Violation of Dual Nationality & Financial Laws – Credibility of Central Bank of Sri Lanka at Stake!
Posted on March 13th, 2015

Prof. Hudson McLean

The position of the Singapore Government is that dual citizenship is not allowed.[8]

…..”Arjuna Mahendran got SL Citizenship within 24 hours with help from Ranil prior to appointment as CB Governor- JHU National Organizer says to Sirasa Tv.”….

Does Arjuna Mahendran, Governor Central Bank of Sri Lanka (CBSL), carry Dual Citizenship, Singapore & Sri Lanka?

The Concept of Dual Citizenship and the Sri Lankan 2015 Budget Provisions Posted by Administrator on 2 February 2015, 7:56 pm

If Arjuna Mahendran, Governor Central Bank of Sri Lanka is confirmed as a Dual Citizen of Singapore & Sri Lanka, then the question of legality should be cleared by a Sri Lankan lawyer. Singapore Government should clarify this position poste haste!

If Arjuna Mahendran, Governor Central Bank of Sri Lanka violating the Laws of Singapore and/or not offering the truth, should he be allowed to maintain his position in such a high capacity?

Breach of Financial Rogue Trading – Credibility of Arjuna Mahendran & his son-in-law Arjun Aloysius!

Example: British Rogue Trader Nick Leeson sentenced for six+ (6+) years in Singapore.

Ranil Wickremesinghe’s nominee Arjuna Mahendran for Central Bank governor.

……”Arjuna Mahendran has had a poor track record at the BOI and was accused of misappropriation of Rs 10 million, his son in law Arjun Aloysius is implicated in many deals involving the EPF, especially the purchase of grain elevators and LOLC resulting in losses in the billions. Can we expect him to investigate such scams?”…..

If Arjun Aloysius benefitted from Insider Trading, due to influence of Arjuna Mahendran, then legal action against one or both should be considered. Arjun Aloysius might Run to Singapore but he cannot Hide in Singapore or elsewhere!

Rumour has it that Arjun Aloysius enjoyed powerful relationship with Namal Rajapaksa, the son of ex-President Mahinda Rajapaksa. Friendship is ok, but did this influence led to any questionable financial activity?

…….Central Bank Governor Arjuna Mahendran was handpicked by PM Ranil for this high post. Arjuna Mahendran had allegations of financial irregularities as BOI Chairman. He went to hide in Singapore. His son-in-law’s company, Perpetual Treasuries had secretly got this scandalous deal. It smells of insider information of volume and interest rate. Bond of Rs. 1 billion became Rs. 10 billion, interest around 9.5% became 12.5%. That also for 30 long years, which is not the normal practice. Just 1% – 2% commission is mind bogging yearly earnings for all those involved……

FaceBook – Lanka Kala Paththare

…..”Current Finance Minister Ravi Karunanayake alleged to have received $3 million dollars (Rs. 390 million) from Raj Rajaratnam contravening exchange control regulations. The case is being heard in the Courts”…..

……A Veteran Journalist HLD Mahindapala has recently raised three salient questions in one of his articles in Colombo Telegraph;”…….

Do Honest Politicians Exist Globally?

When a well known politician David Strange, in his death-bed made his final  request to his wife that, upon his death, his Head Stone in the cemetery should carry a simple message, “Here Lies an Honest Politician”.

His wife, perplexed asked why his real name should not be engraved. To which he replied that when people see the message will say, “That’s Strange”.

Perhaps some members of the Gallery of LankaWeb (who seem to love calling names) might suggest a few appropriate quotes for headstones of famous politicians in Sri Lanka!


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7 Responses to “Violation of Dual Nationality & Financial Laws – Credibility of Central Bank of Sri Lanka at Stake!”

  1. Christie Says:

    Namaste: You see monks have clean scalps -deleted- What would you expect? Jai Hind

  2. Fran Diaz Says:

    Should Lanka follow S’pore and not allow dual citizenship ?
    Should Lanka be very strict in giving dual citizenship ?

    It is a shame that a non-citizen is the head of the Central Bank – already proving unsuitable ?

  3. SA Kumar Says:

    dual citizenship / greed card /OIR etc… all normal in present time – this crime is nothing to do with Dual Nationality.
    Breach of Financial Rogue Trading (inside info) is criminal offence – that why Raj Rajaratnam in US Jail.

    Arjuna Mahendran is Srilankan born to be citizen of Sri Lankan.- He should be put into Pusa prison if proven to be guild unless in our radisson one have look after his Brother-In-Law (:-( !!!

  4. Susantha Wijesinghe Says:



    Reference to such evil thoughts against a Buddhist MONK, is Damning. Please delete his ADVERSE COMMENT. Thanks.

