How did Lt. Col. Prasanna Wickramasuriya get money to buy ‘Rivira’?

 Tuesday, 31 March 2015

It is a question being raised in the media field as to how Sri Lanka Army’s retired Lt. Col. Prasanna Wickramasuriya found money to buy the ‘Rivira’ newspaper.

He resigned from active service on 31 December 2001 citing himself as being medically condemned. At that time, a colonel’s monthly salary stood at between Rs. 40,000 and Rs. 50,000. His wife was unemployed. ‘Lanka News Web’ was able to make several revelations when investigating as to how a person of his financial position was able to invest Rs. 100 million.

Lt. Col. Prasanna Wickramasuriya is the brother of former ambassador in the US Jaliya Wickramasuriya. They both are cousins of former president Mahinda Rajapaksa. Anoma Lafir, the widow of Col. Fazly Lafir who laid down his life in Mullaitivu, is their sister, and she had served as a coordinating secretary to the ex-president.

After leaving the Army, Prasanna had gone to live in Atlanta, USA. Then, he assisted his brother Jaliya in marketing products of Royal Ceylon Tea (Pvt.) Ltd., owned by the ex-ambassador. It was a racket in which expired tea was repacked with new dates, for which task, they had used the staffers of the Sri Lankan embassy in the US, who were being paid by the Sri Lankan government. Had the US authorities caught this racket by the Wickramasuriya brothers of repacking third grade and expired tea, Sri Lankan tea could have been banned in the US.

The Wickramasuriyas defaulted Rs. 12 million to Hayleys Shivaro and four other companies that they had used for the shipping of the tea to the US, and when they demanded their payments, the brothers had used the powers of the Rajapaksas, threatened the companies and avoided making the payments. Since the Rajapaksa regime is no more, these companies are going to demand their dues.

The aggrieved parties will soon lodge complaints against the Wickramasuriya brothers with the financial fraud investigation unit led by DIG Ravi Vidyalankara.

The main issue here is as to how Prasanna, who was also chairman of the Aviation Authority, found more than Rs. 100 m to buy Rivira Media Corporation from Sena Yaddehige. According to reports reaching us, Prasanna and his family had fled Atlanta and are reportedly seen in Seattle.

Ajith Nivad Cabraal grilled for 4 long hours ! over illicit hedging deal which entailed many million dollars loss to country

(Lanka-e-News- 31.March.2015, 10.00PM) The former Central bank governor Ajith Nivad Cabraal was grilled  for four long hours by the Colombo financial frauds investigation division located at Kollupitiya in connection with the most controversial and infamous illicit hedging deal agreements (hedging soodhuwa) entered into by the government at that time with international banks and financial  Institutions during the Rajapakse regime , which entailed a loss of many millions of dollars to the country ,owing to  which , the country had to pay these monies through the nose. 

It was Asantha De Mel  , a relative of Rajapakses (as is the case almost always in every racket) an ex cricketer who was the chairman of the Ceylon petroleum corporation (CPC) at the time this hedging deal was signed. It was revealed in court then that this chairman a relative of Rajapakses had not even passed the GCE ordinary  Level examination.

Cabraal who came out after the long interrogation yesterday(30)  ,in keeping with the  characteristic traits of the Rajapakse fraudsters spoke as though his slate was clean and claimed this  was another media display . This hedging deal which bound the government to buy crude oil at a fixed price irrespective of the prices plummeting or rising in the world market necessitated Sri Lanka to buy crude oil at the higher price when the world market oil prices plunged to lowest levels.

Again as is usual with the Rajapakses and their  regime this illegal clandestine  hedging deal was entered into for the most corrupt reasons and none other , which scam included  collection of  illicit commissions orchestrated by the Rajapakse regime and the Central bank of which Cabraal the Rajapakse relative was the governor. It is well to recall and remind that it was Lanka e news always first with the news and best with the views which exposed this traitorous corrupt deal  of the government for  the first time in the same way as it had been exposing the other State scams.

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by     (2015-03-31 17:31:33)

PBJ being grilled over hedging deal

PBJ being grilled over hedging deal

2015-03-31

A statement is being recorded from former Treasury Secretary Dr. P.B. Jayasundara by the officials of the Financial Crimes Investigation Division (FCID) at the moment.

