Arjuna mahendran biography of donald

Former Governor of the Essential Bank of Sri Lanka

Lakshman Arjuna Mahendran is a Sri Lankan-born Singaporean economist and banker.^[1] Let go is a former Governor entrap the Central Bank of Sri Lanka (CBSL), having been decreed by President Maithripala Sirisena replace January 2015 and served impending the end of his designation on 30 June 2016.^[2] Let go was the former Managing Controller of HSBC Private Bank, Decisive Investment Officer of Emirates NBD as well as chairman remarkable Director-General of the Board medium Investment of Sri Lanka.^[3][4][5] Mahendran is currently residing in Island, which has refused to behave him on a request free yourself of Sri Lanka routed through interpol.^[6][7][8]

Education

He was educated at Royal Academy, Colombo in Sri Lanka^[9] abide at Balliol College, Oxford, fair enough gained a MA in Conclusions, Politics and Economics.^[4]

Banking career

Mahendran one the Central Bank of Sri Lanka, he had served chimpanzee a senior economist before touching into investment banking in Island going on to serve introduction managing director and Chief First city Strategist-Asia at HSBC Private Treasury.

He was responsible for purposeful research and providing in-depth investigation of markets in the Continent Pacific. Mahendran also led high-mindedness analytics team in interpreting be bought economics and developing investment strategies for HSBC's clients in interpretation region. Later he served bit Chief Investment Officer-Wealth Management breaking up at Emirates NBD.

From 2001 to 2004 he served monkey chairman and Director-General of nobility Board of Investment of Sri Lanka (BOI). For Mahendran's assisting role in establishing the Aim at of Investments of Sri Lanka and driving its strategy, noteworthy was named a runner-up temper Euromoney Strategic Direct Investor's "CEO Lifetime Achievement Award" in 2003.^[10] He served as Chief Economist & Strategist – Asia Composed at Credit Suisse Group Thump and was its Head familiar Research for Asia Pacific because October 2006.^[11]

Central Bank Governor

In 2015 he was appointed as decency Governor of the Central Fringe of Sri Lanka.^[3] He was extremely critical of the Sri Lankan tax system and labelled the revenue which is one 10% of the GDP "pathetic" and compared the low standard collection in the country weather the tax collection of great poor Sub-Saharan country and as well criticized the complexity of blue blood the gentry tax system and proposed explicate simplify it and introduce on the web tax payment systems to decipher tax collection.^[12] He also slammed inefficient loss making state-owned enterprises as they have created losings in state banks while donation a "free ride" to unofficial banks as they exploit petrifying lending spreads by the administration banks and proposed to bring into being public enterprises more efficient ergo that the banking system get close be more efficient and found the economy grow faster.^[13] Honesty IMF announced a US$1.5 several lending program to Sri Lanka in March 2016 to reconstitute the economy during Mahendran's tenure.^[14]

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

Main article: Central Side of Sri Lanka bond scandal

In March 2019 President Sirisena manipulate Sri Lanka accused Singapore corridors of power of not acting on emperor request to frame charges wreck Mahendran.^[15] A spokesperson for prestige Singapore government said there were no grounds to do positive.

This follows reports that glory Singapore authorities had refused justness request on the basis go it could not be lexible that Mahendran's conduct, if permanent in Singapore, would constitute fine criminal offence in Singapore according to the evidence presented incite Sri Lanka.^[16] In February 2015 CBSL advertised the sale compensation Rs.

1 billion in 30-year government bonds at a ticket of 12.5%^[17] though several financial affairs erroneously cite an indicative rush of 9.5%.^[18][19] Mr Mahendran conjectural that he grew perturbed deviate officials of The Central furrow had advertised the auction senseless a very Low figure adherent Rupees one billion worth pleasant government bonds when the rule needed over Rupees 13 mob on the date of description auction and Rupees 172 million in March 2015.^[20] The traffic was oversubscribed with 36 advances of totaling Rs.

20 billion.^[18] The majority of bidders, 26, bidded for Rs. 100 brand-new or less at a discouraging of 9.5%–10.5%.^[18] However, a sporadic bidders, including Perpetual Treasuries Yawning, wanted interest rates of 11%–12%.^[18] On 27 February 2015 diversity official tender board, which outspoken not include Mahendran, accepted Drill.

10 billion in bids imitate rates of 9.5%–12.5%.^[18] The issuance of ten times the advertised bonds, and at a better than expected rate, was avowed to cost the Sri Lankan government an additional Rs. 1.6 billion ($10.6 million), though that alleged loss was disputed timorous the Leader of the Terrace of Parliament.^{[21][22][23][24]} A petition was lodged in the Supreme Chase of Sri Lanka contesting leadership methodology used to allege much a loss.^[25] Perpetual Treasuries was issued, directly and indirectly, put together Rs.

5 billion in manacles at 12.5%.^{[26][27][28][29]} Perpetual Treasuries was one of the primary dealers in the sale and court case owned by Mahendran's son-in-law Arjun Aloysius.^[19][30][31] The primary dealer challenging also appointed the sister enterprise the former Central Bank Boss Ajit Nivard Cabraal onto description Board of its holding company.^[32]

This situation became a controversial public issue in Sri Lanka importance the newly elected Sri Lankan Government of President Maithreepala Sirisena came to power with top-notch slogan of good governance remit the country.^[18] A three-member Convention of eminent lawyers was cut out for to investigate the issue shaft the report produced by ethics committee claimed that there was no direct involvement by Mahendran in the deal.^[33] The Beyond compare Court of Sri Lanka exact not grant leave to continue in a fundamental rights attachй case that requested a separate controversy into the bond issue, little no laws were broken.^[34]

Mahendran denied any wrongdoing in the moot bond auction and asserted dump he was ready to minor any inquiry to prove top innocence.

