• Latest
  • Trending

Lankan Prez gets report of commission on Central Bank bond scam

December 30, 2017
Austria donates essential medicines to Sri Lanka

Austria donates essential medicines to Sri Lanka

August 17, 2022
Laugfs gas

Laugfs gas price reduced

August 17, 2022
Sri Lankan passports

Special counter to issue passports for overseas jobs

August 17, 2022
Inflation

UK inflation tops 10%, highest since 1982

August 17, 2022
T20 World Cup in 2026

India and Sri Lanka will jointly host the T20 World Cup in 2026

August 17, 2022
Gotabaya Rajapaksa

Gotabaya Rajapaksa will return to Sri Lanka next week

August 17, 2022
Footage posted by the fire brigade on Twitter showed large plumes of smoke coming from under the railway arch, which it said was "completely alight". (Photo: Twitter/@LondonFire)

Large blaze in central London railway arch under control – fire service

August 17, 2022
Exchange Rate

Foreign Exchange Rates from Central Bank of Sri Lanka; USD, GBP, EUR, SGD, CAD

August 17, 2022
File photo of Jacqueline Fernandez | PTI

Jacqueline Fernandez to be named accused in ₹200 crore extortion case: Report

August 17, 2022
Multiple bomb and arson attacks rock southern Thailand

Multiple bomb, arson attacks rock Thailand’s south

August 17, 2022
Covid-19 representational image. Fusion Medical Animation @fusion_medical_animation / Unsplash

Covid-19 deaths and cases update in Sri Lanka

August 17, 2022
Elon Musk

Elon Musk says he is buying Manchester United

August 17, 2022
  • About Us
  • Advertisements
  • Privacy Policy
  • Contact
Thursday, August 18, 2022
No Result
View All Result
NewsIn.Asia
  • Home
  • Around South Asia
    • All
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
    Austria donates essential medicines to Sri Lanka

    Austria donates essential medicines to Sri Lanka

    Sri Lankan passports

    Special counter to issue passports for overseas jobs

    T20 World Cup in 2026

    India and Sri Lanka will jointly host the T20 World Cup in 2026

    Gotabaya Rajapaksa

    Gotabaya Rajapaksa will return to Sri Lanka next week

    Exchange Rate

    Foreign Exchange Rates from Central Bank of Sri Lanka; USD, GBP, EUR, SGD, CAD

    File photo of Jacqueline Fernandez | PTI

    Jacqueline Fernandez to be named accused in ₹200 crore extortion case: Report

    Covid-19 representational image. Fusion Medical Animation @fusion_medical_animation / Unsplash

    Covid-19 deaths and cases update in Sri Lanka

    Gotabaya Rajapaksa

    Govt says Gotabaya Rajapaksa not using state funds on expenses abroad

    Britain launches trade system for developing countries including Sri Lanka

    Britain launches trade system for developing countries including Sri Lanka

  • World
    • All
    • Japan
    • Russia
    • United Kingdom
    • United States
    Inflation

    UK inflation tops 10%, highest since 1982

    Footage posted by the fire brigade on Twitter showed large plumes of smoke coming from under the railway arch, which it said was "completely alight". (Photo: Twitter/@LondonFire)

    Large blaze in central London railway arch under control – fire service

    Multiple bomb and arson attacks rock southern Thailand

    Multiple bomb, arson attacks rock Thailand’s south

    Elon Musk

    Elon Musk says he is buying Manchester United

    Britain launches trade system for developing countries including Sri Lanka

    Britain launches trade system for developing countries including Sri Lanka

    A view shows a bionic hand developed by COVVI, at Quayside Business Park in Leeds, Britain. (Photo: Reuters)

    Bionic hand can be updated with new gestures, anytime, anywhere

    Kenya's Deputy President and presidential candidate William Ruto of Kenya Kwanza (Kenya first) political party coalition delivers a speech the rally on the final day of campaigning at the Nyayo National Stadium in Nairobi on August 6, 2022.

    William Ruto defeats Raila Odinga to win Kenyan presidency

    Digital. Image credits - Scott Graham @homajob / Unsplash

    In remote work and tech companies, job titles have gotten longer – and fancier

    Donald Trump

    FBI searched Trump’s home to look for nuclear documents and other items, sources say

  • Business
  • Politics
  • Sports
  • Entertainment
    • All
    • Books
    • Gaming
    • Movie
    • Music
    • Series
    Raksha Bandhan to Laal Singh Chaddha: ‘Struggling’ Bollywood’s online hate problem

    Raksha Bandhan to Laal Singh Chaddha: ‘Struggling’ Bollywood’s online hate problem

    Marvel has unleashed the first look teaser of Black Panther 2.

