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Sri Lanka Prime Minister ready to testify before bond commission | Economynext

Sri Lanka Prime Minister ready to testify before bond commission | Economynext: The commission of inquiry is going into a series of scams where bonds were sold at low prices (high interest rates) through a series of allegedly rigged auctions in 2015 and 2016 where Perpetual Treasuries, a gilt dealer connected to the son-in-law of then Central Bank Governor Arjuna Mahendran benefitted.

The bonds were then dumped at high prices (low interest rates) on the Employees Provision Fund, a private worker's retirement fund managed by the Central Bank and other state funds. According to evidence before the commission that several EPF dealers who bought the bonds back were paid millions of rupees in bribes from 2014.

Mahendran had testified that he conducted auctions on the instruction of the Prime Minister. The auctions were rigged by misleading the market that small amount of bonds would be sold, and then accepting multiples of the offered volume. The practice of accepting higher than offered volumes had been continueing at a lesser scale before 2015.
Sri Lanka Prime Minister ready to testify before bond commission | EconomynextSocialTwist Tell-a-Friend

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