The economic impact of the Treasury Bond scam had not been assessed, Prime Minister Dr. Harini Amarasuriya told Parliament yesterday.
The Prime Minister said the Central Bank of Sri Lanka had filed cases in the Colombo District Court seeking to recover losses from Perpetual Treasuries Ltd.
Investigations into profits generated through the scam were being conducted by the CID, under the Anti-Money Laundering Act, with the Supreme Court recently granting permission to proceed, she added.
Dr. Amarasuriya also provided updates on indictments filed against Perpetual Treasuries Ltd., and several high-profile individuals, namely former Finance Minister Ravi Karunanayake, former Central Bank Governor Lakshman Arjuna Mahendran, former Deputy Governor, Paththinige Samarasiri, Arjun Joseph Aloysius, Palisena Appuhamilage Don Kasun Oshadi Palisena, Jeffrey Joseph Aloysius, Chittharanjan Hulugalla, Muthu Raja Surendran, Ajahn Gardiye Punchihewa, Badugoda Heva Indika Saman Kumara – Chief Dealer, Employees’ Provident Fund and Sangarapillai Padmanapan – Senior Manager, Public Debt Department.
Despite indictments and recovery efforts, cases filed in 2019 are pending in the High Court due to appeals and legal challenges at the Court of Appeal and Supreme Court levels. Some accused have filed objections over charges involving state assets, but these appeals have largely been rejected, allowing proceedings to continue.
Dr. Amarasuriya highlighted that several other institutions, including the Sri Lanka Insurance Corporation, University Grants Commission, Mahapola Scholarship Trust Fund, National Savings Bank, and Employee Trust Fund Board, had filed recovery claims against Perpetual Ltd., which are still under investigation.
“The total economic impact of the bond scam has not been fully calculated,” the Prime Minister said, underscoring the enduring uncertainty surrounding one of Sri Lanka’s most infamous financial crises.
by Saman Indrajith