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Frauds seem to be continuing – Harsha de Silva

8 March 2015 05:32 pm - 16     - {{hitsCtrl.values.hits}}

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Against the backdrop of the controversial bond issue, deputy Economic Affairs and Policy Planning Minister, Harsha de Silva said frauds in the stock exchange and the bond market seemed to be continuing.

He said he had spoken out against such manipulations and violations during the previous regime, but it had ignored his complaints.

 Dr. de Silva said his ministry would investigate the bond issue.

 The conversation continued as follows:

Reporter: Can you describe how you will investigate the controversial bond issue --- be it by the Central Bank itself or a third party?

Minister: We have decided to investigate. We are yet to appoint a person or persons to carry out investigations. We have decided to do it in the coming days.

Reporter: Can you let us know whether the Central Bank is carrying out any investigation on the primary dealer Perpetual Treasuries?

Minister: There are a number of primary dealers and stock brokers manipulating and violating the law. In the past, I, as an opposition MP, raised this matter on multiple occasions. The previous government did not give any hearing to me about these frauds both in the bond market as well as in the stock exchange. It seems that these frauds continue just as if nothing has happened.  

Reporter: What is your response to the allegation that there was a conflict of interest in the involvement of the Central Bank Governor in the bond issue?

Minister: That is a matter to be discussed. The resignation of Arjuna Aloysius from the Director Board of Perpetual Treasuries is sufficient.  We must have a fresh look at the conflict of interest – real and perceived. In the financial market, even a perceived conflict of interest matters. The two are correlated.

Reporter: Why was a higher offer accepted without informing other dealers that they wanted bids for higher amounts?

Minister: that is not the case. Thirty odd separate bids were received for a total sum of Rs.20 billion -- ranging from Rs.8 million to Rs.5 billion and ranging from nine percent to over Rs.13 percent. In the end Rs.10 billion was taken in at the lowest rate of 9.3 percent and the highest rate of 12.5 percent. (Kelum Bandara)   

 
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  Comments - 16

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  • Cobra Monday, 09 March 2015 07:13 AM

    And severe action against the fraudsters should seem to be continuing!

    Zulkifli Monday, 09 March 2015 02:52 PM

    The Central Bank Governor, Mr. Arjun Mahendran should submit his resignation immediately because of the conflict of interest. Or will he be another Mohan Peiris?

    Premalal Monday, 09 March 2015 08:20 AM

    Can we not find a single honest person in this country?

    ranjit demel Monday, 09 March 2015 08:23 AM

    do not worry,be happy.national government is round the corner.we will have a s.l.with out crimminells.even the new finance minister would be in jail like his friend rajaratnam,the s.l.an born big crook,for money laundering.jayaweva

    ibadun Monday, 09 March 2015 08:28 AM

    they awaited and now time to do, remember all are same, our system has been developed in such a way that everyone can practice corruption

    nimal Monday, 09 March 2015 08:34 AM

    come on dude!..only accusations,,,no proof or actions..SHUT THE HELL UP!.........

    Mad-Hawa Monday, 09 March 2015 09:32 AM

    Most of players who doing "JAWARAM" now within the same domain. Only difference came slow movement of work and delays to un - popular the government for their benefits

    ColomboSam Monday, 09 March 2015 09:33 AM

    Hey Mr Minister, WAKE UP WAKE UP, it is you guys who have the power now to investigate, punish and fix these problems, you are in the government now, not shouting from the opposition side, so, please Sir Wake Up and do your job rather than doing ukkun baba parts!!!!

    de silva Monday, 09 March 2015 09:42 AM

    We cannot point the finger to anybody without investigating.If there is some corrupt dealings has happened he or she involved should be sacked at once.Be honest

    Appuhami Monday, 09 March 2015 09:57 AM

    We have a couple of dreamers at the helm who think being nice/honest guys is sufficient to manage a country. Are we facing a repeat of Chandrikas lost decade?

    sss Monday, 09 March 2015 12:06 AM

    you are right. all talk no action. Unlike you, a new comer the old timers are good friends. They protect each other

    Dan Monday, 09 March 2015 06:33 PM

    They shouted slogans against MR for corruption. And how about this, just two months in office. At least MR eliminated Terrorism which cost the Country billions and thousands of human lives. That alone worth paying MR billions for the perfect execution of his job as the Commander-in-chief. But, this lot is looting doing what???

    sujith Monday, 09 March 2015 12:01 PM

    "Yahapalanaya" showing colours

    sujith Monday, 09 March 2015 12:01 PM

    "Yahapalanaya" showing colours

    Gonja Monday, 09 March 2015 12:01 PM

    "Yahapalanaya" showing colours

    Nimal Monday, 09 March 2015 06:10 AM

    Sri Lanka lacks the expertise in the financial regulatory authorities. It is one thing to establish these institutions, however if they lack the the skill and expertise to get started then it defies the whole purpose.


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