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After the biggest INSIDER DEALING fraud of the history of central bank bond issue came to light two days ago government and CB governor have issued statements clarifying the position. Those who don't have brains to see read between lines they are good explanations. Main points in the explanations are as follows
Government desperately needed money to pay outstanding of Rs 44b for land acquisitions related to road constriction projects
Controversial son in law of central bank governor is no longer a director of the company involved in the fraud
But these explanations raise several issues.
1) By accepting Rs 44 Bn to be paid for land acquisitions of the road constructions of previous government the cat has come out of the bag that UNP in order to come to power lied about price escalations of road contractions. They projected an image to the public that these high construction prices were due to commissions paid to big bosses of then Government to see it is in reality due to land owners.
2) The issue at hand is not why government need money and why CB decided to by RS 10 bn worth of 30 year bonds at high interest rates. The issue is hw Central Bank Governors son in law the infamous Arjun Allosiyas knew in advance about the CBs strategy which made it possible to sell low interest bonds in advance and keep money ready to dumpt to CB at high interest and make a windfall. Isn’t this what we understand as INSIDER TRADING ? Where is justice ?
3) The CB governorArjun Mahendran issuing a statement says his son in law has resigned from the directors ship of Perpetual Capital the primary dealer company who made this ill-gotten many. Who is he trying to fool when his son in law is still the owner of the company ?
The CB comes under prime minister Ranil Wickremasinghe who appointed Arjun Mahendra to this position despite so much resistance even from within UNP. Those who opposed predicted exactly this scenario with the uncle – son in law connection. So how can Ranil Wickremasinghe pretend to be clean on this huge fraud and blatant abuse of power by his family friends ? Elections are coming soon. Billions of excess money is always helpful.
Government desperately needed money to pay outstanding of Rs 44b for land acquisitions related to road constriction projects
Controversial son in law of central bank governor is no longer a director of the company involved in the fraud
But these explanations raise several issues.
1) By accepting Rs 44 Bn to be paid for land acquisitions of the road constructions of previous government the cat has come out of the bag that UNP in order to come to power lied about price escalations of road contractions. They projected an image to the public that these high construction prices were due to commissions paid to big bosses of then Government to see it is in reality due to land owners.
2) The issue at hand is not why government need money and why CB decided to by RS 10 bn worth of 30 year bonds at high interest rates. The issue is hw Central Bank Governors son in law the infamous Arjun Allosiyas knew in advance about the CBs strategy which made it possible to sell low interest bonds in advance and keep money ready to dumpt to CB at high interest and make a windfall. Isn’t this what we understand as INSIDER TRADING ? Where is justice ?
3) The CB governorArjun Mahendran issuing a statement says his son in law has resigned from the directors ship of Perpetual Capital the primary dealer company who made this ill-gotten many. Who is he trying to fool when his son in law is still the owner of the company ?
The CB comes under prime minister Ranil Wickremasinghe who appointed Arjun Mahendra to this position despite so much resistance even from within UNP. Those who opposed predicted exactly this scenario with the uncle – son in law connection. So how can Ranil Wickremasinghe pretend to be clean on this huge fraud and blatant abuse of power by his family friends ? Elections are coming soon. Billions of excess money is always helpful.
