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Monday December 6th, 2021
Bonds & Forex

Mahendran, ten others to be indicted for Sri Lanka bond scam

ECONOMYNEXT – Sri Lanka’s Attorney General has asked permission from the Chief Justice to file indictments before a special three-Judge bench against eleven persons including former central bank governor Arjuna Mahendran allegedly involved in the island’s biggest securities scam.

This was revealed in an announcement made by the AG’s department today, our sister news site Republicnext.com reported.

The scam involved rigged bond auctions and dumping of securities on s pension fund managed by the central bank at high prices.

The indictments will be filed against former Central Bank Governor Arjuna Mahendran Ex-Central Bank Deputy Governor P. Samarasiri, Perpetual Treasuries Limited, PTL Beneficial owner Arjun Aloysius, PTL chief executive Kasun Palisena, Jeffery Joseph Aloysius and several other PTL directors.

The charges will be on 23 counts, the announcement said.

Mahendran and Samarasiri are also being held responsible for some  688 million rupees which a Presidential Commission of Inquiry recommended they be asked to pay back

The commission said Mahendran “acted in collusion” with Perpetual Treasuries Ltd, connected to his son-in-law.

The commission asked the bribery commission to consider whether his actions amounted to corruption.

Perpetual Treasuries had acted on inside information and action should be taken to fine the firm for twice the value and recover the funds, the commission said.
 (COLOMBO, 07 June, 2019)
 

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