Mar 01, 2017

'Large slice of bonds distributed among stooges of previous regime'

Details of misappropriations in issuing Treasury Bonds during the previous Rajapaksa regime have come to light at present but the current administration will oblige the repayment of debts, says Finance Minister Ravi Karunanayake.

Although these bonds should have been issued under auction system in accordance with Registered Stocks and Securities Ordinance, the authorities of the previous regime had resorted to private placements distributing over 80 percent of bonds among their personnel friends, he disclosed at a media conference in Colombo.

Details of awarding majority of bonds to some of the friends of the leaders of the previous regime by the former Central Bank Governor and Ex Treasury Secretary have been unearthed, he added.    
He pointed out that they cannot satisfy about the activities of the Central Bank and some of the officials at the bank have gone beyond their responsibility to serve the rulers of previous regime.
The Finance Minister also emphasized the need of re-organizing the Central Bank while punishing wrong doers.