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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 »

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Last week the Marga Institute held a discussion on several sets of proposals that had been forwarded to the Parliamentary Select Committee looking into ‘Political and Constitutional Measures to Empower the People of Sri Lanka to Live as One Nation’. After much animated discussion, it was decided to work with the set of proposals put forward by Vasantha Senanayake, and a couple of groups have been established to flesh these out.

Senanayake is perhaps the brightest of the young Members elected newly in 2010, a factor noticed by several embassies that have sent him on delegations of young Members to visit their countries. These proposals sprang from his work with the One Text Initiative which had seen him spearhead a group of Parliamentarians, representing government as well as different opposition parties, who had interacted with members of the Sri Lankan Diaspora, both Sinhalese and Tamil, in Britain. They had sent a report on their visit to the President, though there has been no response to the interesting ideas and suggestions they put forward.

Vasantha had worked together with a group of young professionals to put forward the proposals which included some startlingly innovative ideas. Perhaps the most important of them is not however new, because it was one of the principal elements on which three recent documents on constitutional reform agreed, namely those of the Liberal Party, the UNP and the group led by Rev Sobitha. This was the need to get rid of the present system of elections, and I think it would be useful to return to this now, since the last set of elections to Provincial Councils made crystal clear – again – how destructive the current system is.

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Rajiva Wijesinha

September 2017
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