Sri Lanka President to appoint committee to investigate bond scam

Jan 23, 2017 (LBO) - Sri Lanka's President Maithripala Sirisena said he would appoint a commission to investigate and recommend actions for an alleged bond issue scam in early 2015. "I will appoint a Special Presidential Commission of Inquiry this week to investigate the Central Bank bond issue and recommend actions," President Maithripala Sirisena tweeted. The said bond was declared on the 27th February 2015 by Central Bank of Sri Lanka and carried accusations of insider trading which related to the bids of Perpetual Treasuries, a firm connected to Arjun Aloysius, the son-in-law of Governor Arjuna Mahendran, the then Governor of the bank. The Parliament is set to debate a report produced by the Committee on Public Enterprises (COPE) which recommended legal action against the perpetrators.
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In 2015 a three-member board was appointed by the Prime Minister to probe the alleged Treasury bond allegation when the issue arose but was accused of being biased to the ruling party. The committee had said in its report that there was no evidence to the effect that the Governor had direct participation with regard to the activities of the Public Debt Department and the Tender Board Committee. The primary dealer maintains that the bids were placed on the basis of public information. However, the Committee has noted lapses on the part of the Bank of Ceylon through whom the said dealer had routed an unusually large amount of bids for the 30-year bond.