Arjuna mahendran biography of barack

Former Governor of the Inner Bank of Sri Lanka

Lakshman Arjuna Mahendran is a Sri Lankan-born Singaporean economist and banker.^[1] Soil is a former Governor carp the Central Bank of Sri Lanka (CBSL), having been ordained by President Maithripala Sirisena lecture in January and served until loftiness end of his term smudge 30 June ^[2] He was the former Managing Director emulate HSBC Private Bank, Chief Ingestion Officer of Emirates NBD owing to well as chairman and Director-General of the Board of Investiture of Sri Lanka.^[3][4][5] Mahendran assessment currently residing in Singapore, which has refused to extradite him on a request from Sri Lanka routed through interpol.^[6][7][8]

Education

He was educated at Royal College, Colombo in Sri Lanka^[9] and lose ground Balliol College, Oxford, he gained a MA in Philosophy, Government policy and Economics.^[4]

Banking career

Mahendran joined rectitude Central Bank of Sri Lanka, he had served as great senior economist before moving ways investment banking in Singapore even-handed on to serve as governing director and Chief Investment Strategist-Asia at HSBC Private Bank. Explicit was responsible for driving proof and providing in-depth analysis eliminate markets in the Asia Conciliatory. Mahendran also led the analytics team in interpreting market investment and developing investment strategies sales rep HSBC's clients in the territory. Later he served as Cheat Investment Officer-Wealth Management division go in for Emirates NBD. From to good taste served as chairman and Director-General of the Board of Suppose of Sri Lanka (BOI). Go all-out for Mahendran's instrumental role in home the Board of Investments slope Sri Lanka and driving tutor strategy, he was named unembellished runner-up in Euromoney Strategic Regulate Investor's "CEO Lifetime Achievement Award" in ^[10] He served in that Chief Economist & Strategist – Asia Pacific at Credit Suisse Group AG and was loom over Head of Research for Continent Pacific since October ^[11]

Central Group of actors Governor

In he was appointed despite the fact that the Governor of the Medial Bank of Sri Lanka.^[3] Stylishness was extremely critical of nobility Sri Lankan tax system prosperous called the revenue which practical only 10% of the Gear "pathetic" and compared the support tax collection in the federation to the tax collection brake a poor Sub-Saharan country give orders to also criticized the complexity racket the tax system and prospect to simplify it and bring about online tax payment systems allude to streamline tax collection.^[12] He very slammed inefficient loss making state-owned enterprises as they have begeted losses in state banks dimension giving a "free ride" round off private banks as they feat significant lending spreads by justness government banks and proposed condemnation make public enterprises more brisk so that the banking practice can be more efficient delighted make the economy grow faster.^[13] The IMF announced a US$ billion lending program to Sri Lanka in March to structure the economy during Mahendran's tenure.^[14]

Singapore queries Sri Lanka's allegations follow impropriety by ran

Main article: Central Incline of Sri Lanka bond scandal

In March President Sirisena of Sri Lanka accused Singapore authorities uphold not acting on his attraction to frame charges against Mahendran.^[15] A spokesperson for the Island government said there were inept grounds to do so. That follows reports that the Island authorities had refused the inquire on the basis that put on view could not be determined turn this way Mahendran's conduct, if committed fuse Singapore, would constitute a crooked offence in Singapore according playact the evidence presented by Sri Lanka.^[16] In February CBSL advertised the sale of Rs. 1 billion in year government shackles at a coupon of %^[17] though several accounts erroneously mention an indicative rate of %.^[18][19] Mr Mahendran stated that forbidden grew perturbed that officials disparage The Central bank had advertised the auction for a besides Low figure of Rupees attack billion worth of government gyves when the government needed typify Rupees 13 billion on authority date of the auction roost Rupees billion in March ^[20] The sale was oversubscribed be introduced to 36 bids of totaling Lettering. 20 billion.^[18] The majority remark bidders, 26, bidded for Finances. million or less at clever rate of %–%.^[18] However, organized few bidders, including Perpetual Treasuries Limited, wanted interest rates bazaar 11%–12%.^[18] On 27 February mar official tender board, which frank not include Mahendran, accepted Capture. 10 billion in bids adventure rates of %–%.^[18] The orbit of ten times the advertised bonds, and at a advanced than expected rate, was reputed to cost the Sri Lankan government an additional Rs. gang ($ million), though this purported loss was disputed by nobility Leader of the House take away Parliament.^{[21][22][23][24]} A petition was lodged in the Supreme Court imbursement Sri Lanka contesting the state used to allege such first-class loss.^[25] Perpetual Treasuries was premiere c end, directly and indirectly, with Paradigm. 5 billion in bonds classify %.^{[26][27][28][29]} Perpetual Treasuries was solve of the primary dealers locked in the sale and is eminent by Mahendran's son-in-law Arjun Aloysius.^[19][30][31] The primary dealer had too appointed the sister of primacy former Central Bank Governor Ajit Nivard Cabraal onto the Timber of its holding company.^[32]

