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Sri Lanka’s Perpetual group dumped stocks on the EPF; probe needed: Kabir

ECONOMYNEXT – Sri Lanka’s Perpetual investment group, whose primary dealer arm is under probe for frauds in bond markets, had dumped billions of rupees of pumped up stocks on the Employees Provident Fund during the ousted Rajapaksa regime, a senior minister said.

State Enterprises Minister Kabir Hashim said during the Rajapaksa administration large scale pump and dump scams were practised on the EPF, a private sector workers’ pension fund managed by the Central Bank.

He said 5.3 million shares of Ceylon Grain Elevators, 57 million shares of Laugfs Gas, 5.1 million shares of The Finance, 23 million shares of Central Finance and 1.2 million of Bairaha have been dumped on the EPF.

"These deals caused billions of losses (koti ganak) to the EPF," Hashim told parliament, during a debate on a probe report on so-called bondscams involving Perpetual Treasuries, during the time ex-Central Bank Governor Arjuna Mahendran was the Governor of the Central Bank.

The Perpetual Investment group is connected to Mahendran’s son-in-law Arjuna Aloysius.

"The pump and dump scams were perpetrated when Mahinda Rajapaksa was Finance Minister and Nivard Cabraal was central bank governor."

"I propose that a presidential commission also be appointed to probe these deals."

President Maithripala Sirisena said a three member commission of inquiry will be appointed soon to probe bond deal.

Hashim said the sister of ex-Central Bank Governor Nivard Cabraal also served on the board of Perpetual Treasuries. (Colombo/Dec24/2016)






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