Why we “Say NO to Arjuna Mahendran”
Posted on June 17th, 2016

Rajith Keerthi Tennakoo Executive Director/CaFFE Executive Director/CHR-Sri Lanka Rajagiriya,Sri Lanka.

Anti-corruption Front (ACF) commenced “its Say No to Arjuna Mahendran” considering the chaos he was creating in the Central Bank of Sri Lanka and the overall financial sector by his blatant misuse of power and treasury deal scams. His actions have undermined the entire banking sector and thus have destabilized the entire economy.

ACF wrote to President Maithripala Sirisena earlier this week, highlighting the reasons for our opposition to Mahendran. These points are noted below.

  1. Mahendran has acted against the principals of good governance, which were the main selling points of the current administration. He was either directly or indirectly responsible for two controversial Treasury Bond auctions. In one instance, on 27 February 2015, there was an irregularity of Rs 6 billion and on the other there was an irregularity of Rs 7 billion.
  1. These irregularities were conducted with the collaboration of Perpetual Treasuries, a company which is owned by his nephew Arjun Aloysius.
  1. Mahendran is a citizen of Singapore (work Visa holder of Sri Lanka) and he has demonstrated that he is not able to fully commit to the service of Sri Lanka. Moreover given that he is not a citizen of the country he cannot uphold the artical 61 of the constitution which states that ‘A person appointed to any office referred to in this Chapter shall not enter upon the duties of his office until he takes and subscribes the oath or makes and subscribes the affirmation set out in the Fourth Schedule.” The fourth schedule states ‘”I ……………………………………………………. do solemnly declare and affirm / swear that I will faithfully perform the duties and discharge the functions of the office of …………………………………. in accordance with the Constitution of the Democratic Socialist Republic of Sri Lanka and the law, and that I will be faithful to the Republic of Sri Lanka and that I will to the best of my ability uphold and defend the Constitution of the Democratic Socialist Republic of Sri Lanka.”
  1. Mahendran held the position for close to 18 months. This was ample time for him to obtain Sri Lankan citizenship. However he has not done so and he has deliberately misled the President on his visa status.
  1. He has also violated the Monetary Law Act by benefitting from holding positions on private foreign companies while holding the position of the head of CBSL.
  1. Previously the CBSL followed the open tender process and direct consolidation process when obtaining credit for the government through issuing government bonds. But Mahendran introduced a system which has allowed Primary Dealers to manipulate interest rates, allowing them to amass massive wealth.
  1. Mahendran prevented the EPF, a government owned fund from acting as a primary dealer during the Treasury Bond and Treasury Bill auctions allowing a selected group of primary dealers and financial actors to create a monopoly in the market.
  1. Mahendran deliberately ensured that selected group of primary dealers and financial actors were able to sell bonds to the EPF in the secondary treasury bond market. This has caused a significant loss to the EPF.
  1. Mahendran took all these decisions arbitrarily without informing the Monetary Board, which is the highest body overseeing decisions relating to monetary policy.
  1. In the last 14 months, Mahendranwas outside the country for 140 days (most of the time on private visits).
  1. Abusing state resources. The Central Bank has had to pay for his 28 foreign trips, the maintenance of two residences (although his family lives in Singapore), and extravagant expenses during foreign travel, bending its regulations on funds for such expenses.

Mahendran is not a financial miracle maker, in fact he is the opposite of a miracle maker, he has been a disaster for the stability of Sri Lankan banking system. Moreover most of the Sri Lankans are aware of the behaviour of Mahendran and have opposed his governorship and his continued presence is an existential threat to the survival of the government. Central Bank has a number of Deputy Governors who have the potential of being excellent governors  and ACF believe that the President must NOT give him a new term, if he does not wish to see a financial collapse and the end of his government.


“Arjun is not Gandi nor Mandela. He is not J.R., how is hanging over on the wall of PM’s room.  He is not even a A.T.Ariyarathna.  So who want what………?”

Rajith Keerthi Tennakoon
Executive Director/CaFFE
Executive Director/CHR-Sri Lanka
100/19 A, Welikadawatta Road,
Rajagiriya,Sri Lanka.

9 Responses to “Why we “Say NO to Arjuna Mahendran””

  1. dhane Says:

    Mahendran is a citizen of Singapore (work Visa holder of Sri Lanka) having his English signature on SL currency notes and
    some politicians are talking openly separatism outside and inside Parliament both are against constitution. But its very strange that non of the oppression party, Joint Oppression, or any civil activity had taken these issues to Courts. Why???

