Over 90% of bonds from 2008 to 2014 were direct placements - Minister | Daily News

Over 90% of bonds from 2008 to 2014 were direct placements - Minister

State Finance Minister Eran Wickremaratne, elaborating on the statement made by Prime Minister Ranil Wickremesinghe on Treasury Bond issues said it was imperative to investigate Treasury Bond issues between 2008 and 2014, since 90% of them were direct placements.

“The Prime Minister made it clear that the Presidential Committee of Inquiry instituted to probe the Bond issue conducted its investigation in a transparent and open manner and that this fresh investigation will follow on those same lines,” he said.

 “The recommendations will be tabled and those found guilty will be answerable to the judiciary.”

He added that it was imperative to investigate the Issuance of Treasury Bonds between 2008 and 2014, primarily because 90% of the Bonds were issued on direct placements rather than on open tenders.

“The PM showed three orders of the Monetary Board, one of which suggested that as a temporary measure it should go to the Employment Trust Fund. However, despite this being approved, it was eventually bypassed and direct placements were made to third parties.”

This he said,would have resulted in a loss to the government and the country. “This new investigation will not take away from what has already been conducted but will merely add to it,” he said. “It would have been impossible for these matters to have been investigated during the previous regime.” 


 

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