remain for the report of the Bond Commission to be handed over.

As much interest, curiosity and questions remain, we bring to you an update of this grave issue.

  • CBSL advertises for T-Bonds Rs. 1 Billion .
  • Fomer Governor Arjuna Mahendran orders to accept Rs. 10 Billion.
  • Arjuna Mahedran’s decision causes interest rates to increase rapidly.
  • Four months later PTL sells same bond to EPF at higher price.
  • Infamous Perpetual Treasuries Limited makes over Rs.5 Billion in profits after controversial bond issue.

What happened on 29th & 31st March 2016?

  • Fomer Finance Minister Ravi K instructs State Banks to bid low, but violates assurance.
  • State Banks suffer opportunity loss.
  • EPF bids low but buys same bond from PTL in secondary market making millions in losses.
  • 2015 – 2016 , EPF purchased 140 Billion worth T-Bonds from Secondary Market – 80 % from PTL.
  • PTL bribes dealers at EPF to facilitate Secondary Market T-Bond sales.
  • PTL engaged in transactions at expense of EPF , the savings of the poor people.

Evidence has been placed before the Presidential Commission of Inquiry and the verdict of the Commission must be taken very seriously.

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