News
Judicial mechanism to probe bond issues over the past ten years: President to ST
View(s):A “judicial mechanism” to probe the February 27, 2015 bond issue by the Central Bank of Sri Lanka (CBSL) will also cover similar issues in the past ten years, President Maithripala Sirisena told the Sunday Times.
In an exclusive interview with this newspaper, he said there was a need to take the investigation out of the hands of politicians. The President spoke on the findings of the parliamentary oversight Committee on Public Enterprises (COPE). Made public last week, the report revealed the former Central Bank Governor Arjuna Mahendran “made an intervention or used pressure” in the issue of bonds. It also said that Perpetual Treasuries Limited, once linked to Mr. Mahendran’s son-in-law, “obtained large financial profits in the sale of bonds.
“There have been issues over bond transactions since 2007/2008 period. Nobody spoke of them,” President Sirisena said. Since the report is now out, he said, it should be submitted to an “independent, impartial body which does not have any politicians.” Now, it is the politicians who are debating on the issue according to their party positions on whether it is right or wrong, he pointed out.
“I am expecting an investigation covering a ten-year period of bond issues by the CBSL. It will begin with the February 27, 2015 issue of bonds and extend to other cases, he added. President Sirisena was critical of the Criminal Investigation Department (CID), the Financial Crimes Investigation Division (FCID) and the Commission to Inquiry into Allegations of Bribery or Corruption (CIABOC) for probing small issues leaving behind the mega cases. As a result, for over 20 months, they have not been able to bring to book any of the big offenders, he added. The President said that constitutional amendments would not be passed this year and would be done next year.
Full details of the interview by Our Political Editor appear in the Political Commentary.