    Black Panther Wakanda Forever: Marvel pays emotional tribute to Chadwick Boseman

    Stranger Things

    Netflix confirms ‘Stranger Things’ spinoff and play

    Kamal Haasan's Vikram is on a rampage.

    Kamal Haasan’s Vikram is the highest-grossing film in Singapore, UK and UAE

    Harry Potter and the Philosopher's Stone

    ‘Harry Potter and the Philosopher’s Stone’ celebrates 25 magical years

    Salman Khan

    Plot to kill Bollywood actor Salman Khan revealed

    Shah Rukh Khan's Jawaan, to be directed by Atlee, to scheduled for June 2023 release. (Photo: Twitter)

    Shah Rukh Khan announces new film ‘Jawaan’

    Chchutir diner Gaan by Bangladeshi singer Nondita

    Chchutir diner Gaan by Bangladeshi singer Nondita

    Song “Bechain Nazar Betaab Jigar”. Talat Mahmood. Film “Yasmin” 1955

    Song “Bechain Nazar Betaab Jigar”. Talat Mahmood. Film “Yasmin” 1955

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Science
    • Travel
    Austria donates essential medicines to Sri Lanka

    Austria donates essential medicines to Sri Lanka

    Digital. Image credits - Scott Graham @homajob / Unsplash

    In remote work and tech companies, job titles have gotten longer – and fancier

    Walk. Image credits - Arek Adeoye @areksan / Unsplash

    Why even 2 minutes of walking after a meal will improve your health

    Cheeseburger. Image credits - Alamy / BBC

    McDonald’s puts up price of cheeseburger for first time in 14 years

    WHO declares rapidly spreading monkeypox outbreak a global health emergency

    WHO declares rapidly spreading monkeypox outbreak a global health emergency

    Sushmita Sen. Image credits - Getty Images

    Sushmita Sen: Why ‘gold digger’ jibe caused outrage

    Honey. Image credits - Mariana Ibanez / Unsplash

    7 unique health benefits of honey

    alcohol

    Alcohol is never healthy for people under 40, study finds

    world’s happiest countries in 2022

    List of world’s happiest countries in 2022

    Emirates

    Emirates statement on operations at London Heathrow

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • Tech
    A view shows a bionic hand developed by COVVI, at Quayside Business Park in Leeds, Britain. (Photo: Reuters)

    Bionic hand can be updated with new gestures, anytime, anywhere

    FILE PHOTO: The Netflix logo is pictured on a television in this illustration photograph taken in Encinitas, California, U.S., January 18, 2017. REUTERS/Mike Blake/File Photo

    Disney overtakes Netflix in race for subscribers

    Samsung unveiled its new Galaxy Z Flip 4 and Z Fold 4 phones on Aug 10, 2022. (Photo: Samsung)

    5 things to know about Samsung’s new Galaxy Z Flip 4 and Galaxy Z Fold 4 foldable smartphones

    Image: WhatsApp

    WhatsApp’s new update makes it easier to avoid your friends

    Snapchat. Image credits - May Gauthier @maygauthier / Unsplash

    Snap launches tools for parents to monitor teens’ contacts

    FILE PHOTO: A 3D printed Google logo is seen in this illustration taken April 12, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

    Thousands of users around the world report Google outage

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
  • Coronavirus
  • Videos
  • Home
  • Around South Asia
    • All
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
    Austria donates essential medicines to Sri Lanka

    Austria donates essential medicines to Sri Lanka

    Sri Lankan passports

    Special counter to issue passports for overseas jobs

    T20 World Cup in 2026

    India and Sri Lanka will jointly host the T20 World Cup in 2026

    Gotabaya Rajapaksa

    Gotabaya Rajapaksa will return to Sri Lanka next week

    Exchange Rate

    Foreign Exchange Rates from Central Bank of Sri Lanka; USD, GBP, EUR, SGD, CAD

    File photo of Jacqueline Fernandez | PTI

    Jacqueline Fernandez to be named accused in ₹200 crore extortion case: Report

    Covid-19 representational image. Fusion Medical Animation @fusion_medical_animation / Unsplash

