Time period of Presidential Commission on CB bond issue extended

Apr 25, 2017 (LBO) – Sri Lanka’s President Maithripala Sirisena has extended the time period of the Presidential Commission of inquiry to investigate and inquire into the issuance of treasury bonds.

A spokesman at the Commission told LBO that the President has extended the time period by three months. So far statements were recorded from 42 witnesses with regard to the sale of bonds.

President appointed a tri-member commission comprising of Supreme Court judges Justice Kankanithanthri T. Chitrasiri, Justice Prasanna Sujeewa Jayawardena and retired Deputy Auditor General Vellupillai Kandasamy to inquire into the issue.

The mandate of the commission was to investigate the bond dealings and to recommend necessary actions within three months.

The said bond was declared on the 27th February 2015 by Central Bank and carried accusations of insider trading which related to the bids of Perpetual Treasuries, a firm connected to the son-in-law of the then Governor of the Central Bank.

In early January, Parliament debated the report produced by the Committee on Public Enterprises (COPE) and recommended legal action against the perpetrators.