Dr. Jayasundara has been summoned by the FCID to be questioned over the infamous hedging deal that incurred a loss of millions of rupees to the government and to the CPC.

Meanwhile, officials grilled former Governor of the Central Bank Ajith Nivard Cabraal on the same matter for more than five hours yesterday.

Sajin granted bail

March 31, 2015

The Colombo Fort Magistrate on Tuesday (31) granted bail to MP Sajin de Vass Gunawardena on a case filed by the Bribery Commission over failure to declare his assets.

He was released on a Rs 50,000 cash bail and Rs 1 million personal bail while the UPFA Parliamentarian was also prohibited from leaving the country. 

The case will taken up again on September 01.

On March 20, the Commission to Investigate Allegations of Bribery or Corruption filed the case against Mr Gunawardena under section 9 of the Declaration of Assets and Liabilities Law No. 1 on 1975.

Sri Lanka’s anti-corruption body has so far barred the Parliamentarian and former central bank governor Ajith Nivard Cabraal from leaving the country because of corruption complaints.

On January 22, the Bribery Commission issued a directive to the Department of Immigration and Emigration (DIE) to seize the passports of Mr Gunawardena and that of Mr Cabraal.

This came after the The Janatha Vimukthi Peramuna (JVP) lodged a complaint with the Bribery Commission against 12 former governmental members including former President Mahinda Rajapaksa.

Both have rejected allegations they misused public funds.  

Basil to be arrested?

Tuesday, 31 March 2015

A court has today directed the police to arrest former Economic Development Minister Basil Rajapaksa upon his return to the country.

The order was issued by Kaduwela Magistrate, Dhammika Hemapala.

Complaints against Basil Rajapaksa has been received by the Commission to Investigate Allegations of Bribery or Corruption and the financial crimes investigations unit.

The former minister has been accused of being involved in large scale financial fraud during the previous regime.

Counsel appearing for Basil Rajapaksa had presented a motion to court requesting permission for Rajapaksa to be directly presented to the financial crimes investigations unit upon his return to the country without being arrested.

The court has however rejected the motion.

Rajapaksa, who is a US citizen left the country after the Presidential election

Invest in the Global Yuan

March 20, 2015

I am teaching a course on International Business here at Georgetown University. This Spring, we have concentrated on writing editorials on international business and trade issues. All my students have written and handed in one editorial dealing with an issue of their concern. I was very impressed by their work, particularly since these young tigers, as we call them here, are the ones ascending in their societal position. They will be the ones running their families firm, electing the next government, and deciding what their aging parents should do. So to my mind, their opinions matter.

Take a look:

by Kevin Ma

Near the end of this year, the International Monetary Fund’s (IMF) will consider adding the yuan to its in-house basket of currency reserves. The basket, called Special Drawing Rights (SDR), represents claims on reserves that the IMF holds and allocates to member nations. The approval of the yuan would mark a significant step in an ongoing process by China to increase the international presence of its currency, also called the renminbi (RMB), and would put it on par with the other SDR currencies. Currently, the SDR basket consists of U.S. dollars, Euro, pound sterling, and Yen, which the IMF reports as 47%, 34%, 12%, and 7% of the distribution, respectively.

When the IMF reviewed the SDR basket five years ago in 2010, the international organization denied China’s push to include the yuan due to the currency’s lack of convertibility. In other words, it wasn’t widely used enough to be considered freely useable. Since then, China has made substantial efforts to meet the IMF’s convertibility criteria and has resulted in significant internationalization of the currency. Already, China has established 15 offshore clearing centers—in cities including London, Hong Kong, Switzerland, and Sydney—as well as swap agreements with 28 central banks. Last November, the global payment provider SWIFT ranked the RMB 5^th in the list of currencies used most in trade, up from 21^stthree years ago.

The rapid rise of the yuan’s popularity in the global market is hard to ignore, but should you invest in it? For the globally minded investor, the answer is a resounding yes.

