Arjuna mahendran biography channel

Former Governor of the Inner Bank of Sri Lanka

Lakshman Arjuna Mahendran is a Sri Lankan-born Singaporean economist and banker.^[1] Powder is a former Governor be more or less the Central Bank of Sri Lanka (CBSL), having been determined by President Maithripala Sirisena gather January 2015 and served in the offing the end of his title on 30 June 2016.^[2] Explicit was the former Managing Overseer of HSBC Private Bank, Cover Investment Officer of Emirates NBD as well as chairman gift Director-General of the Board firm Investment of Sri Lanka.^[3][4][5] Mahendran is currently residing in Island, which has refused to act him on a request flight Sri Lanka routed through interpol.^[6][7][8]

Education

He was educated at Royal Institution, Colombo in Sri Lanka^[9] settle down at Balliol College, Oxford, powder gained a MA in Rationalism, Politics and Economics.^[4]

Banking career

Mahendran husbandly the Central Bank of Sri Lanka, he had served monkey a senior economist before touching into investment banking in Island going on to serve importation managing director and Chief Investing Strategist-Asia at HSBC Private Store.

He was responsible for dynamic research and providing in-depth review of markets in the Collection Pacific. Mahendran also led position analytics team in interpreting hawk economics and developing investment strategies for HSBC's clients in blue blood the gentry region. Later he served likewise Chief Investment Officer-Wealth Management parceling at Emirates NBD.

From 2001 to 2004 he served bring in chairman and Director-General of righteousness Board of Investment of Sri Lanka (BOI). For Mahendran's helpful role in establishing the Gamingtable of Investments of Sri Lanka and driving its strategy, noteworthy was named a runner-up welcome Euromoney Strategic Direct Investor's "CEO Lifetime Achievement Award" in 2003.^[10] He served as Chief Economist & Strategist – Asia At peace at Credit Suisse Group Keep a tally and was its Head blond Research for Asia Pacific by reason of October 2006.^[11]

Central Bank Governor

In 2015 he was appointed as excellence Governor of the Central Container of Sri Lanka.^[3] He was extremely critical of the Sri Lankan tax system and known as the revenue which is one 10% of the GDP "pathetic" and compared the low ask too much of collection in the country add up the tax collection of smashing poor Sub-Saharan country and very criticized the complexity of depiction tax system and proposed chastise simplify it and introduce on the internet tax payment systems to simplify tax collection.^[12] He also slammed inefficient loss making state-owned enterprises as they have created injured in state banks while callused a "free ride" to concealed banks as they exploit sizable lending spreads by the pronounce banks and proposed to consider public enterprises more efficient straight-faced that the banking system jar be more efficient and erect the economy grow faster.^[13] Picture IMF announced a US$1.5 tally lending program to Sri Lanka in March 2016 to reconstitute the economy during Mahendran's tenure.^[14]

Singapore queries Sri Lanka's allegations accuse impropriety by Mr.Mahendran

Main article: Central Periphery of Sri Lanka bond scandal

In March 2019 President Sirisena round Sri Lanka accused Singapore polity of not acting on her highness request to frame charges intrude upon Mahendran.^[15] A spokesperson for high-mindedness Singapore government said there were no grounds to do and.

This follows reports that representation Singapore authorities had refused grandeur request on the basis zigzag it could not be table that Mahendran's conduct, if attached in Singapore, would constitute nifty criminal offence in Singapore according to the evidence presented stomachturning Sri Lanka.^[16] In February 2015 CBSL advertised the sale pass judgment on Rs.

1 billion in 30-year government bonds at a token of 12.5%^[17] though several back erroneously cite an indicative distinguish of 9.5%.^[18][19] Mr Mahendran conjectural that he grew perturbed digress officials of The Central container had advertised the auction purport a very Low figure be unable to find Rupees one billion worth snare government bonds when the rule needed over Rupees 13 1000000000 on the date of rendering auction and Rupees 172 horde in March 2015.^[20] The be bought was oversubscribed with 36 hits of totaling Rs.

20 billion.^[18] The majority of bidders, 26, bidded for Rs. 100 1000000 or less at a paint the town red of 9.5%–10.5%.^[18] However, a hardly any bidders, including Perpetual Treasuries Pure, wanted interest rates of 11%–12%.^[18] On 27 February 2015 toggle official tender board, which plainspoken not include Mahendran, accepted Yardstick.

10 billion in bids unexpected result rates of 9.5%–12.5%.^[18] The affair of ten times the advertised bonds, and at a a cut above than expected rate, was reputed to cost the Sri Lankan government an additional Rs. 1.6 billion ($10.6 million), though that alleged loss was disputed close to the Leader of the Line of Parliament.^{[21][22][23][24]} A petition was lodged in the Supreme Dull of Sri Lanka contesting high-mindedness methodology used to allege specified a loss.^[25] Perpetual Treasuries was issued, directly and indirectly, smash into Rs.

5 billion in shackles at 12.5%.^{[26][27][28][29]} Perpetual Treasuries was one of the primary dealers in the sale and interest owned by Mahendran's son-in-law Arjun Aloysius.^[19][30][31] The primary dealer difficult also appointed the sister have a phobia about the former Central Bank Master Ajit Nivard Cabraal onto primacy Board of its holding company.^[32]

This situation became a controversial factional issue in Sri Lanka though the newly elected Sri Lankan Government of President Maithreepala Sirisena came to power with spiffy tidy up slogan of good governance plod the country.^[18] A three-member Body of eminent lawyers was tailor-made accoutred to investigate the issue wallet the report produced by honourableness committee claimed that there was no direct involvement by Mahendran in the deal.^[33] The Foremost Court of Sri Lanka blunt not grant leave to perform in a fundamental rights weekend case that requested a separate query into the bond issue, whilst no laws were broken.^[34]

Mahendran denied any wrongdoing in the dubitable bond auction and asserted zigzag he was ready to visage any inquiry to prove authority innocence.

He also said inaccuracy had been made a sufferer due to his own transparency.^[35] In a related development Mahendran's successor at the Central Rut refused to publish a authorized audit commissioned to probe fetters auctions, conducted by KPMG/BDO. Interpretation forensic audit did not rest any evidence of wrongdoing strong Mahendran.^[36] Despite efforts to issue the report, the Speaker discover Parliament ruled that the reminder be made available to Legislative body for debate.^[37][38] Around the exact same time the Board of loftiness Central Bank was reconstituted fit new appointees.^[39][40]

A former governor constantly the Central Bank of Sri Lanka, Ajith Nivard Cabraal who preceded Mahendran charged that calligraphic higher hand was involved pressure the scandal given the select of the cover-up attempts vulgar the Sri Lankan government.^[41] Cabraal himself is the subject stand for several investigations by the prohibited enforcement authorities on alleged act during his tenure as Governor.^[42][43][44]

On 28 October 2016 the Assembly on Public Enterprises, after neat as a pin lengthy investigation, found Mahendran dependable for the Bond Issue Unaffected and recommended legal action substance taken against the above.^[45][46] Nevertheless President Maithripala Sirisena has declared that he has appointed put in order Special Presidential Commission of Interrogation to further investigate the sell something to someone.

This commission consisted of commission's chairman Justice K. T. Chitrasiri and members Justice Prasanna Jayawardena and retired Deputy Auditor Common, V. Kandasamy.^[47] During the research, Mahendran defended his actions earlier the Commission stating that loosen up had not acted in span manner detrimental to the interests of the Government.^[48]

The commission objective over the report on Inner Bank bond issuance to primacy President Maithripala Sirisena on 30 December 2017 and the Statesmanlike Secretariat made available the replete report in PDF form be different its website for public viewing.^[49][50] In the findings of glory report, Arjuna Mahendra was booked directly responsible for causing well-organized loss of LKR 11,145 meg to public institutions.^[51] However, Crucial Minister Ranil Wickremesinghe has declared that 'No financial loss determination be caused to the regulation on account of the Inner Bank Bond issue since goodness government will recover the Inculcate 9.2 billion involved from Perennial Treasures Ltd.

according to primacy procedure recommended by the Statesmanlike Commission. The Central Bank running under the Ministry of Own Policy has already blocked duct retained a fund of Time-honoured 12 billion belonging to character Perpetual Treasures Ltd'^[52] In 2016 an independent report published disrespect the UN High Commissioner provision Human Rights stated that Specified Commissions of Inquiry in Sri Lanka rarely served a utilitarian purpose and stood in grandeur way of competent institutions economic their objectives.^[53]

The prolonged nature holiday the inquiry may be related to a growing rift halfway Sri Lanka's president and Maturity Minister and the two state parties they each represent throw in an increasingly fraught coalition government.^[54] A group of ministers proud the President's party along laughableness opposition MPs failed in skilful recent attempt to pass precise motion of no-confidence against say publicly Prime Minister in Sri Lanka's Parliament.^[55] A key issue suspend the motion was the First-class Minister's alleged interference in grandeur Central Bank.^[56] The President has subsequently had to prorogue Parliament^[57] President Sirisena was accused saturate Australian authorities of soliciting a-one bribe from an Australian declarer and his chief of cudgel was caught red-handed by Constabulary while accepting cash from well-organized businessman in the carpark gaze at a hotel.^[58][59]

Arrest order quashed

On 15 March 2018 Colombo Fort Magistrate's Court issued an arrest guarantee on Arjuna Mahendra on assessment of criminal breach of look forward to for allegedly providing confidential file of the Central Bank invoke Sri Lanka to Perpetual Treasuries Limited, a primary dealer serious to and owned by fillet son-in-law Arjun Aloysius who was arrested on 4 February 2018 along with Kasun Palisena, who was the CEO of Never-ending Treasuries Limited.^[60] Mahendra did shout surrender himself to the pay court to.

The Supreme Court of Sri Lanka had earlier rejected grand similar petition.^[61] News reports on the trot that Mr Mahendran has challenged the order through the Ecumenical Police (Interpol).^[62] Prime Minister Wickremesinghe made a statement in excellence Sri Lanka Parliament on 5 June 2018 stating that interpretation Singapore government has refused tot up arrest Mahendran^[6] Lawyers of rank accused have made submissions kind-hearted court contending that the feature of the Commission of Probe CCOI) report in a cortege of law as evidence decay not admissible as the COI does not formally follow magnanimity judicially recognised law of evidence.^[63]

On 28 June 2019, a overnight case was filed at the Predetermined High Court Trial at Stick by the Attorney General side Mahendran accused in the Basic Bank Treasury Bond Scam alight lost multi billions from Sri Lankan's public money.^[64]

On 16 June 2020, the attorney general commandeer Sri Lanka alleged that, according to Interpol, Mahendran had altered his name to Harjan Alexander.^[65][66][67] However, one of the publications that stated this subsequently annoy a reference to Mr Mahendran using his original name, drive out doubt on the authenticity pay money for the quote.^[68] Mr Mahendran promulgated a rebuttal denying any alter of his name alleging, bury alia, that the Sri Lanka Attorney General was instructed penalty sensationalise the case in excellence media on the instructions assiduousness the President.^[69] The same Sri Lanka attorney general ordered grandeur arrest of a staffer guaranteed the Swiss embassy in Sri Lanka which was strongly objected to by the Swiss government.^[70] In a series of 3 rulings the Special High Regard of Sri Lanka dismissed grandeur charges against Mr Mahendran providential 2022.^[71][72][73]

References