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Sri Lanka bondscam forensic auditors to be appointed in February: Central Bank

ECONOMYNEXT – Sri Lanka’s central bank is expecting to appoint forensic auditors into securities fraud involving the sale of bonds who will look into six separate areas following a commission of inquiries into so-called bondscam in 2015 and 2016, a public notice said.

The forensic audits will also cover earlier periods, when bonds were issued outside auctions.

Sri Lanka’s President Maithripala Sirisena faulted the central bank for delaying the audits citing it in a speech justifying a constitutional ‘coup’.

Central Bank officials said the delay was due to designing the scope of audits and terms of reference in consultation with the Auditor General and Attorney General and following the procedures and time limits of a national procurement guidelines.

Financial proposals for five audits were opened on January 11 and he sixth will be opened on the third week of January, following November advertisements where six weeks given to submit proposals, according to a public notice published by the central bank.

The commission report was given to the central bank in January and the governing monetary board had given the go ahead to conduct forensic audits in the same month.

The central bank then had spent about five month until May 2018 in discussions with the Attorney Generals Department of the scope of audits eventually coming up with six audits.

Discussions had also been held with the Auditor General on procurement of outside consultants where a process was designed following National Procurement Guidelines for six audits.

The central bank would appoint a tender board for the sixth audit. After cabinet approval and appointment of members for a Cabinet Appointed Consultants Procurement Committee, the first meeting was conducted on 20 June.

The central bank tender board had had he first meeting on July 02. Advertisement for the first five audits had gone out on June 24 and for the central bank tender board by on July 15.





Expressions of interest were received in August 30 and September 04, and non-disclosure agreements were sent out it August and September.

Requests for proposals were called on September 21 and October 12. Pre-proposal conferences were held on October 09 and November 09.

Proposals were to be received on November 02 and November 20. Financial proposals were to be opened for the first five audits on January 11 and the sixth on the third week of January. (Colombo/Jan15/2018)

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