The COPE report on bond scams: Not two reports as claimed but single one by 25 members

COPE report on bond scams

Monday, 31 October 2016

The much talked about report by the Committee on Public Enterprises or COPE on the irregularities that are alleged to have taken place in the issue of Treasury bonds by the Central Bank from February 2015 to May 2016 was presented to Parliament on 28 October 2016 (available at: http://www.parliament.lk/uploads/comreports/1477651535015855.pdf).

These irregularities have been popularly branded by the media as ‘bond scams’, ‘bond scandals’ or ‘bond fiascos’ implying that they have helped one party to profit at the expense of another. The party reported to have benefited had been a primary dealer in government securities, namely, Perpetual Treasuries, which had started its business in February 2014 and went into making a gigantic amount of profits, according to published figures, within a matter of just 27 months. Those who had lost in the process are numerous in number, but the main victims have been the Treasury, EPF, other primary dealers and finally investors at large.

The COPE report on bond scams Not two reports as claimed but single one by 25 members.docx by Thavam Ratna on Scribd