SHEER NUDITY OF RANIL- MY3 'S JADAPALANA GOVERNMENT

Ryan Hudson wrote:[size=32]Mahendran asks CID for documents via Interpol[/size]
2018-08-23 18:01:54
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Senior Deputy Solicitor General Haripriya Jayasundara today told court that the Central Bank's former governor Arjuna Mahendran, who is the first suspect in the magisterial inquiry into the bond scam had recently requested the CID to forward some of the documents on the investigation through Interpol.
This was revealed when Colombo Fort Magistrate Lanka Jayaratne asked the prosecution what had happened with regard to the warrant issued on the first suspect.
SDSG Jayasundara initially said the prosecution had obtained a red notice against the suspect and was working on certain arrangements on this matter.
On being asked by the magistrate for a report on that matter without delay, the prosecution said it would make the necessary submission no sooner the process was finalised.
It said the suspect had requested for copies of the warrant and evidence against him from the CID via the Singapore Interpol.
SDSG Jayasundara informed court that the Attorney General would look into the request and decide whether it was a legitimate demand.
When questioned by the magistrate about the whereabouts of the first suspect, SDSG Jayasundara confirmed that Arjuna Mahendran was residing in Singapore.
Meanwhile, Perpetual Treasuries Limited owner Arjun Aloysius and CEO Kasun Palisena were re-remanded till August 30 on charges of aiding, abetting and conspiring with Mr. Mahendran to misappropriate Rs.688 million in public funds at the bond auction held on February 27, 2015.
They were also re-remanded till August 30 in connection with the parallel magisterial inquiry on deleting phone call data from the PTL voice recording system and fabricating evidence to the Bond Commission.
PTL's former chief dealer Nuwan Salgado and its IT executive Sachith Devathantri were earlier arrested in this connection and subsequently released on bail amid the prosecution expecting them to be named as crown witnesses in the inquiry. (Shehan Chamika Silva)


THIS MEANS RANIL AND MY3 IS BEHIND THIS HIDING OF MAHENDRAN ITS DAMN SHAME TO BE UNDER THESE LEADERS AND SOON PEOPLE WILL CHASE THESE TWO BUGGERS TO HELL

Ryan Hudson wrote:With this sarath silva incident this jadapalu government can arrest sarath silva but it no happen similar to arjun mahendran case
in sarath silva case there is no direct financial loss, we need a case to match mahendran case not some irrelevent sarath silva issue, 


sarath silva case and bond scam is like koheda yanne malle pol

ruwan326 wrote:

Ryan Hudson wrote:With this sarath silva incident this jadapalu government can arrest sarath silva but it no happen similar to arjun mahendran case
in sarath silva case there is no direct financial loss, we need a case to match mahendran case not some irrelevent sarath silva issue, 


sarath silva case and bond scam is like koheda yanne malle pol

http://www.ft.lk/article/109712/Share-market-scandal-erupts-in-Sri-Lanka

After his resignation, Karunaratne told the media of “daylight robbery” by a “stock market mafia” closely connected to Government leaders, including Rajapaksa.

Karunaratne is a politician as well as a businessman. He was a founding leader of the Sinhala chauvinist Jathika Hela Urumaya (JHU), then joined the right-wing United National Party (UNP). Just before the presidential election in January 2010, he switched to Rajapaksa’s Sri Lanka Freedom Party (SLFP).

The SEC is the “regulating authority” appointed by the president to oversee the Colombo stock market. Rajapaksa has used his powers to install chairpersons loyal to the Government. Karunaratne’s predecessor Indrani Sugathadasa, who resigned in similar circumstances, is the wife of the President’s Secretary, Lalith Weeratunga.

The latest scandal has provided a glimpse into the operations of a parasitic layer of financial speculators who have been nurtured by the Rajapaksa Government since the end of the country’s longstanding civil war. After the defeat of the Liberation Tigers of Tamil Eelam (LTTE) in May 2009, the Colombo all share price index soared — from 1,631 points in 2008 to 7,800 points in February 2011.

