Infamous hedging deal swept under the carpet?
Shock waves engulfed the watchdogs of the economy with the stunning revelations – some years back – about a gamble involving state funds to the tune of several million dollars in the Ceylon Peroleum Corporation, the largest commercial entity in the corporation sector of the country.
Those who were engaged in the exposure in the public interest conjectured then whether the case would be consigned to the political dustbin! Is it becoming a reality now? After much fanfare for bringing the culprits to book and with a government elected, minority though, to give effect to the mandate given on promises made to the voters, it appears the momentum is now losing steam. Those who were advocating good governance and in particular eradication of corruption, waste and fraud, appear to have been overrun by the ghastly sediment appendages of the last regime.
Courts are created to do justice. No amount of courts will deliver justice expected by the people if the laws are not strong enough to collar the culprits. This is a country where we have witnessed new laws enacted for exchange control violators, imposing civic right deprivations to past political excesses and setting up of special courts to try insurgents who took up to arms plunging the country into wilderness. No one demonstrated against those and they are not new to those in power now. Fortunately the national government comprises both sides responsible for such legislation.
Well, according to Machiavelli “the end justifies the means”. People want action against the daylight robbers behind this international racket of plundering public money through this absurd hedging deal making the state liable to the tune of millions of dollars due to the folly or involvement of those in high places.
The lethargy and indifference of the policy makers creates strong doubts about the genuineness of the inability to prosecute. We are sure the Financial Crimes Investigation Division (FCID) by now has enough material and information about what has transpired. People are anxious to know the truth apart from the ability to legally punish them.
Because it is a fact that huge losses were made and undeniable misdoings were exposed.If we recall some important matters connected to the hedging Fiasco, we see the role of three leading state institutions viz – the Central Bank (CB), People’s Bank and the CPC.
This matter should be closely reviewed and the FCID should be properly guided to use their elicited information to frame charges against all those responsible in respect of each one’s breaches so that the arm of the law is utilized and not paralysed.The Supreme Court in the case filed by public interest litigants held that the agreements with the banks were flawed and the roles of the involved officials were questionable. These decisions warranted an immediate reprimand of the corrupt officials but that did not happen. In addition to these decisions the CB also pointed out several lapses and shortcomings on the part of the commercial banks including the People’s Bank. The The involvement of two officers serving this state bank under special contract terms were alleged to have received gratuitous considerations from the Standard Chartered bank, the principle suspect.
The Supreme Court case was welcomed by the general public who were awaiting punishments to those responsible. But all walked away with immunity offered to them under the regime. But the question now is: Are they enjoying these same privileges under the present rule?
Let the good work done by the Police be rewarded and the only way to do this is to give proper guidance to them to prosecute the offenders in the infamous hedging deal.