Presidential Commission to inquire into Bond Issue
Posted by Editor on January 24, 2017 - 7:57 am
President Maithripala Sirisena instructed the Attorney General to take immediate steps to appoint a Special Presidential Commission to inquire into the allegations of malpractices in the bond issue of the Central Bank of Sri Lanka and take required legal action.
A gazette notification to appoint a Commission comprising of a judge of the Supreme Court, a judge of the High Court and an expert in auditing will be issued this week. The Commission is mandated to submit a report within three months.
The President called upon all relevant parties to extend fullest cooperation to the Commission to successfully carry out its assigned duties.
(President’s Media)
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why a presidntial commission when it should be criminal investigation dealing with the whole process of the scam leading to the litigation, I remember my father was hounded by the Internal revenue department for allegedly not paying taxes on fictitious estimates on his income and expenditure. He was not a businessmen he was what was then described as a proprietary planter beyond that he was not involved in any rackets he did not drin or smoke and he was probably the only philanthrope who travelled throughout the country empowering the poor and mobilised the educational system.
Ravis sam is not a clever one and he survived becos of ranil who is a disgrace to his political mentors who were idealists who never made money out of politics. I suppose ranil must be desparate for he did not make any money money out of his profession and he must be realtively poor compared to his neighbours even they he ought not have gone to rhe low levels that he got himself reduced to. Can underatand siriseana he is not ambitious so he cannot go down any further.
If sisrisena got a cut out of fanil ravi scam than he ought to be impeached for the collusion not only for this but his failure to honour election pledges
macys new york
This money was not stolen; it had a definite purpose; let me explain.
The Boss of Perpetual Trustees has a knack of ‘working’ closely with politicians of all shades. He was close to the previous regime and he developed a relationship with leading personalities (an ex Elephant Chairman and the Finance Boss) of the Elephant’s regime.
The Elephants borrowed heavily to finance the 2014/15 election campaign. The breakaway Blues who were supported by the Elephants, were penniless. The Elephants’ kitty was mostly empty too having been in opposition for 13 years.
So, the Elephant’s Senior Strategists (excluding the boss) borrowed billions from the banks for their glamorous campaign to oust the family. They won and then it was time to pay the debt.
Then came the bond issue; the country was deeply in debt; the CB wanted a billion through the Bond sale. While tendering was in progress, the Elephant’s strategists prodded state owned Banks to support PPT with large sum of cash so that they could offer to buy significantly more than the one billion which was being tendered. As the country was severely cash strapped, the CB decided in the spur of the moment to accept the expanded offer from PPT.
Of course, that lead to significant profits for PPT. At the end of the day, PPT settled the Elephant’s massive loans used for the election campaign with part of the massive profit gained.
So, the whole transaction was not a fraud; the significant profits or part of it went towards settling loans that were obtained to dethrone the family.
If not for the loans, the Elephants (and the rebel Blue) would not have been able to conduct an effective election campaign to dethrone the family. The excess profits (or part of it) went towards settling the Elephant’s loans.
Only history can tell whether the purpose of the transaction was worthwhile or not.