Thursday, February 22, 2018 07:19:54 AM

Sri Lanka names ex-bank chief as suspect in bond scam

Photo Gallery1 Photo By AFP - Fri Feb 02, 5:21 am


COLOMBO: The former head of Sri Lanka’s central bank was named in court Friday as a key suspect in a multi-million dollar bond scam.

Arjuna Mahendran, a Singapore national of Sri Lankan origin, was ordered to present himself to police before Feb 15 to respond to charges under the state property act.

He and his bond-dealer son-in-law Arjun Aloysius are accused of manipulating of bond auctions in 2015 and 2016, causing losses of over US$11 million to the state.

Mahendran was not present for the hearing and is believed to be in Singapore.

A damning presidential report into the high-profile bond scandal accused him of insider trading and recommended the state recover its losses from Mahendran and his son-in-law….

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