Reply to the Mahendran’s white wash

Monday, 20 April 2015

I was quite amused and not surprised to read the statement of the Ministry of Planning and Economic Affairs highlighting the findings of an eminent panel regarding the biggest Bond Fraud in Sri Lanka.

Firstly, what is the definition for eminent? Well known and respected or outstanding and respected. The statement says the committee members are people exhibiting eminence. That is now for the reader to decide.

The second point is The Prime Minister is the Minister in charge of the Ministry of Planning and Economic Affairs and Mahendran is his friend and reports to him that alone speaks volumes about the statement of the ministry. Now the committee says Mahendran has had no direct involvement. Are they saying he had indirect involvement? If so, what was the indirect involvement? Did the committee get justification from Mahendran as to why a government of 3 months had to go for a 30-year bond at 12.5% causing a perpetual loss to the taxpayers of Sri Lanka running over a period of 30 years?

Did the committee get credible answers as to how Mahendran’s Son in Law collected over 50% of the issue on that particular day and to bid way above the rest of the bidders? Did the committee get answers as to how BOC approved a credit line of this magnitude to Mahendran’s son-in-law’s company over the counter? Finally what is the state of the issued Bonds, if sold by perpetual, what was the profit to the company?

As the famous saying goes ‘you can fool all the people some of the time and some of the people all the time, but you cannot fool all the people all the time. Cheers to Yahapalanaya and to our Governor!

Good governance Activist