    Covid-19 deaths and cases update in Sri Lanka

    Gotabaya Rajapaksa

    Govt says Gotabaya Rajapaksa not using state funds on expenses abroad

    Britain launches trade system for developing countries including Sri Lanka

    Britain launches trade system for developing countries including Sri Lanka

  • World
    • All
    • Japan
    • Russia
    • United Kingdom
    • United States
    Inflation

    UK inflation tops 10%, highest since 1982

    Footage posted by the fire brigade on Twitter showed large plumes of smoke coming from under the railway arch, which it said was "completely alight". (Photo: Twitter/@LondonFire)

    Large blaze in central London railway arch under control – fire service

    Multiple bomb and arson attacks rock southern Thailand

    Multiple bomb, arson attacks rock Thailand’s south

    Elon Musk

    Elon Musk says he is buying Manchester United

    Britain launches trade system for developing countries including Sri Lanka

    Britain launches trade system for developing countries including Sri Lanka

    A view shows a bionic hand developed by COVVI, at Quayside Business Park in Leeds, Britain. (Photo: Reuters)

    Bionic hand can be updated with new gestures, anytime, anywhere

    Kenya's Deputy President and presidential candidate William Ruto of Kenya Kwanza (Kenya first) political party coalition delivers a speech the rally on the final day of campaigning at the Nyayo National Stadium in Nairobi on August 6, 2022.

    William Ruto defeats Raila Odinga to win Kenyan presidency

    Digital. Image credits - Scott Graham @homajob / Unsplash

    In remote work and tech companies, job titles have gotten longer – and fancier

    Donald Trump

    FBI searched Trump’s home to look for nuclear documents and other items, sources say

  • Business
  • Politics
  • Sports
  • Entertainment
    • All
    • Books
    • Gaming
    • Movie
    • Music
    • Series
    Raksha Bandhan to Laal Singh Chaddha: ‘Struggling’ Bollywood’s online hate problem

    Raksha Bandhan to Laal Singh Chaddha: ‘Struggling’ Bollywood’s online hate problem

    Marvel has unleashed the first look teaser of Black Panther 2.

    Black Panther Wakanda Forever: Marvel pays emotional tribute to Chadwick Boseman

    Stranger Things

    Netflix confirms ‘Stranger Things’ spinoff and play

    Kamal Haasan's Vikram is on a rampage.

    Kamal Haasan’s Vikram is the highest-grossing film in Singapore, UK and UAE

    Harry Potter and the Philosopher's Stone

    ‘Harry Potter and the Philosopher’s Stone’ celebrates 25 magical years

    Salman Khan

    Plot to kill Bollywood actor Salman Khan revealed

    Shah Rukh Khan's Jawaan, to be directed by Atlee, to scheduled for June 2023 release. (Photo: Twitter)

    Shah Rukh Khan announces new film ‘Jawaan’

    Chchutir diner Gaan by Bangladeshi singer Nondita

    Chchutir diner Gaan by Bangladeshi singer Nondita

    Song “Bechain Nazar Betaab Jigar”. Talat Mahmood. Film “Yasmin” 1955

    Song “Bechain Nazar Betaab Jigar”. Talat Mahmood. Film “Yasmin” 1955

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Science
    • Travel
    Austria donates essential medicines to Sri Lanka

    Austria donates essential medicines to Sri Lanka

    Digital. Image credits - Scott Graham @homajob / Unsplash

    In remote work and tech companies, job titles have gotten longer – and fancier

    Walk. Image credits - Arek Adeoye @areksan / Unsplash

    Why even 2 minutes of walking after a meal will improve your health

    Cheeseburger. Image credits - Alamy / BBC

    McDonald’s puts up price of cheeseburger for first time in 14 years

    WHO declares rapidly spreading monkeypox outbreak a global health emergency

    WHO declares rapidly spreading monkeypox outbreak a global health emergency

    Sushmita Sen. Image credits - Getty Images

    Sushmita Sen: Why ‘gold digger’ jibe caused outrage

    Honey. Image credits - Mariana Ibanez / Unsplash

    7 unique health benefits of honey

    alcohol

    Alcohol is never healthy for people under 40, study finds

    world’s happiest countries in 2022

    List of world’s happiest countries in 2022

    Emirates

    Emirates statement on operations at London Heathrow

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • Tech
    A view shows a bionic hand developed by COVVI, at Quayside Business Park in Leeds, Britain. (Photo: Reuters)

