Category: General

The committee appointed by Prime Minister Ranil Wickremesinghe to inquire into the recent Central Bank Treasury Bond problem has stated that Governor Arjuna Mahendran had no direct part in deciding to accept bids over and above the Rs 01 billion stipulated in the 30-year bond tender and accepting up to Rs. 10 billion.

However, the committee has created far reaching recommendations to guarantee transparency and far better governance at the Central Bank of Sri Lanka.

Meanwhile, the Committee states it has noted critical lapses on the part of the Bank of Ceylon (BOC) via which Perpetual Investments, said to belong to Governor Mahendran&#8217s son-in-law, had routed an unusually huge quantity of bids for the 30-year bond.

The Committee observed that the bidding pattern of Perpetual Investments was uncommon and warranted additional investigations.

The media release issued by the Ministry of Policy Preparing and Financial Affairs:

The committee of eminent lawyers which inquired into the 30-year Treasury Bond issuance has produced far reaching recommendations to guarantee transparency and far better governance at the Central Bank.

The 3-member Committee had interviewed a big number of individuals, which includes the governor, officials from the Central Bank, primary dealers and Perpetual Treasuries.

Many deficiencies in the bank&#8217s Public Debt Department (PDD) which handles all matters relating to servicing the domestic and foreign debt of the government of Sri Lanka was observed by the Committee.

&#8220Since the PDD is dealing with the most sensitive information of the government, the committee is of the opinion that a proper supervisory and monitoring mechanism has to be right away implemented with regard to its activities,&#8221 the committee mentioned in its 19-web page report.

However, the committee found that Governor Arjuna Mahendran had no direct role in deciding to accept bids more than and above the one billion rupees stipulated in the 30-year bond tender and accept up to ten billion rupees. The PDD had projected the government&#8217s funding requirement as at 2nd March 2015 at 13.55 billion rupees.

&#8220Even though the minutes of the Monetary Board number 4/2015 specifies to problem a 30-year treasury bond, the amount of the bond has not been decided by the Monetary Board (of which the governor is the chairman).

&#8220This exercising is vested with the PDD as per the Operational Manual of the PDD. The decision to accept the excess amount has been taken by the Tender Board Committee that comprises eight members.

&#8220The governor of Central Bank of Sri Lanka is not a member of the Tender Board Committee.&#8221

The Committee concluded that there was no proof to the impact that the governor had direct participation with regard to the activities of the PDD and the Tender Board Committee.

Nonetheless, the Committee noted critical lapses on the element of the Bank of Ceylon (BOC) by way of whom Perpetual Treasuries had routed an unusually huge amount of bids for the 30-year bond.

The Committee observed that the bidding pattern of Perpetual Treasuries was uncommon and warranted a further investigation.

It noted that the Bank of Ceylon ought to also carry out a forensic audit and seek explanations from its Chief Dealer and other individuals on ad-hoc choices risking a big quantity of BOC funds involved in the 30-year bond transaction.

The 3-member Committee that looked into the 30-year bond concern comprised Gamini Pitipana (Attorney-At-Law) as Chairman and Mahesh Kalugampitiya (Lawyer-At-Law), Chandimal Mendis (Lawyer-At-Law) as committee members.

Source: Ada Derana

Prime Minister Hon. Ranil Wickramasinghe going to Elpitiya in an Air Force Helicopter to inaugurate just one more Free WIFI zone below “Yahapalanaya”.&nbsp

Is this fueled, operated and maintained by water?&nbsp

This would have been OK if not the exact same men and women did not criticize the prior government for making use of helicopters.&nbsp

Colombo Port City Suspension Creates Uncertainty For Foreign Investors
When Sri Lanka effectively defeated the Tamil Tiger rebels in May possibly 2009, placing an end to Asia&#8217s longest civil war, there was hope to transform the island nation into a &#8216Miracle of Asia&#8217.

