The report compiled by the Presidential Commission of Inquiry into the Issuance of Bonds was handed over to President Maithripala Sirisena at the Presidential Secretariat today, December 30.

Appointed on January 27, 2017 – the commission’s task was to investigate the Treasury Bonds issuance from February 1, 2015 up-to March 31, 2016.

The Commission comprised of;

Retired Supreme Court Judge – K.T. Chithrasiri

Retired Supreme Court Judge – Prassana Jayawardena

Former Deputy Auditor General – V. Kandasami

Through 2017, the commission summoned and recorded evidence from the likes of;

• Prime Minister Ranil Wickremesinghe
• Former Minister of Finance Ravi Karunanayake
• Minister Malik Samarawickrama
• Min. Kabir Hashim
• Min. Dr. Harsha De Silva
• Former Central Bank Governor Arjuna Mahendran
• Owner of Perceptual Treasuries Limited Arjun Aloysus
• High ranking officials of Perpetual Treasuries Limited
• Heads of the Employees Provident Fund
• Heads of several private banks

Presidential Commission of Inquiry into Treasury Bond Issuance

The alleged impropriety at the February 27, 2015 Treasury Bond Auction led to public outcry forcing not one, but two Committees on Public Enterprise to investigate it.

However, as those alleged to be involved continued to hold top positions, the President decided to appoint a commission to investigate the matter.

The Commission’s Timeline

January 27, 2017

President Maithripala Sirisena appointed Presidential Commission of Inquiry to investigate the Treasury Bond Issue.

May 2, 2017

Attorney General’s Department say EPF purchased Rs. 140 Billion worth bonds
in Secondary Market from 2015 to 2016, -80% of which from Perpetual Treasuries Limited.

May 15, 2017

Arjuna Mahendran’s lawyer produces letter with no date
but with signature of Former Finance Minister Ravi Karunanayake.

Letters refers to a breakfast meeting on February 26, 2015
and a requirement of Rs. 75 Billion.

June 12, 2017

Auditor General says immediate loss from February 27, 2015 auction was

Rs. 889 Million.

June 27, 2017

Attorney Generals Department exposes a pattern in trading
designed at the expense of the EPF to mask the real beneficiary of trading.

July 24, 2017

A witness says Former Finance Minister Ravi Karunanayake’s family
leased out a penthouse at Monarch Residencies for eight months
with the monthly lease rental Rs.1.45 million being paid by Arjun Aloysius.

August 2, 2017

Ravi Karunanayake says his family was involved in securing an apartment
and he was not aware who was paying the rent.

Also in August, The CID conducted a digital forensic examination on
the phones of Arjun Aloysius, Arjuna Mahendran and several others for the first time.

October 2, 2017

Former Central Bank Governor Arjuna Mahendran says it was
Prime Minister Ranil Wickremesinghe who gave the directive to stop direct placement method.

October 4, 2017

Chairmen, CEOs/General Managers of three state banks said
former Finance Minister Ravi Karunanayake instructed them
to bid at low rates on two occasions.

October 11, 2017

Minister Kabir Hashim and Malik Samarawickrama say
they did not discuss bond auction at breakfast meeting.

November 20, 2017

Prime Minister Ranil Wickremesinghe says he directed Mahendran
to consider issuing bonds by the way of public auctions.

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