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Sri Lanka central bank bond dealer's assets revealed: reports

Jul 13, 2017 08:41 AM GMT+0530 | 0 Comment(s)

ECONOMYNEXT - Saman Kumara, a central bank securities trader who was involved in controversial deals with Perpetual Treasuries, a bond dealership owned, real estate, a filling station, fuel tankers, businesses and maintained a mistress, media reports on an ongoing commission of inquiry said.

Sri Lanka's Daily Mirror newspaper said he had said he had three personal vehicles, a filling station, two fuel tankers, a gem exporting business, a factory named Eco Tex, properties and fixed deposits.

Sri Lanka's Daily News newspaper reported quoted him as telling the commission that he had 19 bank accounts in nine different banks. He had done Treasury bond deal at HSBC and NDB.

He was questioned about an apartment in Bullers Road in Colombo, reports said.

Kumara had not declared assets to the central bank for two years, the commission of inquiry was told.

The Presidential Commission in going into so-called 'bondscams' in 2015 and 2016 where government securities auctions were allegedly rigged during the tenor of Central Bank Governor Arjuna Mahendran.

Perpetual Treasuries, connected to Mahendran's son-in-law Arjun Aloysius is alleged to have bought bonds at low prices (high yields) and dumped them on Employees Provident Fund, where Saman Kumara worked and at other state entities at higher prices (lower yeilds).

He had also gone with several central bank officials to meet a government minister to explain about bond transaction at the behest of then Governor Mahendran the report said.

Sri Lanka's The Island newspaper said the commission was told that Kumara had four children including one by a mistress, who lived in Induruwa, to whom he also gave money.

She had a textile shop in Aluthgama.

In earlier evidence it was revealed that he had a business in Ambalangoda called Country Kitchens, which was housed in a building connected to Royal Ceramics. PABC had given him loans for the business.

Kumara had also told the commision that there was a conspiracy agaisnt him by central bank officials. The central bank interdicted Kumara earlier in the week.


 

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