Written by Staff Writer
23 Jan, 2019 | 9:15 pm
Colombo(News1st)-It was revealed at the Presidential commission of inquiry into irregularities at Sri Lankan Airlines by the Deputy Governor of the Central Bank S.R Attygalle that the officials at the Treasury made decisions regarding daily activities of the airlines without informing the Minister in charge. He added that this was true especially in terms of treasury bond issuance.
It was also revealed at the commission that the financial regulation document, which is considered as the bible of the central bank, though been in practice for nearly 26 years since 1992, has never been presented or approved in parliament till date. Further, into the testimony of S.R Attygalle, it was also revealed that the process of issuing Treasury bonds since 1997 has not adhered to the rules and regulations of the Registered Stock and Securities Ordinance, No 07 of 1937 (RSSO) and the Monetary Act.
Additional Solicitor General Neil Unamboowe said the RSSO states that the publication of a notice on the issuance must be done two weeks before the issuance. “Details including the date, amount, terms and conditions of the bids, maturity date, interest payment dates, among other details must be included. Another release should be issued before the event, detailing the coupon rate on payment of interests and finally a press release must be issued detailing the results,” he added.
Responding to the above-mentioned testimony S.R Attygalle said that although the law has stated this, in practice this was never done. “We have issued the Gazette only after the auction. It has become a tradition.” He concluded.
In response chairman of the commission, Retired Supreme Court Justice Anil Gooneratne said that these events revealed the importance of having a knowledgeable person as the Finance Minister. “For example, Ronnie De Mel knew these things and he was very confident. I don’t know how things happen now,”
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