Three member Commission muddle hearing bond issue thrusts its tail between its legs again !

By Wimal Dheerasekera

(Lanka-e-News - 10.Oct.2017, 11.00PM)  The Presidential Treasury bonds Commission which is day by day deteriorating into nothing more than an irresponsible political mudslinging den  once again thrust its tail between the legs in shame. 

This happened  when the evidence of the chairmen  of three banks were being heard on the 5  th. The three chairpersons were : Hemasiri Fernando , Roland Fernando and Ashwin De Silva of Peoples bank , Bank of Ceylon  and National Savings Bank respectively .When they were questioned about biddings , all three of them said , ex minister Ravi Karunanayake had instructed them to make low bids  , and they acted accordingly.

The first question that should be posed by any intelligent individual sans  political affiliations in these circumstances should have been  : When minister Kabir Hashim is in overall charge of all the banks , why did they  adhere to the instructions of Finance minister Ravi Karunanayake and for what reason ? If the responsible chairmen  of banks are to follow the orders of a minister who has nothing to do with them , it is a pertinent question , are they going to abide by instructions issued by minister of women’s affairs Chandrani Bandara to make low bids  ? Indeed that must have been  the question which  ought to have been asked immediately by the Commission from the bank chairmen.

Surprisingly , neither ‘Dopey Livera ’nor the presidents of the Commission  have asked that question from the bank chiefs. Because of this lapse , and the Commission accepting their revelation , the following day the media splashed “ because Ravi ordered to make low bids – a huge profit was lost” as headline news.
 
How could Ravi K. give orders to Institutions that do not come within his  purview ?  Sadly , nobody asked this vital question. Neither did they ask , alright if by low  biddings the state banks incurred losses , isn’t that loss of profit , if any  going to turn into  a profit to the Central bank when it issues treasury bonds during  the next round ?
 
Some have questioned us why Lanka e news does not report about the Bonds Commission ? Some have even scolded us.  Our answer to them is , we do not want to waste our limited reporting space on a comical Commission headed for a tragic end.  We have already in our previous articles clearly  explained and amplified on  this. One reason for our view is  , no case can be filed on this ad hoc Commission  report.  
 
If this report is to be considered to file a case under the Criminal procedure code , the CID must conduct an investigation , and charges against each accused should be individually filed in court , the judges would point out. Judges expressed such a view in respect of a report of a  special Presidential Commission. Accordingly , after the conclusion of this inquiry , the CID has to be sought if a case is to be filed. The main reason for this is , though the Commission is that of the president , what it conducts is an inquiry and not an investigation.

It is to be noted an investigation is imperative to file a criminal case. It is the police that have the resources and methodology for that.  This Commission without teeth and only with a tongue  , and which cannot take even any action when a witness says “ I cannot come and give evidence “, has deteriorated into   a political mudslinging den  . In the circumstances , after being fully aware of  all this ,Lanka e news does not want to waste   its time on making reports about  this damp squib , which   serves no use or purpose. 

In fact the Parliamentary COPE committee conducted a more exhaustive and extensive inquiry into the Treasury  bonds issue than the three member Commission of the president .  The speaker too  forwarded its report to the Attorney General (AG) to file action. It is learnt the AG has also instructed  the CID and the Bribery Commission to take action . 

Therefore it  is very clear Maithripala Sirisena appointed another Commission despite it based on his  sole and whole objective to malign and sling mud at selected individuals of   the  UNP that put him on the pedestal of power , through the media channels of Maharaja and other channels for which he has an affinity .

It is our conviction that the presidential Commission is a waste of time and public funds while not  serving the purpose it should, going by the following questions that were posed …

It was  questioned whether R.K. refers to Ravi Karunanayake or Roo Kantha? 

On another  occasion it was questioned whether A.M. refers to Arjun Mahendran or Angelo Matthews ?

Except a  three member  Commission muddle who else will ask such stupid questions ?  

Besides , the Government Auditor General appearing  before the Commission is another comical  scene : His statement that   it should be probed whether there  is a sure methodology  in SL to ascertain the  losses which  can result to the government owing to the issue of bonds  

If there is no methodology , what should be done is ,  invite  experts and explore what is the sure methodology in accordance with  their recommendations instead of indulging in mudslinging . Isn’t that the best solution ? Won’t that  be the best way to avert such risks and situations in the future too? Presently isn’t it clear   such a positive approach is not being taken? 

This raises another question . When the Central banks  world wide resort only to the system of issuing  bonds to secure funds ,   then why    is this ‘circus’ being staged harping on this bond issue that  concerns only 60 % shares,  which was carried out through private  registered broker companies  without following a direct issue  of bonds, and when it is also  known those brokers make a profit ?

I don’t think there is a more befitting description than ‘raving madness on the loose ‘ for  this circus of clowns.

By Wimal  Dheerasekera

Translated By Jeff

Connected report
Is president honest ? Witch hunt against Ravi is to retain executive presidency ?

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by     (2017-10-10 18:12:49)

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