News
Treasury bond scams:
CoI recommendation regarding forensic audits yet to be finalized, available reports with AG, CIABOC
By Shamindra Ferdinando
Over three years after Supreme Court Judge K.T. Chitrasiri led Presidential Commission of Inquiry (PCoI) into Treasury bond scams handed over its report to then President Maithripala Sirisena, the Monetary Board is yet to complete recommendation in respect of forensic audits.
Of the recommended forensic audits, five had been completed at a cost of Rs 275 mn and the remaining one not commissioned yet.
The Island recently sought an explanation as regards the delay in completing the recommended process from Director Communications, CBSL.
The Island: What is the status of the procurement process pertaining to the sixth forensic audit ordered by the CoI?
CBSL: The procurement process to select an audit firm to carry out the sixth forensic audit is underway.
The Island: Can you explain how forensic audits so far obtained at a cost of Rs 275 mn utilized by the CBSL?
CBSL: Copies of the five forensic audit reports have been submitted to relevant authorities including the Attorney General and the Auditor General to initiate actions, as necessary. As per the request of the Director General of CIABOC, certain reports were submitted to CIABOC. Further, the Monetary Board appointed an internal Task Force to facilitate and oversee implementation of the recommendations in the Forensic Audit Reports which entailed, among others, strengthening of processes, internal controls, etc.
The CoI comprised Supreme Court Justice K. T. Chithrasiri, the late Justice Prasanna S. Jayawardena and retired Deputy Auditor-General K. Vellupillai, while attorney-at-law Sumathipala Udugamasooriya functioned as its secretary.
The Monetary Board commissioned forensic audits in consultation with the Attorney General and the Auditor General to deal with issues subsequent to the CoI probe on the issuance of Treasury bonds during the period 01st February 2015 to 31st March 2016 and matters that had come to light over the recent years in audit reports and in findings of internal investigations pursuant to the exercise of certain regulatory and agency functions undertaken by the CBSL. The CBSL in response to a previous The Island query said that the procurement of the five forensic audits were carried out by a Cabinet Appointed Consultant Procurement Committee and the contracts were awarded to audit firms with a global practice and international experience in forensic auditing with the approval of the Cabinet of Ministers.
Former Chairman of the Committee on Public Enterprises (COPE) D. E. W. Gunasekera yesterday (30) told The Island that parliament owed an explanation as regards the implementation of recommendations, both of CoI as well as the forensic audits. Pointing out that parliament conveniently failed to debate the CoI report on Treasury bond scams perpetrated in 2015 and 2016, the veteran politician said the issue at hand could be taken up in spite of the Attorney General moving Colombo High Court against some of the Treasury scam suspects. Former CBSL Governor Arjuna Mahendran remained at large, the former minister said, urging both the government and the Opposition to be responsible in their response to the country’s biggest ever financial fraud.
Responding to another query, one-time General Secretary of the CPSL reminded the CoI report on Treasury bond scams wasn’t taken up for debate in spite of it being on the agenda paper of the parliament.
The former minister said that the incumbent government couldn’t absolve itself of the responsibility for properly utilizing forensic audits obtained at a staggering cost of Rs 275 mn. The outspoken retired politician emphasized that the 2019 Easter Sunday carnage, the alleged fraud in controversial duty reduction of sugar and a spate of other controversies, including import of contaminated coconut oil shouldn’t be allowed to divert attention away from Treasury bond scams.
Samagi Jana Balavegaya (SJB) lawmaker Dr. Harsha de Silva said that his party expected the Attorney General to act on the basis of CoI recommendations and the forensic audit reports. The former Deputy Minister noted that action had been initiated at the Colombo High Court Trial at Bar in respect of the Treasury bond scams.
The U.S. Embassy in Colombo welcomed the U.S. Sports Envoys to Sri Lanka, former National Basketball Association (NBA) and Women’s National Basketball Association (WNBA) players Stephen Howard and Astou Ndiaye, from June 8 through 14.
The Public Diplomacy section of the U.S. Embassy said that it would launch a weeklong basketball program intended to harness the unifying power of sports, made possible through collaboration with Foundation of Goodness and IImpact Hoop Lab.
