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PM to probe bond sales between 2008 and 2014

Prime Minister Ranil Wickremesinghe told Parliament yesterday that the government would launch a special probe into bond sales related issues from 2008 to 2014 to the tune of Rs 5,147,751,210,000.

 

Making a special statement, the Prime Minister said bond sales had been made from 2008 to 2014 on private placements without informing the Monetary Board of the Central Bank or Parliament.

 

The PM said 90 percent of those bond sales had been done on private placements using EPF, ETF and National Savings Bank funds as captive sources.

 

“We will get the Finance committee in Parliament to probe these bond issues which have been done according to whims and fancies of certain persons.”These are more or less similar to pyramid schemes.”

 

The Prime Minister said probes would also be conducted into the frauds in the stock market from 2008 to 2014. He said bonds had been issued under direct placements had been issued only in four instances under the incumbent government while there had been 84 instances of issuing bonds under direct placements during the last regime.

 

Prime Minister said that he had got all the details about bond issues from 2008 to 2014 from the Central Bank.

 

The Prime Minister said the government would have to pay Rs. 7,200 billion to settle the bonds by the year 2045.

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