The 3-member committee’s 19 page report falls far short of proper inquiry

21 April 2015 06:29 am - 0     - {{hitsCtrl.values.hits}}


The committee does not address the following;
1) One week prior to the bond issue,  who were the officials the Central Bank Governor was in touch with at the Department Of Public Debt concerning the bond issue (with 30-year maturity)?
2) With reference to above (1) how many times did Governor Arjuna Mahendran interact with them (both verbal conversation and through written notes) during the week prior to the bond issue?
(3) With reference to above (2) what was the nature of discussions and interaction?
(4) Who was the head of the Department Of Public Debt who interacted with Governor Mahendran and what did the conversations center around the week prior to the bond issue? Did they discuss acceptable coupon rates on the 30-year bond?
(5) When was the date it decided to accept the offer of 12.5 percent on the bond issue?
(6) The report does not inquire into the market actions of Perpetual Treasuries beginning one week prior to the bond issue. There is insufficient forensic examination of market actions of Perpetual Treasuries Limited the firm owned by Governor Mahendran’s son-in-law. 
However, the committee has gone into detail about the Bank of Ceylon’s (BOC) actions in the bond bidding process. So, why not the same zeal for Perpetual Treasuries market actions in the run up to the bidding process?
This report is lop sided and a sham! 

Krishant Salgado

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