Sri Lanka Presidential Commission hands over report on bondscam

ECONOMYNEXT – A commission of inquiry that probed what is alleged to be the largest securities scam in Sri Lanka involving rigged bond auctions and pumping and dumping of bonds on a state managed funds has given its report to President Maithripala Sirisena.

A statement from the President’s office said Commission chair Supreme Court Justice K T Chitrasiri presented the report in the presence of members Justice P Jayawardene, retired deputy auditor general V Kandasamy and secretary K T Chitrasiri.

The commission went into a series of bond auction conducted in 2015 and 2016 under then Central Bank Governor Arjuna Mahendran, where his son-in-law Arjun Aloysius was alleged to have benefitted through his company Perpetual Treasuries.

Perpetual then dumped the bonds at high prices on the Employees Provident Fund also managed by the Central Bank and some state funds, where ex-EPF dealers had been positioned.

President Sirisena sacked Mahendran. Late then Finance Minister Ravi Karunanayake was forced to resign. (Colombo/Dec30/2017)

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