Controversial bonds to be cancelled

Oct 28, 2016

The two controversial bonds that rocked the UNP and the government could be cancelled by the president according to SLFP Ministers.

Experts say the EPF had purchased the said controversial Bond. This was possible because the EPF was also under the Central Bank.Both Nivard Cabral and Mahendran clearly did what ever they wanted with the EPF.

The massive gain made by Arjun Aloysius of Rs 5 Billion in 15/16 and very likely another 10 Billion in 16/17 has been at the expense of the EPF the poor workers money and other state funds. 
If the two-controversial bonds can be cancelled and reissued at a lower interest rates according to experts. If that takes place analysts say Perpetual treasuries will be in a big fix and could become bankrupt overnight.

Especially if they have paid off the politicians involved in the financial crime, as the opposition claims. They claim that two UNP minsters got a pay off around 3 Billion and that one of them had paid off a bank loan of over one Billion in a private bank in Sri Lanka.

There is growing public opinion that all the beneficiaries of the Bond should pay back the money to the government. Furthermore they question why the state funds buy bonds and bills in the secondary market.

Therefore this practice must be stopped immediately and all Central Bank Staff involved in trading in bills and bonds, their assets must be checked. Those officials in Bank of Ceylon who gave a credit line of 10 billion to Perpetual with no colateral must also be fully investigated and charged.  

Despite a promise by both the President and the Prime Minister that EPF share transactions in the last five years would be investigated, especially where Perpetual Treasuries has been involved has never been investigated so far.

Furthermore, Arjuna Mahendren was the head of Priority Banking Unit where the alleged accounts of the Rajapakse’s in DUBAI were held. It is being alleged now that it was Arjun Aloysius who introduced the Rajapakses to NBD Bank in Dubai thru his Father in law Mahendren and that another deal with a businessman politician may have been struck to stop the investigation to give them the time to move the money out of the bank.

It is shocking that while the government was investigating lesser crimes people like Mahendren and Aloysius are still to be investigated and are living the high life.