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Tuesday, 10 October 2017 - 21:33
Bond Commission : Arjuna Mahendran admits his mistakes
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The proceedings of the Presidential Commission of Inquiry probing the controversial bond issuance were held today as well.

Former Central Bank Governor Arjuna Mahendran was testified for an 8th day today.

He told the Commission that a report was submitted to the Monetary Board which had highlighted that Perpetual Treasuries had violated 16 regulations including breach of regulations in the Central Bank's transactions system.

Then Mahendran said that he moved away from that mechanism promising to take action.

However, the State Counsel pointed out that to weaken the mechanism that would take action against the accused Primary Dealer, that Arjuna Mahendran had made a number of decisions including the transfer of CBSL employees.

He also noted that no action was taken against the PTL until his tenure was completed.

In response, Mahendran had said since he had to give prominence to solve issues of non-banking entities such as Entrust and Golden Key, the investigation against a number of primary dealers got delayed.

Then the State Counsel said if those probes were conducted properly the need for this type of a Commission wouldn't have arisen.

Mahendran rejected that statement.

Quoting statistical documents, the State Counsel pointed out that the secondary market dealings of the EPF have increased abnormally after an individual called Saman Kumara was appointed.

Presenting relevant voice recordings, the State Counsel proved that such deals have been conducted to appease the needs of a private bank.

He also said that Perpetual Treasuries Limited has earned a capital gain of 2.6 billion rupees only during the particular month in which it transacted with the particular private bank.

When the State Counsel questioned Arjuna Mahendran as to why he did not draw his attention to study the daily transaction reports of the EPF, former Central Bank Governor Arjuna Mahendran admitted that it was his mistake.

Mahendran also admitted that he did not conduct an investigation until he completed his tenure in his post at the Central Bank.

In addition, allegations were made against Arjuna Mahendran for not taking action to implement recommendations made by Pitipana Committee and not setting up a voice recording system in the dealing rooms of the EPF during his tenure.

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