BOND ROBBERS CREEP IN TO THE EMPLYEES PTOVIDENT FUND
Posted on June 5th, 2016
(from Irida Devaina – 29th May) (Article by Shaym Nuwan Ganewatte)
Another serious criticism regarding the bond issue of the Central Bank is the primary agent which received a higher interest rate in the primary market has in fact unloaded bonds valued at Rs 10 billon to the Employees Provident fund at a lower interest rates at the auctions held on 20th and 30 March enabling the primary dealer to make a unconscionable profit of Rs 3 billion!”
What exactly took place at the auctions on 29th March? It was advertised that the bonds to the value of Rs 40 billion will be offered. But the Central Bank made arrangements to offer Rs 77 billion worth of bonds. The question which we like the Central Bank to respond is while the Employees Provident Fund received 2.5 billion worth bonds, a known primary dealer received Rs 26 billion bonds. On 30the March the Central Bank accepted offers for Rs 21 billion bonds and the primary dealer again received Rs 15- billion worth of bonds. According to the reliable source the Employees Provident fund did not receive any bonds, We are publishing the connected figures as we doubt whether even the members of the monetary board at the Central Bank may not have been be advised of the real situation.
The Prime Minister has demanded a report from the Monetary Board on the bond issue. But, the how can the Monetary Board attend to this requirement if the right information is not made available to them?
According to our sources the Monetary Board had not been advised of the names of the successful bidders, but, they have been briefed merely about the dealers A, B .C etc. It will be helpful for the Secretary of the Finance Ministry to read the series of articles we have published on the bond scam to get relevant information.
To add insult to injury, the fact remains that the primary dealer made a clean profit of Rs 3 billion at the expense of the Employees Provident Fund is a significant fact to be investigated, This is how the bond robbers made the Employees Provident Fund to eat the humbler pie! The members of the Employees Provident Fund in fact subsided the lucky primary dealer!
June 5th, 2016 at 4:03 pm
The Big Issue is why everybody including COPE officials silent on the original Bond Scam and then now later scams. Aren’t the people of Sri Lanka being taken for a ride by these crooks and criminals in daylight.
Why is Aappaya silent on this matter. Last time it happened the Parliament was dissolved and now the whole sad episode seems to be buried for ever. To add insult to injury, the so called Podu Vipakshaya too is silent and only following pedestrian protests on most trivial issues.
Looks like there is no near term salvation for Sri Lanka from all crooked politicians!
With the Catholic Church now in the driving seat – Siri Lakata Jesu Pihitai!
June 5th, 2016 at 8:26 pm
It is common sense an investment banker in a developed country would not give up his lucrative salary and perks for a job in a third world country unless he can earn even more.
Today even the Central Bank is a fraud. Until 2015 the Central Bank was not associated with major fraud (apart from manipulating publications about the economy). Now it is just another crooked place with massive fraud unprecedented in Lankan history. Now their target is the EPF which is said to be South Asia’s largest fund.
June 6th, 2016 at 7:33 am
This is one attack of the multi pronged target to bankrupt the country to bring to her knees so waiting vultures can gobble the priceless real estate of the Island Country.