President to decide next course of action on Bond Commission report this week

Bond busters booked!

President Maithripala Sirisena is expected to provide instructions on the course of action to be taken regarding the final report of the Presidential Commission of Inquiry (PCoI) into the Bond Issuance of the Central Bank of Sri Lanka handed over to him this week.

The Commission’s Chairman Justice K.T. Chitrasiri and two other members of the Commission, Justice P.S. Jayawardene and retired Deputy Auditor General V. Kandasamy, handed over the report on Saturday.

The President appointed the Commission of Inquiry on 27 January to investigate, inquire into and report on the issuance of Treasury Bonds during the period 1 February 2015-31 March 2016.

The report spans three volumes and over 1,000 pages, including 100 annexures. It also includes the evidence given by witnesses who were summoned by the three-member commission.

The three volumes of the Presidential Commission appointed to probe irregularities in certain Treasury Bond auctions from 1 February 2015 to 31 March 2016, on a table at the Presidential Secretariat after they were formally handed over on Saturday

Over 70 people gave evidence before the Commission, including former Central Bank Governor Arjuna Mahendran, several senior officials of the Central Bank, head of the Employees Provident Fund and the heads of several private banks.

A number of high-profile politicians, including Prime Minister Ranil Wickremesinghe, ministers Malik Samarawickrama and Kabir Hashim, gave statements or evidence during the hearings. Information revealed during the proceedings of the Bond Commission regarding alleged malpractices during his tenure as Finance Minister led to the resignation of former Foreign Minister Ravi Karunanayake from his portfolio.

The term of the Commission, which was extended four times since it was appointed in 27 January 2017, ends following the handover of the report.

Sirisena appointed the Presidential Commission to investigate the Bond issue on February 2016 - a year after the transaction took place - promising that strong action will be taken against any wrongdoers.



Prior to the appointment of the Commission, the Parliamentary Committee on Public Enterprises (COPE) also tabled a report on the subject which was later used as a reference by the Commission as well.