-By A Special Correspondent
(Lanka-e-News -28.March.2025, 11.20 PM) The Singapore government is facing increasing pressure to extradite Arjun Mahendran, the former Governor of the Central Bank of Sri Lanka, who has been implicated in one of Sri Lanka’s biggest financial scandals. Despite a formal extradition request from Sri Lanka, Singapore has yet to take action, raising serious concerns about its commitment to international legal obligations and its stance on financial crimes.
Mahendran, a Singaporean citizen of Sri Lankan origin, was appointed as Sri Lanka’s Central Bank Governor under the country’s constitution and legal framework. His tenure became infamous for his alleged role in the 2015 bond scam, which caused billions in losses to Sri Lankan taxpayers. Given the magnitude of the fraud, Sri Lanka has every right to demand his return to face justice. However, Singapore’s continued refusal to comply with Sri Lanka’s extradition request is setting a dangerous precedent.
Singapore has previously extradited financial criminals to other nations, demonstrating that it is fully capable of honoring extradition treaties. The refusal to hand over Mahendran raises critical questions: Is Singapore shielding him? Is it prioritizing the protection of its citizens over international legal commitments? If so, this could severely damage Singapore’s reputation as a global financial hub.
The consequences of this decision extend beyond Mahendran himself. If countries begin to see Singapore as a safe haven for financial criminals, it could undermine confidence in Singaporean passport holders working in foreign government institutions. Why would any country trust a Singaporean national in a high-level financial role if Singapore refuses to cooperate when its citizens are accused of financial misconduct abroad?
Sri Lanka is not without options. If Singapore continues to ignore the extradition request, Sri Lanka could take strong diplomatic and economic measures, including:
Banning Singaporean ships and aircraft from entering Sri Lankan waters and airspace.
Imposing trade restrictions on Singaporean investments and businesses in Sri Lanka.
Limiting or cutting off oil supply agreements with Singaporean refineries, disrupting regional fuel supply chains.
Sri Lanka has shown in the past that it is willing and capable of taking decisive action to bring fugitives to justice. The case of Kumaran Pathmanathan (KP), a key figure in the LTTE’s arms network, who was successfully apprehended and brought back to Sri Lanka from Malaysia, serves as a precedent. The same fate could await Mahendran if diplomatic channels fail.
By refusing to extradite Mahendran, Singapore risks damaging its credibility in the international financial and legal community. The global business world is closely observing whether Singapore will uphold the rule of law or protect a fugitive from justice.
It is time for Singapore to reconsider its stance. Upholding justice and international law is not just a responsibility—it is essential for maintaining trust in Singapore’s financial integrity. The consequences of inaction could be severe, both politically and economically. The question remains: will Singapore do the right thing before it is too late?
-By A Special Correspondent
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by (2025-03-28 18:38:41)
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