A look back at the Bond Scam investigation: Contradicting statements (VIDEO)

A look back at the Bond Scam investigation: Contradicting statements (VIDEO)

By Lahiru Fernando

03 Dec, 2017 | 10:30 pm

The Presidential Commission of Inquiry into the Bond Scam will end it’s term on December 8, 2017.

However, the Commission will wrap up with the investigation report, which is to be submitted in the coming week.

While the people of Sri Lanka eagerly await the report, here is a clear look back at the events which took place.

February 26, 2015

A breakfast meeting is held between officials of the Central Bank including;

  • Then-Governor Arjuna Mahendran
  • Treasury
  • Road Development Authority
  • Minister Ravi Karunanayake
  • Minister Kabir Hashim
  • Then-Chairman of the United National Party Malik Samarawickrema

At this meeting, the need to raise funds to pay for arrears in road development projects of the Mahanda Rajapaksa regime is discussed.

“There was a need for 18 billion rupees” – Testimony given by Malik and Kabir before the Presidential Commission of Inquiry.

“The need was for 75 billion rupees” – Testimony previously provided by Arjuna Mahendran and Ravi Karunanayake before the Presidential Commission.

February 27, 2015

Bids totalling around Rs. 10 billion are accepted at the bond auction by the Central Bank of Sri Lanka.

March 2015 – First week

News 1st carried out the first exposé of possible fraud in the February 27 Central Bank bond auction.

Suspicions arise that Arjun Aloysius, the son-in-law of then CBSL Governor Arjuna Mahendran may have been privy to inside information that he used to his advantage during the auction.

Facts revealed before the Presidential Commission of Inquiry:

Malik and Kabir claim “The bond auction which was to be held on the following day (Feb. 27) was not discussed during the breakfast meeting held on the 26th.”

Arjuna Mahendran says he “remembered the need for funds expressed at the breakfast meeting”.

What really happened?


NEXT: The Bond Scam