FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

LISTED COMPANIES

Submit Post


ADVERTISE
Poll

EXCHANGE RATE PREDICTION: 2022

 
 
 
 

View results

ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



Latest topics

» Misuse of government property by Royal Colombo Golf Club
by ChooBoy Today at 12:52 pm

» SL Cauvery and Mannar Basins Petroleum Resource Data Revealed
by samaritan Today at 12:00 pm

» Expolanka to continue its winning streak
by samaritan Today at 10:39 am

» Container shipping stocks routed
by target1 Yesterday at 1:32 pm

» Supply Chain Latest: Ocean Freight Rates Are Falling
by target1 Yesterday at 1:26 pm

» Turkish ship leaves Ukraine's Mariupol after grain talks with Moscow
by target1 Yesterday at 11:29 am

» This week's CBOT corn, soy freefalls hard to match in recent years
by target1 Yesterday at 9:57 am

» Positive news to boost market sentiment
by samaritan Yesterday at 9:52 am

» Maharaja at IMF meeting
by Maharaja Thu Jun 23, 2022 10:35 pm

» Why no power cuts in certain areas of Colombo?
by samaritan Thu Jun 23, 2022 5:44 pm

» India assures fullest support to Sri Lanka as a close friend
by samaritan Thu Jun 23, 2022 5:17 pm

» SINS, SAMP, COMB, PARQ, ALUMEX and AEL - are they good shares to start collecting now?
by surfjj Thu Jun 23, 2022 4:25 pm

» Learn how a fixed exchange rate system can be used to reduce inflation.
by target1 Thu Jun 23, 2022 3:35 pm

» Debt Crisis: Sri Lanka Vs Argentine
by CHRONICLE™ Thu Jun 23, 2022 8:17 am

» Sri Lanka in state of panic 1 month after sovereign default
by reyaz Tue Jun 21, 2022 5:23 pm

» Financial stability - we are at the crossroads.
by sheildskye Tue Jun 21, 2022 2:17 pm

» Shrinkflation: Is it ethical?
by sheildskye Tue Jun 21, 2022 2:05 pm

» Banking bullish billionaire Ishara expands footprint
by samaritan Tue Jun 21, 2022 10:58 am

» SL hopes to finalize a staff level program with IMF soon-RW
by samaritan Tue Jun 21, 2022 9:48 am

» Sri Lanka Stock Market heading toward ASPI 4500
by samaritan Tue Jun 21, 2022 9:29 am

EXPERT CHRONICLE™

MARKET CHAT


CHRONICLE™ ANALYTICS


ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

LATEST TWEETS

You are not connected. Please login or register

FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » CB made arbitrary decision by investing in Greek Bonds: Petitioner

CB made arbitrary decision by investing in Greek Bonds: Petitioner

2 posters

Go down  Message [Page 1 of 1]

K.Haputantri

K.Haputantri
Co-Admin


CB made arbitrary decision by investing in Greek Bonds: Petitioner
Sunday Times 12th August 2012- By Wasantha Ramanayake


The country lost nearly Rs. 2.14 billion of public funds due to the illegal transaction of investing in Greek Government Bonds violating the rights of the people of the country, a UNP Parliamentarian complained to the Supreme Court on Wednesday.

Petitioner UNP MP Sujeewa Arjuna Senasinghe, filing the petition on behalf of the country’s citizens who are the beneficiaries of the Consolidated Fund, said this public property should not be alienated from them through unlawful, arbitrary and irresponsible exercise of authority of the respondents.

He complained to the Court that the respondents invested Rs.3,472,576,045 in Greek Government Bonds purchased from the secondary market throughintermediaries, namely, Morgan Stanley, Jefferies & Com. Inc., Royal Bank of Scotland Plc., Commerzbank AG on April 5, 2011.

He cited Central Bank Governor Ajith Nivard Cabraal, Monetary Board of the Central Bank (MB), Finance Ministry Secretary P.B.Jayasundara, members of the MB, namely,Nimal Welgama, Mano Ramanathan, and N.A. Umagiliya, International Monetary Cooperation Minister Sarath Amunugama, the Auditor General and the Attorney General as respondents.

The petitioner stated it was a widely accepted fact that it was only a matter of time before the Greek Government would default on the Bonds.

The petitioner stated that despite the alarming risk fact being so obvious, the CB did not pay any heed to take into consideration market trends and the projections based on the research papers that were then available as at the date of the investment and chose not to obtain prior approval of the Monetary Board as required by law despite the clear credit risk, thus acting in a surreptitious manner with no transparency.

The petitioner stated that the sale of the Bonds with a face value of EUR 5,000,000, had been purchased by the CB at EUR 4,103,500 and sold at EUR 3,300,000 on July 13, 2011, only three months after their purchase, thus acting in conflict with all accepted principles and practices followed by financial experts in making investments in such high risk financial products and in violation of the rights of the petitioner and the public.

The petitioner states that according to the seventh and eighth respondents the loss of public funds to the State is approximately Rupees 2.14 billion. However, petitioner stated that the sum is not conclusive as the present market value of the remaining bonds is not known.

The petitioner sought a host of orders including an order declaring that the respondents violated the fundamental rights of the petitioner and the country’s citizens guaranteed under the Constitution.

He also sought an order declaring that the first, third and the sixth respondents have carried out an illegal and fraudulent act in contravention of the objectives and interests of the Central Bank by investing in Greek Bonds.
He also sought an order on the Commission to Investigate Bribery or Corruption to inquire and report to Court on the investment in Greek Bonds.

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

President will appoint another commission,they will eat drink and listen to the bulls**t from CB Governer and his aides. Buying time not new to the country.
We public are easy to forget anything.

What else we can expect?

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum