An Echelon Media Company
Monday September 25th, 2023

Sri Lanka’s ex-defence secretary indicted over Rs 11.4 billion arms scandal

ECONOMYNEXT, Sri Lanka’s anti-graft panel on Wednesday charged former defence secretary Gotabhaya Rajapaksa and seven others, including three ex-navy commanders, for illegally allowing a private floating armoury.

The Commission to Investigate Allegations of Bribery or Corruption (CIABOC) filed action against Rajapaksa and six others for allowing private Avant Garde Maritime Services to operate the armoury and provide sea marshal services.

"The former defence secretary had no authority to grant such permission," a spokesman for CIABOC told reporters. "By doing so, he caused Avant Garde to illegally earn Rs11.4 billion  in revenue."

Former additional secretary to the defence ministry Damayanthi Jayaratne, who has since fled the country; former defence ministry military liaison officer retired general Palitha Fernando; retired general K. B. Egodawela; and former navy commanders Somathilaka Dissanayake, Jayanath Colombage and Jayantha Perera were charged before the Colombo chief magistrate.

The head of Avant Garde, retired major Nissanka Senadhipathi is also being charged under tough bribery and corruption laws.

After months of delay in carrying out investigations, President Maithripala Sirisena in November last year ordered that weapons aboard two floating armouries at the Galle harbour be taken over by the navy.

The business that was initially done by the navy had been handed over to Avant Garde by Rajapaksa.

It was an operation previously carried out by the navy that was subsequently handed over to Avant Garde through a defence ministry-established private security arm known as Rakna Araksha Lanka Limited (RALL).

The vessel Avant Garde, which shares the same name of the company, was seized by the navy on October 5 outside the Galle harbour following several discrepancies about its lethal cargo, the crew, and their route and final destination.

Former Law and Order minister Tilak Marapana, who defended Avant Garde and eventually resigned after allegations of conflict of interest, had claimed ignorance of weapons whose serial numbers had been erased or changed while onboard the Avant Garde vessel.
(COLOMBO, August 31, 2016)

Leave a Comment

Your email address will not be published. Required fields are marked *

Leave a Comment

Leave a Comment

Cancel reply

Your email address will not be published. Required fields are marked *

Sri Lanka sells 2028 bonds at 14.52-pct

ECONOMYNEXT – Sri Lanka sold all offered bonds in 2026 and 2028 maturities raising 220 billion rupees from an auction Monday, data from the state debt office showed.

The debt office sold 135 billion rupees of 1 June 2026 bonds to yield 15.64 percent.

Another 85 billion rupees in 01 July 2028 bonds were sold to yield 14.52 percent.

The 2028 bond is offered on tap at the weighted average yield. (Colombo/Sept25/2023)

Continue Reading

Sri Lanka’s stocks end down on Monday after slow day of trading

ECONOMYNEXT – Sri Lanka shares were down at close of trading on Monday.

Turnover was 550 million rupees.

The main All Share Price Index was down 0.36 percent or 40.02 points to 11,216.50, while the S&P SL20 was down 0.44 percent or 14.07 points to 3,164.52.

Trading in the Capital Goods Industry (174,037,134) drove turnover.

Commercial Bank, Expolanka Holdings, and Aitken Spence plc saw losses, while National Development Bank, John Keells Holdings and Melstacorp saw gains in the day’s trading.

The market saw a net foreign inflow of 13 million rupees, while the yearly net foreign inflow was 429 million rupees. (Colombo/Sep25/2023)

Continue Reading

Sri Lanka rupee closes at 324.75/324.90 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 324.75/90 to the US dollar on Monday, from Friday’s close at 324.70/325.00 dealers said.

Bond yields were up.

A bond maturing on 01.07.2025 closed up at 15.55/15.70 percent on Monday, after closing at 14.95/15.30 percent on Friday.

A bond maturing on 01.08.2026 closed up at 15.50/15.65 percent up from 14.95/15.10 percent.

A bond maturing on 15.09.2027 closed up at 14.75/15.50 percent from 14.55/15.00 percent.

A bond maturing on 01.05.2028 closed up at 14.25/14.60 from 14.00/14.30 percent.

A bond maturing on 15.05.2030 closed stable at 13.00/13.50.

A bond maturing on 01.07.2032 closed at 12.95/13.45 percent from 13.00/13.45 percent. (Colombo/Sept25/2023)

Continue Reading