    Bionic hand can be updated with new gestures, anytime, anywhere

    FILE PHOTO: The Netflix logo is pictured on a television in this illustration photograph taken in Encinitas, California, U.S., January 18, 2017. REUTERS/Mike Blake/File Photo

    Disney overtakes Netflix in race for subscribers

    Samsung unveiled its new Galaxy Z Flip 4 and Z Fold 4 phones on Aug 10, 2022. (Photo: Samsung)

    5 things to know about Samsung’s new Galaxy Z Flip 4 and Galaxy Z Fold 4 foldable smartphones

    Image: WhatsApp

    WhatsApp’s new update makes it easier to avoid your friends

    Snapchat. Image credits - May Gauthier @maygauthier / Unsplash

    Snap launches tools for parents to monitor teens’ contacts

    FILE PHOTO: A 3D printed Google logo is seen in this illustration taken April 12, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

    Thousands of users around the world report Google outage

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
  • Coronavirus
  • Videos
NewsIn.Asia
No Result
View All Result
Home Around South Asia

Lankan Prez gets report of commission on Central Bank bond scam

Editor by Editor
December 30, 2017
in Around South Asia, Around The World, Business, Sri Lanka, Top Story
Reading Time: 3 mins read
2 0
A A
Share on WhatsApp

Colombo, December 30 (newsin.asia): The report on the controversial Central Bank treasury bond issue was handed over to Sri Lankan President Maithripala Sirisena by members of the Presidential Commission of Inquiry here on Saturday.

The Commission’s Chairman Justice K.T. Chitrasiri handed over the report in the presence of two other members of the Commission, Justice P S Jayawardene and retired Deputy Auditor General Velupillai Kandasamy.

President Sirisena had appointed the commission to investigate and report on the Central Bank bond issue of February  27, 2015. Sri Lankan Prime Minister Ranil Wickremesinghe made political history on November 20, when appeared before the commission which was inquiring into the LKR 10 billion bond scandal that had shaken his government and created a rift between him and President Sirisena.

ADVERTISEMENT

Sirisena appointed the commission on January 27, 2017 after opposition lawmakers demanded an independent inquiry after two previous inquiries had proved to be fruitless.

In late February 2015, soon after Sirisena and Wickremesinghe came to power replacing the Mahinda Rajapaksa regime, the Central Bank suddenly decided to raise LKR 10 billion from a sale of 30-year government bonds with a coupon (fixed interest rate) of 12.5% , when it had initially advertised an offer of LKR 1 billion with a fixed interest rate of 9.5%.

Despite the sudden change in the terms, bonds worth LKR 7 billion were snapped up by Perpetual Treasuries Limited, a primary dealer owned by Arjun Aloysius,  who is also the son-in-law of then Central Bank Governor Arjuna Mahendran. It was suspected that Aloysius had inside information about hike and was prepared for it while others were in the dark.

Arjuna Mahendran, a Sri Lankan-Singaporean banker, had been chosen for the top banking job by Wickremesinghe. But under a cloud over the scam, Mahendran resigned and was replaced by Dr.Indrajit Coomaraswamy, said to be a nominee of President Sirisena.

Sirisena’s Sri Lanka Freedom Party (SLFP) and Wickremesinghe’s United National Party (UNP) were sharply divided on the bond issue though they were both part of the National Unity government.

Early in 2017, Sirisena felt that the SLFP would lose political credibility if it did not clear itself of the charge that it was also protecting the wrong doers. Sirisena then asked the Prime Minister (under whom the Central Bank functioned) to clear his name. Instead of making his submissions in writing Wickremesinghe decided to appear before the commission and answer all questions.

When he appeared before the commission on November 20, Wickremesinghe said that he had warned Arjuna Mahendran about the conflict of interest that would arise if his son-in-law Aloysius was still involved with the primary dealer Perpetual Treasuries. He told the commission that he was told that Aloysius had resigned from the post of Director of Perpetual Treasuries.

Justifying the sudden huge increase in the value of the bond issued, the Prime Minister said that Sri Lanka was heavily debt ridden due to the profligacy of the previous regime headed by Mahinda Rajapaksa and needed money to repay the loans.

The Premier revealed that a Singapore Company had made a claim the previous week for work they had done in 2013 – 2014 for the Northern Expressway development project. This debt was not included in the Appropriation Bill and the authorities were unaware of it till the foreign company asked for its money last week.