  5. Fran Diaz Says:

    On another important topic, here is the news on Mr Modi’s visit :

    India to help Trincomalee become regional energy hub
    March 13, 2015 12:14 pm

    Indian Prime Minister Narendra Modi today announced that the Indian government will extend visa on arrival facility to Sri Lankan nationals from 14 April this year.

    India and Sri Lanka on Friday inked four agreements, including on cooperation in customs, as Modi held talks with President Maithripala Sirisena in Colombo.

    Modi, who arrived in Sri Lanka in the morning from Mauritius, was received at the airport by Prime Minister Ranil Wickremesinghe.

    Later, he was accorded a ceremonial welcome at the presidential secretariat. Modi and Sirisena then held delegation level talks after which the two sides inked four agreements.

    The agreements are for exemption from visa for holders of diplomatic passports, cooperation in mutual assistance in customs, an MoU for youth development, and another for establishing a Rabindranath Tagore museum at a Sri Lanka university.

    Prime Minister Modi stated that India stands ready to help Trincomalee be a regional petroleum hub and also announced plans for US$380 million Indian credit line facility for the railway sector in Sri Lanka.

    An agreement on currency swap to the tune of US$ 1.5 million was also announced by both nations.

    “I eagerly look forward to visiting one of our closest neighbors and a nation with which we share so much. I am truly honored by your warm welcome and friendship,” Modi said.

    “This is how it should be between neighbors. We should meet regularly. It helps us understand each other better, find solution to mutual concerns and move our friendship forward.”

    “That is what we achieved in my meeting with President Sirisena today,” he said, delivering a speech at the Presidential Secretariat in Colombo.

    Concerns about trade with India

    He stated that economic ties are a “key pillar” in the relationship between the two nations and vowed to address the concerns in Sri Lanka regarding trade with India.

    “I’m aware of your concerns about trade with India. As I said in Delhi we will try and address them.”

    He stated that the agreement signed between the two countries on customs cooperation “is a step in that direction.” “It will simplify trade and reduce non-tariff barriers on both sides.”

    “We are not just looking at addressing problems. We are also focusing on new opportunities,” the Indian Prime Minister said.

    Trincomalee a regional energy hub

    “Today Lanka IOC and Ceylon Petroleum Corporation have agreed to joint develop the upper tank farm of the China Bay installation in Trincomalee, on mutually agreed terms.”

    “A joint task force will be constituted soon to work out the modalities. India stands ready to help Trincomalee become a regional petroleum hub,” he said.

    The Indian Premier said he also looks forward to the early commencement of work on the ground in the Sampur coal power project. “This landmark project will meet Sri Lanka’s energy needs.”

    On arrival visa for Sri Lankans

    “We will extend the facility of tourist visa on arrival with electronic travel authorization scheme to Sri Lankan nationals from the Sinhala and Tamil New Year on 14th of April, 2015.”

    “Air India will soon start direct flight between New Delhi and Colombo,” Modi added.

    “We will cooperate in developing a Ramayana trail in Sri Lanka and a Buddhist Circuit in India.”

    Fresh line of credit for railway sector

    The Prime Minister said that India is “privileged” to be a development partner of Sri Lanka.

    “We will provide a fresh line of credit of up to US$380 million for the railway sector. This will be used to procure rolling stock and to restore and upgrade existing railway track.”

    Currency swap agreement

    “The Reserve Bank of India and the Central Bank of Sri Lanka have agreed to enter a currency swap agreement of US$ 1.5 billion. This will help keep the Sri Lankan rupee stable.”

    Fishermen’s issue

    “We discussed the fishermen’s issue.” This complex issue involves livelihood and humanitarian concerns on both sides, he said. “We should handle it from this perspective while at the same time we need to find a long-term solution to this issue.”

    “It is also important that fishermen’s associations of India and Sri Lanka meet at earliest to find a mutually acceptable agreement. It can then be taken forward by both governments.”

    Full implementation of 13A

    The Prime Minister conveyed India’s “sincere support and good wishes” for Sri Lanka’s new journey of peace, reconciliation and progress.

    “We stand with you in your efforts to build a future that accommodates the aspirations of all sections of the society including Sri Lanka Tamil community for a life of equality, justice, peace and dignity in a united Sri Lanka.”

    “We believe that early and full implementation of the 13th amendment and going beyond it would contribute this process.”

  6. L Perera Says:

    Mahendran has to either quit his job with CBSL or loose his Singaporean citizenship. Which one will he choose?

  7. Sooriarachi Says:

    Even if Mahendran’s the citizenship issue is resolved or ignored, the matter regarding suspected insider trading by his son in law should be adequately investigated and punished. But can we punish a non-citizen? When the possibility of irregular transactions was highlighted at the time of Mahendran’s appointment, why did the Minister of Finance and Prime Minister ignore it?

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