While in Sri Lanka, Howard and Ndiaye, both retired professional basketball players, will conduct a weeklong program, Hoops for Hope: Bridging Borders through Basketball. The Sports Envoys will lead basketball clinics and exhibition matches and engage in leadership sessions in Colombo and Southern Province for youth aged 14-18 from Northern, Uva, Eastern and Western Provinces, offering skills and leadership training both on and off the court. The U.S. Envoys will also share their expertise with the Sri Lanka Basketball Federation, national coaches, and players, furthering the development of basketball in the country. Beyond the clinics, they will collaborate with Sri Lankan schoolchildren to take part in a community service project in the Colombo area.
“We are so proud to welcome Stephen and Astou as our Sports Envoys to Sri Lanka, to build on the strong people-to-people connections between the United States and Sri Lanka,” said U.S. Ambassador Julie Chung. “The lessons that will be shared by our Sports Envoys – communication, teamwork, resilience, inclusion, and conflict resolution – are essential for leadership development, community building, equality, and peace. The U.S. Sports Envoy program is a testament to our belief that sports can be a powerful tool in promoting peace and unity.”
SJB Colombo District MP Mujibur Rahuman in parliament demanded to know from the government the reasons for CEB suspending the leave of all its employees until further notice from Thursday.
MP Rahuman said that the CEB has got an acting General Manager anew and the latter yesterday morning issued a circular suspending leave of all CEB employees with immediate effect until further notice.
“We demand that Minister Kanchana Wijesekera should explain this to the House. This circular was issued while this debate on the new Electricity Amendment Bill was pending. There are many who oppose this Bill. The Minister must tell parliament the reason for the urge to cancel the leave of CEB employees,” the MP said.However, Speaker Mahinda Yapa Abeywardena prevented Minister Wijesekera responding to the query and said that the matter raised by MP Rahuman was not relevant.
The Chartered Institute of Personnel Management (CIPM) successfully concluded the 8th Annual CIPM Symposium, which took place on 31st May 2024. Themed “Nurturing the Human Element—Redefining HRM in a Rapidly Changing World,” the symposium underscored the pivotal role of human resource management (HRM) in today’s dynamic global landscape. Since its inception in 1959, CIPM has been dedicated to advancing the HR profession through education, professional development, and advocacy, solidifying its position as Sri Lanka’s leading professional body for HRM.
Ken Vijayakumar, the President of the CIPM, graced the occasion as the chief guest. The symposium commenced with the welcome address by the Chairperson, Prof. Arosha Adikaram, followed by the Web Launch of the Symposium Proceedings and Abstract Book by the CIPM President. The event featured distinguished addresses, including a speech by Chief Guest Ken Vijayakumar, President of CIPM, and an address by Guest of Honor Shakthi Ranatunga, Chief Operating Officer of MAS Holdings Pvt. Ltd., Sri Lanka.
The symposium also featured an inspiring keynote address by Prof. Mario Fernando, Professor of Management and Director of the Centre for Cross Cultural Management (CCCM) at the University of Wollongong, Australia.
Vote of Thanks of the inauguration session was delivered by Dr. Dillanjani Weeratunga, Symposium Co-chair.
The symposium served as a comprehensive platform for researchers to present their findings across a wide range of critical topics in HRM. These included Cultural Diversity and Inclusion, Talent Development and Retention, Ethical Leadership and Corporate Social Responsibility, Adapting to Technological Advancements, Mental Health and Well-being at Work, Global Workforce Challenges, Employee Empowerment, and Reskilling and Upskilling.
The plenary session was led by Prof. Wasantha Rajapakse. Certificates were awarded to the best paper presenters during the valedictory session, followed by a vote of thanks delivered by Kamani Perera, Manager of Research and Development.
The annual symposium of CIPM was a truly inclusive event, attracting a diverse audience that spanned undergraduates, graduates, working professionals, research scholars and lecturers. This widespread interest highlights the symposium’s significance in the field of HRM, offering a unique opportunity for everyone to network and learn from scholarly brains.The CIPM International Research Symposium was sponsored by Hambantota International Port, Sri Lanka Institute of Information Technology (SLIIT), E B Creasy & Co. PLC, and Print Xcel Company.
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