  2. Ancient Sinhalaya Says:

    Mahendran is pol pot ponil’s appointment. So he is untouchable! So he is not going any where. Read on.

    Token Buddhist, die hard catholic pol pot ponil will definitely destroy Sri Lanka, Sinhalese and Buddhism
    this time around. Because this is the first time, he became all too powerful. Previously charu rajina was there.
    She still had a bit of backbone to say no to him since her political background. This time he got a mere
    puppet without a backbone at all. His nivata hinawa is enough for anybody to trample him and walk all over him.

    So without much education, without much knowledge of English language, without a backbone he is only a
    mere puppet. So pol pot ponil will do his level best to destroy Sri Lanka, Buddhism and the Sinhalese race.
    Just look at what he done in just 2 years. Buddhism removed from school curriculum, federal coming, etca
    coming (to make Sri Lanka a colony of india), unitary state going, Buddhism state religion going, national flag
    going from constitution. Catholic west and diasporats are over the moon.

    We have thank the traitor Sinhalese who support this murderous, Sinhalese murdering, Buddhism-destroying,
    Sri Lanka-destroying catholic-run UNPatriotic party. Minorities always (tamils, mussies and catholics) support
    the UNPatirotic party knowing they will look after them. But Sinhala modayas? They think it is so fashionable
    to support these murderous thieves. The traitor thieves don’t do any work as usual. Catholic-run media will
    always paint a feel-good picture of the catholic-run UNPatriotic party of course. So they carry on destroying
    Buddhism, Sri Lanka and the Sinhalese race. We have thank the traitor Sinhalese who still support these
    murderous thieves who have done so much damage to Sri Lanka, Buddhism and the Sinhalese race. Those
    traitors still can’t see the true colours of the murderous thieves. No wonder they are called Sinhala modayas!

    Look at some of catholic traitor chief pol pot ponil’s appointments.
    maha horandran to the central bank to bankrupt Sri Lanka
    army chief
    karupaiya karunkanayagam Sinhala modayas quickly forgot his colourful past after one tom pachayak
    police minister john mara (minister of erection (permanent)
    northern province governor
    eastern province governor
    gonga ramanayaka
    balloon xxxx harin etc. etc.
    hitler pira(mala)paharan
    tamil selvan
    anton bala sinyo
    kasippu joseph
    em manure
    archbishop two three etc etc.
    All have one important factor! Can the Sinhala modayas guess what it is? No chance we are sure!
    They all are catholics! But Sinhala modayas have no clue! So they let these traitor thieves destroy Sri Lanka,
    Buddhism and the Sinhalese race!

    Why Buddhist jvpers were brutally murdered? Why catholic tigers of tamil drealam were rewarded with
    half the country by the catholic UNPatriotic party? Sinhalese being famous for modayas can’t work out.
    Even you tell them 1000 times, they still won’t believe it. No wonder they are called modayas!

  3. Ancient Sinhalaya Says:



    (When did Soma Thero died? Who was in power? Who done it?
    You can’t find answers in Sri Lanka press. All in www. Buddhist Sri Lanka? Of course! On paper!

  4. Neel Says:

    I don’t understand why Ranil wants to keep this fellow amid enormous amount of objections from so many good people.

  5. Fran Diaz Says:

    Our thanks to Ranjith Tennakoon for this fine analysis on Arjuna Mahendran’s anti-National actions in Lanka.


    Arjun Mahendran is Ranil’s appointee.
    Ranil was appointed to the post of Exec PM ‘because the west wants it so’ (per Pres Sirisena).

    Folks, Lanka appears to be neo-Colonised – thanks mostly to nearly 500 yrs of Colonial rule and to Tamil Separatism led by Tamil leaders, JVP insurrections, etc. in Democratic Sri Lanka.
    Sri Lanka has also fallen for cheap labor from Tamil Nadu mainly and elsewhere, plus the ‘divide & rule’ inherited from the British. The present day Sri Lankan leaders are a short sighted lot and do not seem to realise that there are over 15 million Tamils of Dalit origin in Tamil Nadu. Yet the Grand Plans with INDIA state that :
    * ETCA
    * Sea tunnel to Tamil Nadu (note that Britain is now trying to break away from the EU – Britain built a sea tunnel connect to France & EU – it is considered intelligent to learn from other’s mistakes. It would be wise to learn from Britains mistakes).
    * 5,000 acre lots on 99 yr leases to foreigners.
    * New Constitution (what might that bring ?).