Rajapaksa pointed to the rocketing share prices as proof of his Government’s economic success. The financial press hailed “one of the best performing share markets in the world,” but the “success,” amid the global financial crisis, was built on rampant speculation.

In early 2011, the bubble burst and the index is currently hovering around 5,000 points. Foreign investors have been withdrawing funds and Colombo is rated as one of the world’s “worst performing” markets.

Karunaratne admitted that speculation had been a major factor in the share price rises. “The major contribution came from people who used unfair means in pumping up the market, which made it reach extreme high levels,” he told the media.

The former SEC Chairman has not named the 17 companies that he placed under investigation. But he hinted at their identities by citing cases where prices had dramatically risen between the end of 2009 and end of 2010. Over that year, the share prices of Dankotuwa Porcelain, Blue Diamonds, Asian Alliance Insurance, Lanka Hospitals and HVA Foods stock increased by 226, 270, 177, 204 and 394 per cent respectively.

A Sunday Times editorial last weekend, entitled ‘Jackals and mafia of crooks,’ commented: “It is common tattle that many of the 17 ‘suspects’ are closely linked to the ruling elite. This linkage extends to the level of financing the political campaigns of the rulers, and even more, acting for them as front men.”

In a scheme known as “pumping and dumping,” major dealers encouraged investors to put money into particular shares, promising huge returns. When the share price reached a certain level, the dealers sold out, making staggering profits, and prices fell sharply. Small share holders, who had in many cases invested their savings and pensions, were hit with heavy losses.

The Central Bank encouraged this speculative frenzy by releasing money from the Employees Provident Fund (EPF), the country’s biggest pension fund, to purchase shares, including in ailing companies such as Galadari Hotels, Laugfs Gas, Piramal Glass Ceylon, Ceylon Grain Elevators and Browns. The release of EPF cash for private sector investment was a longstanding demand of the International Monetary Fund (IMF).

The results have been disastrous. For example, the EPF purchased 23.7 million shares in the loss-making Galadari Hotels at a price of 32.50 rupees a share in 2010 from Nawaloka Hospitals. By July 2012, the share price had plummeted to 11 rupees, resulting in a loss of 500 million rupees for the EPF. Overall, the EPF had lost about 6 billion rupees by the middle of this year.

The newly-appointed SEC Chairman, Nalaka Godahewa, is well connected to the Government as well. He was given the job despite heading the Colombo Lands and Development (CLD), which is also under a cloud for share manipulation.

The CLD had been a prominent Colombo real estate developer but was restructured into a joint venture with the Urban Development Authority (UDA). In 2010, the Government put the UDA, a civilian body, under the Defence Ministry, which is headed by Gotabaya Rajapakse, the President’s brother.

The UDA is central to the Government plans to develop Colombo as a major “commercial hub,” primarily through the eviction of some 70,000 shanty dwellers. The security forces have already forcibly removed hundreds of families.

One of those recently identified by the media as a member of the “stock market mafia” also has government connections. Dilith Jayaweera, head of Divasa Equity, recently admitted meeting with Gotabaya Rajapaksa to discuss share market affairs. Gotabaya Rajapaksa arranged for Jayaweera, who was known for demanding a free hand for share dealers, to meet with SEC Chairman Karunaratne.

The eruption of the share market scandal points to deep dissatisfaction among layers of the corporate elite with the Rajapaksa Government and its business cronies. The Ceylon Chamber of Commerce has expressed concern over Karunaratne’s resignation, warning that it would send the wrong signal to foreign investors.

These divisions in ruling circles have opened up amid the worsening global economic breakdown, which is impacting heavily on the Sri Lankan economy through declining exports and an emerging balance of payments crisis.

The scandal has revealed a parasitic layer of speculators and share price manipulators operating in collaboration with the government, which will inevitably attempt to pass the burden of the losses onto the working people.