Arjuna Mahendran In Trouble: Three Member Committee Recommends Full Scale Investigation

[pathfinderTop contributor]

http://asianmirror.lk/keyhole/item/8011-arjuna-mahendran-in-trouble-three-member-committee-recommends-full-scale-investigation

Asian Mirror is now in a position to state that the three member committee appointed to investigate the controversial Treasury bond issue has recommended that the incident ‘warrants an investigation'. This outcome is likely to throw Central Bank Governor Arjuna Mahendran into hot waters as he has been dubbed by many parties as the person who is responsible for the Treasury Bonds controversy.

The committee headed by Attorney-at-Law Gamini Pitipana completed its preliminary investigations on Friday and the report is expected to be handed over to Prime Minister Ranil Wickremesinghe in the coming days. The Prime Minister has already promised Parliament to table the recommendations of the committee.

If the committee recommends a full scale investigation into the matter, the matter is likely to end up at the Police Financial Crimes division, headed by DIG Ravi Waidyalankara. If this is the case, one has every reason to believe that the Central Bank Governor Arjuna Mahendran too will have to spend an hour or two at the Financial Fraud Division, facing lengthy interrogations by the Police.

This entire process will also investigate the conduct of Arjun Aloysius, who is the son-in-law of Mahendran. The young and controversial businessman came under public spotlight even before the questionable treasury bonds issue. He was closely involved with the notorious ex-CB governor especially when the latter dabbled with hard-earned EPF funds of the private sector employees.

However, it is clear that Mahendran has decided to remain in his position, despite the outcome of the committee's investigation. Recently, when one of his close friends asked him about his future plans, Mahendran, who is known to be citizen of Singapore, said he would remain in Sri Lanka and clear his name!

[කිත්සිරි ද සිල්වාTop contributor]

Some sign of Yaha-palanaya in action at last.
Sri Lankan first and this one second.
(Will they have Ball is the biggest question now?).

[sereneTop contributor]

Thnaks path for sharing.

[sereneTop contributor]

Some sign of Yaha-palanaya in action at last.
Sri Lankan first and this one second.
(Will they have Ball is the biggest question now?).

Yes kith.Potential to be a very important incident which determines the future of this Island.

[HAL9000Top contributor]

In previous regime, Corruption was not few incidents but was a way of life. It seems good governance is happening.Like I said in previous thread, corruption will stay for ever in human society in various extents in all parts of the world. Is USA corruption free ?, We know and heard regarding  our subject  ,insider trading is happening even in USA, but justice prevails all the time. Now it's happy to see that  the civilization is slowly coming to This Island.

Some bayyas can't understand this change, they think building Concrete mountains and city landscaping by borrowed Chinese money is the development. In previous few years GDP boost mainly due to government led infrastructure investments which is very good for the future, But to become development really sustainable there should be new revenue sources for the whole country as well as for the government. I would like to refer to Export earning growth in past few years and Government revenue growth in last decade to see the true picture. Thank to the mammoth Foreign worker remittance growth and booming tourism, previous regime had a story to tell.  

[කිත්සිරි ද සිල්වාTop contributor]

Can anyone here give us a quick bite version of the stated figures, in case if it is already available with him / her please?

I would like to refer to Export earning growth in past few years and Government revenue growth in last decade to see the true picture.

[කිත්සිරි ද සිල්වාTop contributor]

Some sign of Yaha-palanaya in action at last.
Sri Lankan first and this one second.
(Will they have Ball is the biggest question now?).

Yes kith.Potential to be a very important incident which determines the future of this Island.

We have been missing the bus in style from time to time since 1931 and if we miss it again, then I am sure the young and educate will vote with their feet soon.

( Who wants to stay in a hell hole talking only about the doctored glorious history and preaching patriotism? )

[HAL9000Top contributor]

Can anyone here give us a quick bite version of the stated figures, in case if it is already available with him / her please?

I would like to refer to Export earning growth in past few years and Government revenue growth in last decade to see the true picture.

http://www.ips.lk/staff/ed/news/2013/10_01_2013_annual_general_meeting/xeport_nce.pdf

Look at this study and compare other countries export growth while we the miracle of Asia boasting of scanty growth in export. Can this debt fueled construction and other activities continuously give sustainable GDP growth ?

[LeonTop contributor]

Is it right to say that good Governance is in progress?
RW hand picked AM & made him a Sri Lankan citizen in couple of hours & crowned the CB governor. Minister Rajitha told in a press conference that it was done on RW's sole recommendation. In a months time governor is in trouble.
So you educated guys tell us that who is going to get the responsibility of this move.Instead they claim for the credit of being good governance.

[poor boyActive Member]

Are they going to recover the loss from those who responsible?

As previous Govt did in case of NSB ,TFC dirty deal this also should be reversed immediately.
all of us also lost our money as a result of this corrupt bond sale because CSE crashed next day.

[Ethical TraderTop contributor]

Is it right to say that good Governance is in progress?
RW hand picked AM & made him a Sri Lankan citizen in couple of hours & crowned the CB governor. Minister Rajitha told in a press conference that it was done on RW's sole recommendation. In a months time governor is in trouble.
So you educated guys tell us that who is going to get the responsibility of this move.Instead they claim for the credit of being good governance.

The very fact of quick investigations on incumbant CB Chair itself is a sign of yahapalanaya. This never happenned during MRs period. For example EPF frauds, NSB/TFC issue, Hedging issue etc., to name a few. Culprits are still at large.