    Today we see the consequences of yesterday’s actions. It will take nothing short of a miracle to save Lanka from marauders, near and far.

  6. Fran Diaz Says:

    Maslov’s theory of Human Motivation states the following conditions as the most motivating :

    At the bottom of the pyramid are the Physiological Needs
    Self Esteem
    Self Realisation, is right at the top of the pyramid.

    Where are the majority of People of Lanka at, at this point in time ?

    I think it is Physiological Needs & Safety.
    For Needs : Lanka can have a number of Free Trade Zones all over Lanka (Lalith Athulathmudali’s idea at that time)
    SAFETY NEEDS have to be addressed – that is what is needed by any GoSL of Lanka.

    Arjuna Mahendran’s actions in Lanka at the Central Bank removes that need for feeling of Safety.

  7. Ananda-USA Says:


    I read somewhere that Mahendran is a dual citizen of both Singapore and Sri Lanka. IS THAT TRUE??

    If he is a dual citizen of Sri Lanka, that fact would moderate the criticism that a non-citizen is holding this critically sensitive job.

    Given that many Sri Lankans hold dual citizenship status, the Government of Sri Lanka must issue CLEAR GUIDELINES, and enact the necessary laws, defining what government jobs may be held by, or denied to, dual citizens, and even to people holding permanent resident status in other countries.

    The USA, for example, goes even further, DISQUALIFYING naturalized citizens born in foreign countries from the Presidency, and those in line to become President in the event of his death while in office (eg. Vice President, Speaker of the House of Representatives etc).

    As everyone here knows, this is the ONLY REASON why I am not already the President of the USA! 😅!

    Levity aside, I STRONGLY support these kinds of restrictions given the critical importance of such positions to a nation’s security.

    If, for example, the Presidency is denied to permanent residents of other countries, then Gota would have to give up his permanent resident status in the USA, if he were to becomethe President of Sri Lanka.

  8. Susantha Wijesinghe Says:



  9. Ratanapala Says:

    Disempowering of the Majority Sinhalese.

    The CaFFE idiots are equally responsible for the fiasco that Sri Lanka our motherland is in at the moment. It is good that they have at least realised they got rid of the woman with a cold to a one with Tuberculosis!

    There are no squeaky clean governments anywhere in the world. Even British Prime Minister Cameron’s father was implicated in the Panama Papers. He could only say there aren’t any funds there anymore. The fact remains the funds went to Panama to defraud the British people of due taxes. So the crap goes on.

    In trying to bring in a just society called Yahapalanaya, they fabricated slander upon slander to oust the previous regime. So far no major fraud has been brought up against those of the previous regime. There are no politicians anywhere in the world who can say that their current status in life has been achieved only through the just remunerations they receive. There is fraud everywhere.

    In bringing fraudulent Yahapalanaya and a puppet as the President, Sri Lankans have set the clock back by many years. From the day they came to office they have carried out illegal actions for which they must repay in the not too distant future.

    The appointment of the Prime Minister was illegal
    The appointment of the Chief Justice was illegal.
    The appointment of the Governor of the Central Bank was illegal.
    Formation of the FCID is illegal
    Unilateral acceptance of the US proposal at Geneva was without consent of the parliament.
    There was no call for a change of the Constitution at the election and not an election pledge.
    The promised fertiliser subsides for paddy farmers, rubber small holders, tea small holders not met.
    Promises for vehicle owning shattered.
    Anti Sinhala and Anti Buddhist activities: Trying to tamper with the Bhikku Kathikawathas; Imprisoning of Buddhist Bhikkus on minor trumped up charges.
    Imprisoning of political opponents on trumped up minor charges
    Failure to investigate full the Central Bank Bond issue in Feb 2015 and several similar others since then.

    In sum total the effort is to disempower the majority Sinhalese.

    The list goes on. All the above things are not happening by mistakes. They are part of the agenda of the Western Christian nations led by US to make Sri Lanka another of their vassal states, executed through traitors.

Leave a Reply

You must be logged in to post a comment.



Copyright © 2019 LankaWeb.com. All Rights Reserved. Powered by Wordpress