Tuesday July 23, 2019

Sri Lanka Presidential commission on bondscams to have two judges, auditor

Jan 23, 2017 13:14 PM GMT+0530 | 0 Comment(s)

ECONOMYNEXT - A three-member Presidential commission of Inquiry to probe frauds in bond auctions will have a judge from the Supreme Court, High Court and an auditor, a statement said.

A notice appointing the commission will be published in the Government Gazette, later this week, a statement from the President's media office said.

"The President appeals to all sections involved to support the commission to carry out its duties," the statement said.

In the so-called bondscams, Perpetual Treasuries, connected to the son-in-law of ex-Central Bank Governor Arjuna Mahendran is alleged to have benefitted from rigged auctions where larger than announced volumes were sold, at low prices.

Some of the bonds were then alleged to have been dumped at high prices (low interest rates) on the Employees Provident Fund, which is also managed by the central bank.

The central bank said Monday it is conducting and internal inquiry and law enforcement authorities are also investigating deals at the EPF. (Colombo/Jan23/2017)


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