Sri Lankan President Maithripala Sirisena receives bond scam inquiry report

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Colombo | Updated: Dec 30, 2017 5:13 PM

Sri Lankan President Maithripala Sirisena was today handed a much awaited report on an alleged scam in the issue of bonds of the country's central bank.

maithripala sirisena, maithripala sirisena bond scam, what is bond scam, bond scam in sri lankaSri Lankan President Maithripala Sirisena. (Reuters)

Sri Lankan President Maithripala Sirisena was today handed a much awaited report on an alleged scam in the issue of bonds of the country’s central bank. “We handed over the report today to the President. It is now upto his office to take action from hereafter,” an official of the presidential inquiry commission said. Sirisena appointed the commission to probe any irregularities in the issues of Central Bank bonds in February 2015 and March 2016. The alleged scam rocked the government headed by Sirisena and Prime Minister Ranil Wickremesinghe. It was alleged that Wickremesinghe’s pick for the position of the governor of the Central Bank, Arjuna Mahendran’s appointment had caused a case of conflict of interest with a Central Bank primary dealer firm linked to Mahendran’s son-in-law Arjuna Aloysius. Aloysius’ firm Perpetual Treasuries it was alleged had benefited from insider information on the two issues of bonds resulting them making large profits. The opposition cried hoarse on the scam even demanding that Wickremesinghe resign. Sirisena in mid-2016 sacked Mahendran from the bank.

Following a parliamentary committee probe, Sirisena appointed the presidential commission of inquiry which led to some heartburn in the UNP headed by Wickremesinghe and caused strains in the national unity government. The issue led to the resignation of a UNP minister Ravi Karunanayake. He was the finance minister and later foreign minister when he quit.

The findings of the commission are expected to be released in public soon, officials said.

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