COPE Report Reveals Arjuna Mahendran’s Direct Involvement: Treasury Bond Issue

COPE Report Reveals Arjuna Mahendran’s Direct Involvement: Treasury Bond Issue
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COPE Report finds Arjuna Mahendran, former Governor of the Central Bank directly responsible for questionable Treasury Bond Issue and recommends legal action.

The Chairman of COPE Parliamentarian Sunil Handunnetti today tabled the report on the Treasury bond issue in Parliament. MP Handunnetti said the 55 page report is being presented after all committee members came to a consensus pertaining to the recommendations while divisions existed in the compilation of the report.

The COPE report includes 15 recommendations pertaining to the investigation on the Treasury bond issue.

The Committee has recommended that legal action should be taken against the former Governor Arjun Mahendran and others involved in the alleged bond scam. It has also recommended that the loss incurred by the government as a result of the bond scam should be incurred by those found guilty in the controversial issue.

The report was tabled with the consensus of 16 Parliamentarians while two Parliamentarians, including Deputy Minister Ranjan Ramanayake, did not express their views on the matter. The Deputy Speaker Thilanga Sumathipala specifically asked about the Members who have not given their consent to the Report.

The COPE has also recommended that Parliament should intervene to ensure that such activities do not occur within the Central Bank in future. It has also recommended that the Executive should appoint a committee promptly to look into the country’s financial regulators such as the Central Bank.

COPE Chairman Sunil Handunnetti said the committee observed that the trust entrusted on the Central Bank of Sri Lanka has been tarnished as a result of the bond scam.

The Chairman said Perpetual Treasuries Limited, which was one of the primary institutions, has earned an excessive profit through a bond transaction. Therefore, the Report has recommended a full investigation into Perpetual Treasuries to see how they have made profit through this scam.

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