Bond Commission Report, Seven measures of konduru oil and a little bit more required to deal with the matter
Posted on January 15th, 2018

Gallege Punyawaradana, Head, Swarna Hansa Foundation.

According to the special statement by The President on Bond Commission, it has made several recommendations, but not to deal with the issues immediately. Instead it has suggested several measures to be taken by the government as well as the parliament.

One is that the Central Bank of Sri Lanka should first conduct a forensic audit with regard to the alleged fraud and corrupt practices from 2008 onwards and based on such findings legal actions should be taken. As it is known by everybody, it will take some time. The commission has also recommended that the criminal and civil court action must be taken through the criminal investigation department and the commission to investigate Allegations of Bribery or Corruption. It is now a proven fact that no action would be taken by it where politicians and their henchmen are involved. It has also stated that the Perpetual Treasuries limited has earned profits through means that are not legal, with the involvement of Mr. Arjuna Mahendren, Bank Officials and some external parties. In the February 2015 auction alone, Perpetual Treasuries has made a minimum profit not less than Rs. 688 million. The commission is of the opinion that further investigations ought to be continued. For how long, only the investigators would know, Investigations would go on, until the next government come in to power.

Another suggestion to deal with matter recommended by the commission is to introduce a code of conduct for primary dealers. Yet another suggestion of interest by the commission particularly with regard  to recovery of looted money is to have new parliamentary legislation. It has said money could be recovered in a speedy manner following a parliamentary approval! Great! another wonderful suggestion indeed! Even before the appointment of commission the entire country was well aware that bank robbery was done by the Governor and the parliamentarians in collaboration with the other parliamentarians. And it was very simple public knowledge, that what an amount of lies and lies were uttered in the parliament and in public to deny it. Having known it very well, and also the previous records of parliamentarians the commission has not been hesitant to recommend new legislation could be passed and the money could be recovered in a speedy manner following a parliamentary approval. In other words the commission is asking the very robbers, the parliamentarians to have new legislation passed by themselves to punish themselves.

The commission also, in their attempt to safeguard the credibility, they think the people have in them, has suggested to recover the cost, the expenses with regard to commission, from the perpetrators. Could the people be deceived by such recommendation, No? Yes, they know it, but it was their job. Whether they could be implemented or not, that is not their concern. If those are like the proverbial prescription for the unwanted treatment, that of finding seven measures of konduru oil and a little more, let it be so, that is their recommendation.

Gallege Punyawaradana,

Head, Swarna Hansa Foundation.

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