Successive government&#8217s had dreamt of transforming the capital Colombo into a major economic and tourism hub but the 30-year conflict had left no area for development…

Read a lot more @&nbsphttp://www.thesundayleader.lk/ 2015/03/29/colombo-port-city- suspension-creates- uncertainty-for-foreign- investors/


China denies Rajitha&#8217s claims on slashing expressway expense

Acting Ambassador of China, Ren Faqiang denies that a sum of Rs 30 billion has been decreased from the building cost of the Colombo Outer Circular Expressway, as claimed by Cabinet Spokesman Dr Rajihta Senaratne…

Watch @&nbsphttps://www.youtube.com/watch? v=t1H4BCzxuPg


Rajitha: &#8216I repeated what Ranil said&#8217

Cabinet Spokesman and Overall health Minister Rajitha Senaratne stated yesterday that it was Prime Minister Ranil Wickremesinghe who had told him that the Chinese contractor developing a section of the Colombo Outer Circular Road connecting the Highways had agreed to lessen the price of the project by Rs. 30 billion.

He produced the claim throughout the weekly Cabinet Press Briefing in Colombo.

Senaratne was responding to a denial by the Chinese Embassy in Colombo of a statement produced by him on Wednesday…

Study far more @&nbsphttp://www.island.lk/index. php?page_cat=post-particulars&amp web page=article-information&ampcode_ title=122575


National Chamber expresses concerns on CEPA
The National Chamber of Commerce of Sri Lanka, counting more than 65 years of service to the company community in Sri Lanka and obtaining a membership of over 630 corporates and more than 1500 Tiny and Medium Enterprises, is concerned more than the proposed signing of the CEPA (Comprehensive Economic Partnership Agreement) with India…

Study more @&nbsphttp://www.island.lk/index. php?page_cat=write-up-information&amp page=write-up-information&ampcode_ title=122559


Numerous bank heads resign, some probably to challenge Finance Ministry order
Following the resignations of Dr. Rani Jayamaha as Chairperson of Hatton National Bank and Sunil Wijesinha as National Development Bank PLC Chairman and the likelihood of far more such resignations, extremely reputable sources indicated that the Finance Ministry has notified a number of private commercial bank heads who had been appointed to represent government owned shares to step down…

Read more @&nbsphttp://www.adaderana.lk/ bizenglish/many-bank-heads- leave-some-most likely-to- challenge-finance-ministry- order/


Below photos showcase the present status of some places of Colombo…

&#8203
See much more @&nbsphttp://www.mahinda.information/2015/ 04/colombo-fate/

The Janatha Vimukthi Peramuna (JVP) Leader Anura Kumara Dissanayake right now charged that President Maithripala Sirisena was behind the statements made by Minister Patali Champika Ranawaka and MPs Anura Priyadarshana Yapa and Nimal Siripala de Silva against the 19th Amendment.

&#8220The silence of President Sirisena reflects that he is behind the attempts against the 19th Amendment. Otherwise, some components with only two parliamentary seats will not be in a position to make a lot hype. The President ought to prove in action if he is not involved in this anti-19th Amendment conspiracy,&#8221 Mr. Dissanayake told a news conference.

Source:&nbsphttp://www.dailymirror.lk/ 68723/video-maithri-behind- attempts-against-19a-anura

COLOMBO, MARCH 27

(Reuters) – Sri Lankan shares fell for a fifth straight session on Friday and closed at their lowest in practically eight months as investors sold their stocks to settle margin trading ahead of quarter-end, whilst political worries also weighed on sentiment.

The main stock index ended .71 percent, or 49.31 points, weaker at six,873.52, its lowest close given that Aug. six and further moving away from the essential psychological assistance level of 7,000. It has lost six.07 percent in the previous 20 sessions.

“The marketplace fell across the board due to margin calls and month-end settlement selling stress,” said Dimantha Mathew, research manager at First Capital Equities (Pvt) Ltd.

Analysts count on the subsequent support level at six,800.

Shares of the country’s best mobile telephone operator, Dialog Axiata Plc, fell .92 %, whilst conglomerate John Keells Holdings Plc dropped .69 percent.

Shares of the country’s biggest listed lender, Commercial Bank of Ceylon Plc, fell .71 %.

The day’s turnover was 447 million rupees ($ 8.28 million), much less than half of this year’s daily average of 1.21 billion rupees.

Foreign investors sold a net 91.5 million rupees worth of shares. But they have been net buyers of three.12 billion rupees so far this year.

Analysts mentioned issues that the government’s decision-producing approach would slow down, also weighed on sentiment following President Maithripala Sirisena formed a national government incorporating the main opposition party in a bid to push by way of reforms and preserve political stability.