Having only opened its economy to international trade four decades ago, China ranks as the world’s second largest economy, which carries with it an abundance of opportunity for investors. These opportunities have typically been restricted to outsiders, international investors have seen an increasing amount of access to Chinese capital markets and direct investment in recent years. Under the country’s Renminbi Qualified Foreign Institutional Investor (RQFII) program, China has already allowed ten countries to purchase RMB-denominated “A-shares,” which represent China-based companies traded on the mainland stock exchanges and had originally been limited to domestic investors only. Last year, China also became the largest recipient of foreign direct investment, with net inflows of $128 billion, while the United States’ inflows fell by two thirds to $86 billion, according to the United Nations international trade body (UNCTAD). As China continues to make the yuan more freely usable over the coming years in hopes of maintaining sufficient convertibility for inclusion in the SDR basket, investors will likely enjoy much wider access to the nation’s markets.

The benefits of a more convertible yuan aren’t restricted solely to investments within China’s borders. The greater prevalence of the yuan in world markets has also enabled Chinese investors to bring their capital abroad. The many Chinese companies that seek investments outside their country are more able to trade in their own currency instead of converting revenues back into the yuan through the foreign exchange markets. Chinese companies would be less susceptible to volatility in foreign exchange prices and thus have more incentive to invest internationally. For other nations, this would mean access to an abundant source of capital. The Chinese government reported that, in the past year alone, outbound direct investment grew more than 14% to $102.9 billion.

The European Union has been a major beneficiary of outbound investment from China. At the peak of the EU debt crisis, while most investors fled the continent and took their money with them, China-based companies surged into some of the hardest-hit countries and provided cash when others would not. Many of China’s European trading partners have benefited from the yuan’s internationalization, which has provided access to China’s mainland markets as well as capital from Chinese investors. As a result, the UK, Germany, and France are all competing to become the European hub for Chinese investment and yuan trading.

Some may worry that globalization of the yuan will lead businesses to be more susceptible to the influence of the Chinese government, which has typically maintained a tight control over its national economy and currency. This concern, however, is why investing in the yuan is all the more important. As international businesses take advantage of the growing accessibility to China’s markets, the nation’s government will be inclined to continue efforts to bolster global confidence in the yuan’s convertibility.

Within the near future, one can reasonably expect the yuan to play an increasingly dominant role in international trade. Should the IMF accept the yuan into the SDR basket later this year, China and its currency will become even larger players in the world market. For the global investor, now is the time to take advantage of this trend and become a part of the rapidly growing yuan market.

Nigeria opposition candidate wins presidency in historic race

Results Tuesday showed former military dictator Muhammadu Buhari defeating incumbent Goodluck Jonathan.

By Kevin Sieff-March 31 at 2:20 PM
KADUNA, Nigeria — In a historic moment for Africa’s most populous country, former military dictator Muhammadu Buhari won Nigeria’s presidential election, the first time in 16 years of democracy that an opposition candidate has defeated a sitting president.

Following his historic win, Muhammadu Buhari will take over a country wrestling with insurgency and financial troubles. (Reuters)
Nigeria Opposition Candidate Wins Presidency in Historic Race by Thavam Ratna

Burmese government signs draft ceasefire deal with rebel groups

Agreement paves way for further peace talks with ethnic armies, but fighting in the north continues

 Members of the Burmese government and ethnic armed groups attend peace talks. Photograph: U Aung/Xinhua Press/Corbis

Associated Press in Burma-Tuesday 31 March 2015

Burma’s government and 16 ethnic armed groups have agreed the wording of a draft nationwide ceasefire agreement aimed at ending decades of civil unrest.

Though it was lauded as a significant step – the opposing sides have been tussling over words and rights to natural resources for months – the continued fighting between the army and small rebel groups along the northern frontier highlight the challenges ahead.

“I’m really happy that the two sides have finally agreed on a single draft,” said President Thein Sein, who briefly attended the signing on Tuesday. “This opens the door for political dialogue and also further peace talks.”

Minutes later, representatives from the government and 16 ethnic armed groups, including the Kachin Independence Army (KIA), signed the draft accord.

The details have not been released and it remains unclear when the final ceasefire deal will be signed.

The United Nations called the draft agreement “a historic and significant achievement” and a first step towards larger political negotiations.

“Today’s agreement is a signal that new levels of trust, confidence and cooperation are possible between former enemies and that the seeds of change in Myanmar are beginning to sprout,” Vijay Nambiar, the UN special adviser onBurma, said in a statement.