The Prime Minister made these observations when the commission sought clarifications on the debt requirement of LKR 13.5 billion as on  March 2, 2015 and the additional requirement of LKR 15 billon determined and discussed at several meetings held prior to the February 27, 2015 Treasury Bond auction.

“What had happened in the previous years was that there had been many projects approved, which were not shown in the Appropriation Bill, simply because of IMF limitations. So you got around IMF limits by not including them in the books,” the Premier explained.

The present government had to pay for two streams of payment; what was in the Appropriation Bill and others which were outside it, he said.

Further, about LKR 75 billion to LKR 100 billion had to be paid in respect of the highways alone. The government still had a liability of US$ 500 to 600 million thanks to the ad-hoc accounting of the former regime. He said that a forensic examination on this issue was being conducted into these debts.

When asked about the structure of  Perpetual Treasuries Company and the conflict of interest between the then Governor of the Central Bank Arjuna Mahendran and his son in law Arjun Aloysius, the Prime Minister said that he did not have an extensive awareness of the Perpetual Group, but added that Mahendran had assured him that there would be no conflict of interest between him and his son in law, and that he was informed that Aloysius had, in fact, stepped down from his post as Director of Perpetual Treasuries Ltd.

When Attorney General Jayantha Jayasooriya asked Wickremesinghe to clarify the steps he took to probe the treasury bond issue he pointed out that he had appointed the Gamini Pitipana Committee and then let Parliament conduct an independent inquiry into the matter without his interference.

(The featured picture at the top shows Sri Lankan President Maithripala Sirisena receiving the report of the Presidential Bond Commission) 

 

 

Related Posts

Austria donates essential medicines to Sri Lanka
Around The World

Austria donates essential medicines to Sri Lanka

August 17, 2022
Sri Lankan passports
Around South Asia

Special counter to issue passports for overseas jobs

August 17, 2022
T20 World Cup in 2026
Around The World

India and Sri Lanka will jointly host the T20 World Cup in 2026

August 17, 2022
Gotabaya Rajapaksa
Around South Asia

Gotabaya Rajapaksa will return to Sri Lanka next week

August 17, 2022
Footage posted by the fire brigade on Twitter showed large plumes of smoke coming from under the railway arch, which it said was "completely alight". (Photo: Twitter/@LondonFire)
Around The World

Large blaze in central London railway arch under control – fire service

August 17, 2022
Exchange Rate
Around South Asia

Foreign Exchange Rates from Central Bank of Sri Lanka; USD, GBP, EUR, SGD, CAD

August 17, 2022
  • Electricity

    Power cut schedule today in Sri Lanka: 17th August

    49432 shares
    Share 19786 Tweet 12353
  • Registration open for National Fuel Pass

    6549 shares
    Share 2657 Tweet 1622
  • Foreign Exchange Rates from Central Bank of Sri Lanka; USD, GBP, EUR, SGD, CAD

    1407 shares
    Share 569 Tweet 349
  • WATCH : Yohani’s first live performance in India

    785 shares
    Share 327 Tweet 191
  • Power interruption schedule released: Check your area power cut time

    734 shares
    Share 312 Tweet 176
  • About Us
  • Advertisements
  • Privacy Policy
  • Contact

© 2022 All rights reserved.

No Result
View All Result
  • Home
  • Around South Asia
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
  • Around The World
  • Breaking News
  • Business
    • Exchange
  • Climate Change
  • Governance
    • Crime
    • Diplomacy
    • Defense
    • Human Rights
    • Politics
    • Strategic Affairs
  • Lifestyle
    • Books
    • Entertainment
      • Arts
      • Cinema
      • Gaming
      • Music
      • Movie
      • Series
      • TV
    • Health
    • Fashion
    • Food
    • Travel
  • Culture
    • Ethnicity
    • Gender
  • Development news
  • Economy
  • Education
  • Environment
  • Coronavirus
  • History
  • National
  • Offbeat
    • Media
    • Music and arts across South Asia
  • Recommended
    • Headlines
    • Highlights
    • Top Picture
    • Top Story
  • Religion
  • Science
  • Sports
    • Football
    • Cricket
      • LPL
      • IPL
    • Tennis
    • Formula 1
    • NBA
  • Tech
    • Instagram
  • United Nations
  • Weather
  • World
    • Japan
    • Russia
    • United States
  • Videos

© 2022 All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

mersin eskort -

Meritroyalbet

-
Jojobet
- Süperbetin - eskisehir escort -

https://www.vudols.com/

- Sağlık Personeli - istanbul avukat