bondgate Archives - Ceylon Independent

CENTRAL BANK HAS ITS WAY ON NATIONAL PAYMENT PLATFORM

24Feb

By Faraz ShauketalyNo Comments

LOCAL, Main Story

CENTRAL BANK HAS ITS WAY ON NATIONAL PAYMENT PLATFORM

Sri Lanka’s Central Bank led by Governor Dr Indrajith Coomaraswamy has maintained its position that the existing National Payment Platform will remain the sole platform in terms of dealing with all financial data. There had been an attempt to introduce yet another company. Previously Governor Coomaraswamy had written to the Secretary to the Prime Minister in effect taking umbrage that the CCEM had taken a decision on the NPP without having any representation from the Central Bank – when the CCEM had agreed to have another company in addition to Lanka Clear. Subsequently at a meeting at which the Central Bank was represented, it had been agreed that the existing payment platform will remain in terms of the security of financial data and transactions. However Dr Coomaraswamy said th...

3Feb

By Faraz ShauketalyNo Comments

Editorial

RANIL WICKREMESINGHE MUST GO

For 40 years he has represented his party in Sri Lanka’s parliament. His background would be a PR manager’s dream. His pedigree, his education and his membership of the party of choice for those who favour an open economy over a socialist structure, would have made it a cakewalk for any PR manager. Instead of that gilt-edged, gilt paved road to political greatness, the man himself got himself engulfed in a host of matters that did not quite appeal to the largely conservative society in Sri Lanka. His dilly dallying and involvement in Batalanda nearly ruined his career. He perhaps had two people to thank for or even three. The first would of course be Douggie Peiris the senior Policeman. He had fled abroad and President Kumaratunga had sent emissaries to meet him. He promised to ...

Glittering Career set to end in ignominy THE BELL TOLLS FOR ARJUNA MAHENDRAN

3Feb

By Faraz ShauketalyNo Comments

LOCAL, Main Story

Glittering Career set to end in ignominy THE BELL TOLLS FOR ARJUNA MAHENDRAN

The Fort Magistrate Court has ordered that Arjuna Mahendran the now disgraced former Governor of the Central Bank of Sri Lanka report to the CID before the 15th of February 2018 to help Police with their inquiries over the so-called ‘Bondgate’ matter. Arjuna Mahendran is believed to be outside of Sri Lanka’s territorial waters and thought to be living in Singapore where he is a citizen and maintains a home. Named along with Mahendran were Arjun Aloysious and Kasun Palisena who was the CEO of Perpetual Treasuries. Separately a court also ordered the continuing of a freeze on all businesses of the Perpetual Group thought to number 24 in total and a moratorium on the sale or disposal of any assets. Within hours of the Court order Palisena released a statement of sorts carried by the ...

15Jan

By Faraz ShauketalyNo Comments

Editorial

THE NATIONS’ TRUST EXPLODES

Ever since 8th March 2015 when the NewsFirst team from the Maharaja media stable reported on the ‘Bondgate’ matter on national television, there has been a growing public interest in the issue. Initially the public were shocked but possibly disbelieved the claims – after all the claim was being made against the so-called ‘national unity’ government who came in promising good governance, to address if not arrest corruption, nepotism, political patronage and other such pressing matters. The events in parliament this week which saw fisticuffs, hospitalisation of a member et al was a telling indictment on the behaviour if not the calibre of the membership of Sri Lanka’s parliament. Some weeks ago we saw the much hyped best Finance Minister in this region, Ravi Karunanayake resign his Min...

A VERY UNDEMOCRATIC AUTOCRACY INSTEAD OF GOOD GOVERNANCE

16Dec

By Faraz ShauketalyNo Comments

Editorial

A VERY UNDEMOCRATIC AUTOCRACY INSTEAD OF GOOD GOVERNANCE

At the end of 2017, we in Sri Lanka have rather little to report to the world if it is progress that we are reporting on to the world. In 2015 there was great hope but rather like the post Brexit vote in the United Kingdom the events after the amazing have caused consternation and confusion - leaving the situation to pose the question if indeed we are better off now than we were pre 2015. It appears that we have exchange a harsh regime of a virtual police state where everything was interfered with - and fixed by the government who had fortuitously purchased their mandate in parliament by the expedient method of buying support from a motley collection of politicians interested only in the potential for deal making rather than in serving the demands of democracy. We appear to have exch...