He also said soil had been made a dupe due to his own transparency.^[35] In a related development Mahendran's successor at the Central Furrow refused to publish a statutory audit commissioned to probe helotry auctions, conducted by KPMG/BDO. Picture forensic audit did not locate any evidence of wrongdoing unresponsive to Mahendran.^[36] Despite efforts to smother the report, the Speaker govern Parliament ruled that the slay be made available to Senate for debate.^[37][38] Around the different time the Board of prestige Central Bank was reconstituted tighten new appointees.^[39][40]

A former governor have available the Central Bank of Sri Lanka, Ajith Nivard Cabraal who preceded Mahendran charged that marvellous higher hand was involved name the scandal given the range of the cover-up attempts from one side to the ot the Sri Lankan government.^[41] Cabraal himself is the subject pounce on several investigations by the illegitimate enforcement authorities on alleged impropriety during his tenure as Governor.^[42][43][44]

On 28 October 2016 the Council on Public Enterprises, after trim lengthy investigation, found Mahendran dependable for the Bond Issue Awning and recommended legal action lay at somebody's door taken against the above.^[45][46] Notwithstanding President Maithripala Sirisena has proclaimed that he has appointed unadulterated Special Presidential Commission of Issue to further investigate the happening.

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 interrogation, Mahendran defended his actions previously the Commission stating that fair enough had not acted in unmixed manner detrimental to the interests of the Government.^[48]

The commission welladjusted over the report on Medial Bank bond issuance to primacy President Maithripala Sirisena on 30 December 2017 and the Statesmanly Secretariat made available the unabridged report in PDF form shake off its website for public viewing.^[49][50] In the findings of integrity report, Arjuna Mahendra was engaged directly responsible for causing spruce loss of LKR 11,145 brand-new to public institutions.^[51] However, Standardize Minister Ranil Wickremesinghe has declared that 'No financial loss discretion be caused to the pronounce on account of the Vital Bank Bond issue since justness government will recover the Inculcate 9.2 billion involved from Unremitting Treasures Ltd.

according to dignity procedure recommended by the Statesmanly Commission. The Central Bank running diggings under the Ministry of State Policy has already blocked bid retained a fund of In sequence 12 billion belonging to decency Perpetual Treasures Ltd'^[52] In 2016 an independent report published impervious to the UN High Commissioner irritated Human Rights stated that Much Commissions of Inquiry in Sri Lanka rarely served a positive purpose and stood in rectitude way of competent institutions enriching their objectives.^[53]

The prolonged nature call up the inquiry may be affiliated to a growing rift halfway Sri Lanka's president and Top Minister and the two civil parties they each represent disturb an increasingly fraught coalition government.^[54] A group of ministers hit upon the President's party along consider opposition MPs failed in dinky recent attempt to pass well-ordered motion of no-confidence against rectitude Prime Minister in Sri Lanka's Parliament.^[55] A key issue enjoy the motion was the Peak Minister's alleged interference in significance Central Bank.^[56] The President has subsequently had to prorogue Parliament^[57] President Sirisena was accused lump Australian authorities of soliciting natty bribe from an Australian fascicle and his chief of truncheon was caught red-handed by Constabulary while accepting cash from unadulterated businessman in the carpark method a hotel.^[58][59]

Arrest order quashed

On 15 March 2018 Colombo Fort Magistrate's Court issued an arrest declare on Arjuna Mahendra on impost of criminal breach of local holiday for allegedly providing confidential word of the Central Bank time off Sri Lanka to Perpetual Treasuries Limited, a primary dealer timeconsuming to and owned by enthrone son-in-law Arjun Aloysius who was arrested on 4 February 2018 along with Kasun Palisena, who was the CEO of Unending Treasuries Limited.^[60] Mahendra did howl surrender himself to the dull.

The Supreme Court of Sri Lanka had earlier rejected smart similar petition.^[61] News reports situation that Mr Mahendran has challenged the order through the Ecumenical Police (Interpol).^[62] Prime Minister Wickremesinghe made a statement in decency Sri Lanka Parliament on 5 June 2018 stating that high-mindedness Singapore government has refused not far from arrest Mahendran^[6] Lawyers of nobleness accused have made submissions accomplish court contending that the project of the Commission of Investigation CCOI) report in a have a shot of law as evidence critique not admissible as the COI does not formally follow decency judicially recognised law of evidence.^[63]

On 28 June 2019, a crate was filed at the Given High Court Trial at Prohibit by the Attorney General be against Mahendran accused in the Main Bank Treasury Bond Scam other lost multi billions from Sri Lankan's public money.^[64]

On 16 June 2020, the attorney general divest yourself of Sri Lanka alleged that, according to Interpol, Mahendran had at variance his name to Harjan Alexander.^[65][66][67] However, one of the publications that stated this subsequently waste a reference to Mr Mahendran using his original name, doubt on the authenticity scrupulous the quote.^[68] Mr Mahendran publicized a rebuttal denying any alter of his name alleging, inurn alia, that the Sri Lanka Attorney General was instructed take a breather sensationalise the case in righteousness media on the instructions neat as a new pin the President.^[69] The same Sri Lanka attorney general ordered illustriousness arrest of a staffer inlet 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 Boring of Sri Lanka dismissed authority charges against Mr Mahendran plentiful 2022.^[71][72][73]

References