Three well-known Sri Lankan good governance activists on Friday filed a fundamental rights petition in the Supreme Court urging an independent investigation into the controversial Central Bank Treasury bond issue. The petition was filed by Dr. G. Usvatte-Aratchi, Dr. A.C. Visvalingam and Chandra Jayaratne urging the court to issue an order directing the Monetary Board of the Bank “to carry out an independent inquiry by a competent panel of professionals well versed in the rules, systems, procedures and processes applicable to the public debt management under the supervision of court”. The petitioners also pleaded with court to direct the Monetary Board and other associated respondents, in consultation with stakeholders, to formulate new systems, processes, rules and regulatory frameworks which assure transparency and best good governance practices are in place in respect of future public debt issuance, The public interest petition refers to the recent bond issue where the Central Bank accepted offers up to Rs. 10 billion from an auction in which the advertised amount offered was Rs.1 billion. The unusually large acceptance at high interest rates has triggered suspicions of insider dealing. The respondents cited in the petition include the Monetary Board, Bank Governor Arjuna Mahendra (currently on leave), Senior Deputy Governor and Chairman Treasury Bond Tender Committee – P. Samarasiri, the Ministry of Policy Planning and Economic Affairs Secretary, Perpetual Treasuries and Arjun Aloysius (from the same firm). Perpetual Treasuries, owned by Aloysius’ family, won 50 per cent of the Rs. 10 billion in bonds accepted, raising suspicions of insider dealing. A Government-appointed committee of private lawyers who are members of the United National Party is already probing the transaction. – ENDS -
The Judicial Service Commission (JSC) has interdicted Colombo Fort Magistrate Kosala Senadheera.
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Cabinet has approved a proposed amendment to the Constitution that a referendum would be required to extend the Presidential and Parliamentary term beyond five years.
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