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IMG_4239.JPGMy last trip abroad as a member of Parliament was to Azerbaijan. After my visits to Kazakhstan and Uzbekistan, I realized how utterly fantastic the Islamic civilizations of Central Asia were. Azerbaijan was not of course in Central Asia, being on the other side of the Caspian Sea from Kazakshstan, but obviously it had shared in the splendours of a period the world knew little about.

Kithsiri came along again, resigned now to the fact that it was only to the more difficult places in the world that he would accompany me. But, apart from being enthusiastic about wild life, having been trained in the Ena de Silva school as it were of jungle exploration, he was appreciative enough of the magnificient civilizations we had seen. His first trip abroad had been to Iran, and then we saw Syria, Aleppo and Palmyra and the Crac des Chevaliers, before the wicked Americans embarked on destroying the place in their relentless pursuit of world domination. He had also enjoyed the Lebanon and Tunisia and Ethiopia and even, despite the flies, the pyramids of the Sudan.  And then Central Asia had been an eye opener, so that he was more than happy to come along to Azerbaijan too.

I had no idea what to expect, but the Lonely Planet guide indicated a range of interesting sights, beginning with the varied attractions of Baku. I had not realized before going there that this had been the oil capital of the world in the early days of the combustion engine, and that those who had made their millions in that early boom had built the most extraordinary creations, grafting Asiatic flourishes onto European lines of architecture. Read the rest of this entry »

COPE began its investigations on Friday June 5th, and we met every day the following week, except on the Friday – again my fault, for I had arranged another trip, our High Commission in Delhi having succeeded in getting visas for Azerbaijan. During the weekend I read the reports the Bank had prepared on the whole business, and found the situation even worse than I had thought. Because of Mahendran’s actions, the interest the country had to pay on bonds had shot up, so that not only had Perpetual Treasuries, the company associated with Mahendran’s son-in-law, made a massive profit, but also the interest payments Sri Lanka had to make on loans after February 2015 reached ridiculous heights.

Our questioning of bank officials revealed an even more sordid side to Mahendran’s machinations. The first Deputy Governor we interviewed seemed to me a very shady character, and not very bright. I actually asked Nivard Cabraal why he had promoted him, to which the answer was that he was good at some things, and had seniority on his side. But he knew nothing of debt, so it was suspicious that Mahendran had put him in charge of that area.

The Director in charge of that area also knew nothing of the subject, but my sister told me that she was known for her honesty. She had called my sister when she was transferred to that position, expressing worries about her capacity to handle the job, but my sister told her that integrity was vital and that was perhaps the reason for the move. Certainly she exuded decency, to the point of practically breaking down when we reprimanded her for not having told the Governor that it was wrong to take 10 billion worth of bonds when the advertised amount had been 1 billion, and the few bids for large amounts were at high rates of interest. She declared that they had told him this repeatedly and, though they stopped him from insisting on 20 billion being taken, he had been adamant about 10.

Her Deputy was a very smart young man, and it was clear that he had made the position clear to Mahendran, but they had been over-ruled. It transpired too that Mahendran had come down to the bidding floor twice that morning, and had interfered egregiously in the process. It was absurd therefore that the UNP lawyers had claimed that he had no direct responsibility for what occurred.

Other suspicious details included the fact that Perpetual Treasuries had obtained a loan from the Bank of Ceylon for its bid, and that this had been approved straight away with no proper assessment of the request. It was unprecedented that the Bank, which was also a primary dealer, should not have bid to any substantial degree for bonds, but had instead underwritten the bid of a private company. Read the rest of this entry »

Rajiva Wijesinha

April 2017
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