Reuters

In a significant reconciliatory move, President Mathripala Sirisena will be sending a circular to all institutions saying that there is no bar on singing the Lankan national anthem in Tamil.

He will thus be lifting an unofficial ban current since 2010, when President Mahinda Rajapaksa let it be known that government will frown on singing the anthem in Tamil. Schools and other institutions, which have been utilizing the Tamil version of &#8220Sri Lanka Matha, Apa Sri Lanka&#8221 because 1951, stopped performing so.

Sirisena announced his choice to lift the language bar when the leader of the Democratic Peoples&#8217 Front (DPF), Mano Ganeshan, raised the issue at the National Executive Council (NEC) meeting on Tuesday.

&#8220The President stated that he would send a circular saying that there is no ban on singing the national anthem in Tamil. He also stated that he would have the matter cleared by the National Security Council,&#8221 Ganeshan has told the New Indian Express.

It was in 1951 that newly independent Lanka adopted Shantiniketan-educated Ananda Samarakoon&#8217s Sinhalese-language song &#8220Sri Lanka Matha, Apa Sri Lanka&#8221 as the national anthem. Simultaneously, a Tamil version, &#8220Sri Lanka Thaaye Nam Sri Lanka&#8221, composed by the Lankan Tamil poet, M.Nallathambi, was also adopted. For decades, both versions have been sung, even though only the Sinhalese version had constitutional sanction.

But the victory of the Lankan armed forces over the Tamil Tigers in 2009, resulted in Sinhalese-nationalist parties like the National Freedom Front (NFF) and the Jathika Hela Urumaya (JHU) demanding a ban on the Tamil version on the ground that nations sanction use of only 1 language for singing the national anthem.

On December 12, 2010, Home Minister W.D.John Senewiratne introduced a cabinet paper to officially disallow singing the anthem in Tamil. President Rajapaksa, who headed the cabinet, did not officially commit himself to Senewiratne&#8217s proposal, but word went around that his government did not favor the use of the Tamil version. In the Tamil regions, the Security Forces insisted on the use of the Sinhalese version only. The Tamils&#8217 argument that in several nations, which includes Canada and South Africa, the anthem is sung in various languages fell on deaf ears.

Supply

It is revealed that one particular T.M.R. Bangsa Jayah, brother-in-law of the Minister of Finance Ravi Karunanayake, has been appointed as the Managing Director (MD) of Sri Lanka Insurance coverage Corporation.

Bangsa Jayah has served as a Sergeant of Sri Lanka Police and is a brother of Minister Karunanayake&#8217s wife Mela. He is tipped to obtain a month-to-month salary of Rs. 600,000 as the MD. The Corporation is an institution coming beneath the purview of Karunanayake as the Finance Minister.

According to Sri Lanka Insurance coverage web site, (http://www.srilankainsurance.com/news/93.php), “Mr. T.M.R. Bangsa Jayah is a retired commissioned Police Officer, who has experience in the Police service for 29 years. In the course of his profession with the Police Division he worked as the Chief Safety Officer for the Deputy Speaker and North-East Governor. He is a item of St.Anne&#8217s College, Kurunegala and has studied additional in Aquinas College, Colombo. Throughout his school period he has excelled in sports like Cricket and Soccer. He is a member of College Cadetting Group and has held rank of Firm Sergeant Main. After his schooling he has completed his Initial In Laws at the Law Faculty, Colombo. Mr. Bangsa Jayah has expertise in building industry for a lot more than 15 years and he has been a principal partner in a effectively identified piling organization.”

The Colombo Crimes Division (CCD) nowadays informed Colombo Magistrate Nishantha Pieris that no offence had been committed in the incident where a little airplane was found in the shops belonging to CSN Television Channel at Narahenpitiya and that the case would be withdrawn.

Detectives said according to investigations the airplane was 1 built by Ray Wijewardene and not in flying situation and had been handed over to former President&#8217s son Yoshitha Rajapaksa by film director and producer Chandiran Ratnam.

The CCD sought a Court order to return the airplane to the late Ray Wijewardene&#8217s household and that the case would be withdrawn.

Counsel Niroshan Siriwardena appearing for CSN Television Channel and Mr. Rajapaksa said the plane was kept in the shop to be utilized as a show item.

Complete Story