Sri Lanka’s controversial bond issue report to be filed in the next two weeks: Committee Chair

Mar 16, 2015 (LBO) – Sri Lanka’s committee appointed to probe controversial bond issue, to file their report to the Prime Minister within the next two weeks, chairman of the Committee said.

“We have already commenced work and had one sitting and will be having another today and will continue,” attorney-at-law Gamini Pitipana, chairman of the committee told LBO.

“We are trying to finish this in the next two weeks or three at the latest.”

The prime minister appointed a three member committee following suspicion around the controversial treasury bond issue comprising attorney-at-law Gamini Pitipana as the Chairman.

Mahesh Kalugampitiya and Chandimal Mendis are the other two members..

The said bond was declared on the 27th February 2015 by Central Bank of Sri Lanka and carried accusations of insider trading.

A treasury bond is a medium and long term debt instrument issued by the government the registered stock and securities ordinance No. 7 of 1937 when it raises domestic public debt for budgetary purposes.
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The government uses treasury bonds to raise funds, paying interest to the holders of the bonds, when they mature.

Issuing of treasury bonds is regulated by a tender board at the Public Debt Department of the Central Bank which comes under the purview of a senior deputy governor.

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