10Nov

By AdminNo Comments

Opinion

BOND RECAP

BY Shonel Perera In February 2015, the Central Bank of Sri Lanka (CBSL) announced the issue of thirty-year sovereign bonds, with an objective to raise 1 billion rupees but despite the initial indication of 1 billion rupees, the CBSL’s Public Debt Department went on to accept bids of up to 10 billion rupees, without informing the primary dealers of their decision to gain more funding. There on many allegations were raised that Perpetual Treasuries Limited, a company which is linked with the Son-in-Law of the infamous former Central Bank Governor Arjuna Mahendran Arjun Aloysious was privy to this information. It was later revealed that the address of Perpetual Treasuries Ltd and that of Arjun Aloysius, were the same. The former governor had also admi...

8Nov

By AdminNo Comments

Opinion

This Week In Bond

By Shonel Perera Bond is back at it again this week with the Presidential Commission of Inquiry (PCoI) investigating the controversial Issuance of Bonds saying that it now requires a testimony from none other than Prime Minister Ranil Wickremesinghe himself in order to "obtain a few clarifications and any other evidence which may be necessary". A statement issued at the beginning of today's session noted that it had carefully examined the affidavit which was given to the Commission by the Prime Minister and that the Commission had a few clarifications to be made with regard to it. It was said, "With regard to the questions forwarded to the Hon. Prime Minister by this Commission of Inquiry, we have received an affidavit affirmed to by the Prime Ministe...

3Nov

By Faraz ShauketalyNo Comments

Editorial

Leading by example – We Are All On

Many are the claims that abound on our island nation. Our Prime Minister was to recently claim to be saddened by the unwarranted ‘attacks’ which in his opinion was being carried out by the media for – according to his gospel – unwarranted reasons. This is rich coming from a man who has manoeuvred his continued position as leader of the United National Party (UNP) for well-nigh 23 years. He has from time to time readjusted the rules and most times nominated members loyal to him to the Working Committee of the UNP. So much of manoeuvring that some of his detractors say the only way for change would be in effect after the demise of the incumbent leader. For progress and evolution that is pretty bad news indeed. This theory impinges on the fact that ‘we are all one’. That is to say that con...

Bond Gate: Thirteen key points revealed in the “Bond Scam” Investigation

1Nov

By AdminNo Comments

Business, Top Story

Bond Gate: Thirteen key points revealed in the “Bond Scam” Investigation

The Presidential Commission of Inquiry into Bond Issuance is set to have a special sitting tomorrow, November 2. RECAP February 27, 2015 – The first reported controversial treasury bond auction took place March 10, 2015 – Prime Minister Ranil Wickremesinghe appointed a three-member committee to probe the bond issue. Two COPE investigations; First could not produce a report because Parliament was adjourned. Second report was released, but footnotes led to controversy. February 2017 – Continuous public outcry over the scam made President appoint the Presidential Commission of Inquiry to probe into the bond issue. Several key points that came up in the 120+ days of the Commission. 01. Witnesses from the Central Bank testified that Former Governor Arjuna Mahendran visited ...

FOR WHAT IT IS WORTH, THE PRIME MINISTER MUST BE CROSS EXAMINED

30Oct

By AdminNo Comments

Editorial

FOR WHAT IT IS WORTH, THE PRIME MINISTER MUST BE CROSS EXAMINED

In the event that the republic’s citizenry find the news boring and the Bondgate matter the principal suspect, we must aver that we do know (unlike Ravi K who does not know) that it is none other than the Prime Minister who is to blame for the boring and stale state of affairs. The only reason why the media, led by News1st,has continued the relentless coverage of the Bondgate story is because there has been a stubborn, steadfast and robust refusal on the part of the Minister in charge of the Central Bank (Ranil Wickremesinghe) to adequately address the Bondgate matter. The Prime Minister for his own reasons has chosen to ignore what almost everyone else can see but he acts as though he has the sight of a crack marksman. Except he is fooling no one but himself when he goes forth and sp...