Burma stunned the world by opening up politically and economically in 2011 following elections that most rights groups say were neither free nor fair. Although Thein Sein started steering the country from half a century of dictatorship towards democracy, early reforms have either stalled or begun regressing.

That has raised the stakes of getting ceasefire deals with all ethnic armies, one of the president’s biggest pledges. Many ethnic armies have been fighting since Burma gained independence from the British in 1948, and experts say continued civil unrest is slowing development in one of south-east Asia’s poorest countries.

The KIA has been one of the most stubborn holdouts, and its signing of the draft accord is significant.

But fighting that started last month between rebels and the government in the Kokang region of Shan state continues, complicating ongoing talks. Tens of thousands of people have fled across the border to China. 

The Ta’ang National Liberation Army, also in Shan state, has been refusing to sign the agreement.

Buddhism's right-wing face in Myanmar

Monk accused of fuelling anti-Muslim violence says he's defending his faith 

By Nirmal Ghosh, Indochina Bureau Chief in Bangkok

By Nirmal Ghosh, Indochina Bureau Chief in Bangkok-Mar

 30, 2015

EIGHT years and three months in a Myanmar jail did nothing to soften, let alone change, U Wirathu, the notorious monk who has become the face of right-wing Buddhist nationalism in the country.

While he has a quick and infectious grin, his expression becomes serious and his eyes blaze when he speaks of serious matters - like how Muslims are a threat to Buddhism and his role is to protect the faith.

Buddhism's Right-wing Face in Myanmar by Thavam Ratna

The Lewd Anti-Lee Kuan Yew Video That Got a Singaporean Teenage Blogger Jailed

BY ELIAS GROLL-MARCH 30, 2015

In the days following the death of Singaporean founding father Lee Kuan Yew, he has been described as a pragmatic leader who transformed an East Asian backwater into a hub of commerce and a development miracle. What has gone less emphasized is that he did so by embracing a naked kind of authoritarianism.

Those values are now on stark display as authorities in Singapore crack down on expressions of dissent that deny its founding myth: the fundamental greatness of Lee Kuan Yew. On Sunday, police in Singapore arrested a teenager, Amos Yee, for a video he posted — and later removed — in which he harshly criticized the now-dead strongman.

“Lee Kuan Yew, contrary to popular belief, was a horrible person and an awful leader to our country,” Yee, whom media reports alternately describe 16 or 17, says in the video. “He was a dictator but managed to fool most of the world to think he was democratic.”

Yee’s video, a humorous confessional filmed in what appears to be different parts of an apartment, attempts to puncture the hagiography that has been built up around the late Singaporean leader. To make his case, Yee compares Lee to Jesus. “They are both power-hungry and malicious but deceive others into thinking that they are compassionate and kind,” Yee says. “Their impact and legacy will ultimately not last as more and more people find out that they are full of bull.”

This weekend, tens of thousands of Singaporeans lined up to bid farewell to Lee, who has been lying in state. As that period of mourning comes to an end, the arrest of Yee is a powerful reminder that the harsh political system that he put in place will outlive him. According to local media reports, Yee will be charged with “with deliberate intention of wounding the religious or racial feelings of any person,” the circulation of an obscene object, and making “threatening, abusive or insulting communication.”

It is unclear what the obscene object in question is, but one now private page on Yee’s blog bears a URL describing the former Singaporean leader performing a specific, quite lewd sexual act on former British Prime Minister Margaret Thatcher — a thought one wouldn’t want to visualize or that the Singaporean authorities would look too kindly upon.

Indeed, Yee argues in his video that Lee spent far too much time cultivating relationships with foreign leaders and that his efforts to develop Singapore led the country down a path of materialism and a work culture that has left its people deeply unhappy. “The biggest flaw of Lee Kuan Yew to our nation is that he honestly thought that money and status equated to happiness,” Yee says, citing statistics showing that Singaporeans both work extremely long hours and suffer high rates of depression. “So no matter how rich the country he made is or how many world leader ****s he sucked, it doesn’t mean a thing.”

Though he has made the video private on his own YouTube account, Yee’s video has been reuploaded and is available to view here. Warning: It contains a fair bit of profanity.