Bond scam has cost more than Rs 7 billion to CB and EPF

By Yohan Perera and Ajith Siriwardana   

It is assumed that the famous bond scam of 2015 has cost more than 7 billion to the Central Bank (CB) and EPF though the total impact on it to the national economy is yet to be computed, Parliament was informed yesterday.   

“The impact of the bond scam on the national economy is currently under review. An investigation has not been conducted in this regard although ten years have passed since the scam. Results of a complete assessment of the matter will be conducted and will be disclosed upon the completion of the investigation,” Prime Minister Harini Amarasuriya told Parliament yesterday.   

“The Central Bank has not specially measured the impact caused to the economy as a result of the scam. However, the Central Bank has instituted legal proceedings before Colombo District Court to recover loss incurred to it which is envisaged as Rs 78, 109, 050.69 and to recover losses Rs 6,989, 277,943.63.   

Also, it was revealed that Attorney General has filed legal action against 10 institutions and individuals including Perpetual, Treasuries, the then Minister Ravi Karunanayake, the then Central Bank Governor Arjuna Mahendran, former Deputy Governor of CB P. Samarasiri, Arjun Aloysius, Kasun Palihena, Jeffery Joseph Aloysius, C Ranjan Hulugalle and A G. Punchihewa.  

In addition, cases have been filed against 11 persons who are said to be responsible for the second scam that had taken place on March 29, 2016.   

Furthermore, it was revealed that Sri Lanka Insurance Corporation, University Grants Commission, Mahapola Higher Education Scholarship Trust Fund, National Savings Bank and Employee Trust Fund have initiated legal action to recover losses incurred to them.