FRAUD IN 50 DAYS!!! -No fraud involved in Treasury Bond issue – Ravi Karunanayake
Posted on March 10th, 2015
The entire business community was shocked with the blatant abuse of power of the new Central Bank Governor Arjuna Mahendran to help his son-in-law Arjun Aloysius, resulting in the fund losing over 2 billion Rupees.
The story is that the Central Bank’s recently announced 30-year Bond indicative rate has jumped from 9.5% to 12.5%. Perpetual Treasuries Capital (Pvt) Ltd, owned by and CEO is Arjun Aloysius, has bought and resold the bonds and made millions if not billions on the same day. Looks like an insider deal.
The main bidder, Mahendran’s son-in-law who bid at 12.5%, obviously had inside information and as a result gained high profits, where as the banks and the other financial institutions who made their bids according to the public information given by Central Bank lost out to the company owned by his son-in-law.
Also, during the last week several 5-10 year bonds at low rates were sold by CB Governors’ son-in-law Arjun’s company and reinvested in the 30 year bond, because he had inside information from the Central Bank that the rates would go up to 12.5%.
Evidence of the unbelievable Bond rate:
http://www.cbsl.gov.lk/pics_n_docs/latest_news/press_20150227.pdf
Before appointing Arjuna Mahendran as Governor of Central Bank, were not Prime Minister Ranil Wickramasinghe aware of his connection with Raj Rajaratnam? The Central Bank now directly comes under Ranil Wickramasinghe’s Economic Affairs and Policy Planning Ministry.
Current CB Governor Arjuna Mahendran is a childhood friend of Raj Rajaratnam as admitted by him.
Here is evidence: http://archives.dailymirror.lk/2005/07/12/ft/15.asp
Moreover, current Finance Minister Ravi Karunanayake alleged to have received US $3 million from Raj Rajaratnam contravening exchange control regulations few years ago. The case is being heard in Sri Lankan Courts.
Raj Rajaratnam, who was a major financier of the terrorist outfit LTTE, was sent to U.S. Jail for insider trading in New York.
No fraud involved in Treasury Bond issue – Ravi Karunanayake
Meanwhile Finance Minister Ravi Karunanayake said today that there has been no fraud involved in the Treasury Bond issue of the Sri Lanka Central Bank which continues to receive allegations and the government has appointed a committee to inquire into this issue,
While stating this during a media conference at the Finance Ministry this morning (10 March) the finance Minister added that bond issues are carried more transparently now.
Some are trying to gain undue advantage through this. Nothing wrong has happened here. There were only private placements so far. We have tried to do away with private placements and bring more transparency.
We have appointed a committee for this. To those who raise unnecessary questions, we only say not to play with a clean administration,” said Finance Minister Ravi Karunanayake while responding to the allegations over the Treasury bond issue.
March 10th, 2015 at 1:15 pm
GOOD SHOW, GOOD SHOW, THREATS AND INTIMIDATION GALORE, BY yasapalanaya ADMINISTRATORS.
****WE ONLY SAY, NOT TO PLAY WITH A CLEAN ADMINISTRATION****said FM RAVI.
DONT RAISE UNNECESSARY QUESTIONS. Yasapalanaya does not want to hear that.
HEY HEY !!! We are not to be questioned. We are not to be played with. DAMN YOU IF YOU DO.
March 10th, 2015 at 1:35 pm
Both of them will definitely be in prison if this happened in UK or US due to strict laws preventing conflict of interest in these countries.
Only Yamaplananaya allows them to defend themselves by appointing their own stooges
March 10th, 2015 at 1:49 pm
I am following this closely. The President came to know of it and has ordered a probe. Let us wait for the end of it and see what the outcome is going to be. In the meantime the Governor of the CB has gone back to Singapore from where he was brought and granted citizenship within one day. I said in anther comment how his son-in-law, who incidentally involved in this “Bond Issue”,played a double game of “marching left and right” by involving with a bank operating in the “Desert” and assisting another VIP of the previous regime to “Black out” a disclosure of an account. That too will be “disclosed”. If these “FRAUDS” are not disclosed, matters will be placed before the PEOPLE after the 23rd April 2015, if and when the general elections are announced. That is the time to ANSWER not to QUESTION. So YAHAPALANAYA “Administrators” – TAKE CARE.
March 10th, 2015 at 2:43 pm
If this bugger has obtained Sri Lankan dual citizenship his Singapore citizenship (as we got know by this web site – I do not know the credibility of this statement) will cease to exist. We must inform the Singapore authorities of that ( a simple email to department of immigration by our immigration will do.)
March 10th, 2015 at 2:54 pm
FYI. Singapore does not allow dual citizenship.
March 10th, 2015 at 6:46 pm
A crook defending another crook.
Yahapalanaya my a.se. This is Yalpanapalanaya.
March 10th, 2015 at 9:30 pm
This son in law happen to buy a 11 million dollar apartment in singapore recently… This guy is a crook and used to hang on with Namal and co and now he is with the new mob and got easier access to CB critical confidential financial data.
I know for a fact that son in law set up a crooked deal with Namal and want BOC chairman to sign it and former chairman refused it and ultimately chairman left so that he would not compromise his dignity.
I know the circle that this crook hang on with and they are extremely dangerous and highly corrupt.
March 10th, 2015 at 10:15 pm
Namaste: It is a pity majority of Sinhalese cannot comprehend or understand this kind of illegal and corrupt activities. These are the real corruption where fraud is not visible unless there are specific laws criminalizing such activities like in the US. Jai Hind
March 11th, 2015 at 10:15 am
How can Ravi Karunayake say there was no fraud on Bond Issue when the Committee appointed to investigate has not even started its sitting.
We cannot understand why a committee to investigate this when such cases are being referred to CID. The man invloved is said to be already in Singapore. They have not impounded his passports .But Gotabhaya’s passport they have impounded.
Mahendran is a friend of Ravi Karunanayake through his friend the Tamil man, in America prison-Raj Rajaratnam who supported the LTTE fianancially, and sent 300 Million dollars to Ravi Karunanayake for money Laundering.
Ravi is a rogue and so are his friends including the Governor of CB Mahendran. Ranil must be in the know of all this and he cannot be as clean as what Omalpe Sobita said about him. Ravi Karunanayake should step down along with Ranil as they are involved together with Mahendran on the treasury Bond issue.
March 12th, 2015 at 9:37 am
Since Sirisena ran on a platform of anti corruption and pro Democratic values and if this article is true does this mean it can be used against the current government for blatant corruption? Does the Sanga have any say in this matter. how about the courts? or the military? will the Sri Lankan media cover this so that the average Sri Lankan can understand the implications or are they under government control?