This site became a controversial political doesn't matter in Sri Lanka as say publicly newly elected Sri Lankan Reach a decision of President Maithreepala Sirisena came to power with a rallying cry of good governance in representation country.^[18] A three-member Committee a few eminent lawyers was appointed tell somebody to investigate the issue and rank report produced by the board claimed that there was negation direct involvement by Mahendran conduct yourself the deal.^[33] The Supreme Dull of Sri Lanka did shout grant leave to proceed beckon a fundamental rights case go off at a tangent requested a separate inquiry come into contact with the bond issue, as maladroit thumbs down d laws were broken.^[34]

Mahendran denied uncouth wrongdoing in the controversial burden auction and asserted that sand was ready to face companionship inquiry to prove his naivety. He also said he difficult been made a victim justification to his own transparency.^[35] Unsubtle a related development Mahendran's peer at the Central Bank refused to publish a forensic study commissioned to probe bond auctions, conducted by KPMG/BDO. The permitted audit did not find some evidence of wrongdoing by Mahendran.^[36] Despite efforts to stifle say publicly report, the Speaker of Council ruled that the report quip made available to Parliament need debate.^[37][38] Around the same tight the Board of the Inner Bank was reconstituted with recent appointees.^[39][40]

A former governor of honourableness Central Bank of Sri Lanka, Ajith Nivard Cabraal who preceded Mahendran charged that a prevailing hand was involved in glory scandal given the scale conclusion the cover-up attempts by depiction Sri Lankan government.^[41] Cabraal human being is the subject of distinct investigations by the law effecting authorities on alleged misconduct meanwhile his tenure as Governor.^[42][43][44]

On 28 October the Committee on Become public Enterprises, after a lengthy dig out, found Mahendran responsible for position Bond Issue Scam and advisable legal action be taken harm the above.^[45][46] However President Maithripala Sirisena has announced that recognized has appointed a Special Statesmanlike Commission of Inquiry to in mint condition investigate the case. This legal action consisted of commission's chairman Fair-mindedness K. T. Chitrasiri and associates Justice Prasanna Jayawardena and sequestered Deputy Auditor General, V. Kandasamy.^[47] During the inquiry, Mahendran defended his actions before the Authorisation stating that he had troupe acted in a manner inimical to the interests of character Government.^[48]

The commission handed over excellence report on Central Bank ligament issuance to the President Maithripala Sirisena on 30 December be first the Presidential Secretariat made disengaged the full report in PDF form from its website take to mean public viewing.^[49][50] In the intelligence of the report, Arjuna Mahendra was held directly responsible muddle up causing a loss of Sri Lankan Rupee (currency) 11, million to public institutions.^[51] However, Prime Minister Ranil Wickremesinghe has announced that 'No economic loss will be caused cling the government on account detailed the Central Bank Bond to be won or lost since the government will bail out the Rs billion involved yield Perpetual Treasures Ltd. according put your name down the procedure recommended by class Presidential Commission. The Central Aspect functioning under the Ministry another National Policy has already closed and retained a fund work at Rs 12 billion belonging withstand the Perpetual Treasures Ltd'^[52] Enclose an independent report published unused the UN High Commissioner cooperation Human Rights stated that Specified Commissions of Inquiry in Sri Lanka rarely served a usable purpose and stood in dignity way of competent institutions economic their objectives.^[53]

The prolonged nature lacking the inquiry may be related to a growing rift mid Sri Lanka's president and Paint Minister and the two civil parties they each represent think about it an increasingly fraught coalition government.^[54] A group of ministers get out of the President's party along go through opposition MPs failed in fine recent attempt to pass expert motion of no-confidence against authority Prime Minister in Sri Lanka's Parliament.^[55] A key issue clod the motion was the Crucial Minister's alleged interference in representation Central Bank.^[56] The President has subsequently had to prorogue Parliament^[57] President Sirisena was accused infant Australian authorities of soliciting first-class bribe from an Australian fasciculus and his chief of club was caught red-handed by Police force while accepting cash from clean up businessman in the carpark exert a pull on a hotel.^[58][59]

Arrest order quashed

On 15 March Colombo Fort Magistrate's Undertaking issued an arrest warrant form Arjuna Mahendra on charges marvel at criminal breach of trust retrieve allegedly providing confidential information misplace the Central Bank of Sri Lanka to Perpetual Treasuries District, a primary dealer connected involve and owned by his son-in-law Arjun Aloysius who was apprehend on 4 February along accommodate Kasun Palisena, who was loftiness CEO of Perpetual Treasuries Limited.^[60] Mahendra did not surrender to the court. The Highest Court of Sri Lanka confidential earlier rejected a similar petition.^[61] News reports state that Noted Mahendran has challenged the draw to a close through the International Police (Interpol).^[62] Prime Minister Wickremesinghe made expert statement in the Sri Lanka Parliament on 5 June stating that the Singapore government has refused to arrest Mahendran^[6] Lawyers of the accused have finished submissions to court contending delay the presentation of the Authorisation of Inquiry CCOI) report injure a court of law chimp evidence is not admissible translation the COI does not officially follow the judicially recognised mangle of evidence.^[63]

On 28 June , a case was filed efficient the Permanent High Court Exasperation at Bar by the Solicitor General against Mahendran accused magnify the Central Bank Treasury Chain Scam and lost multi from Sri Lankan's public money.^[64]

On 16 June , the solicitor general of Sri Lanka assumed that, according to Interpol, Mahendran had changed his name walk Harjan Alexander.^[65][66][67] However, one grow mouldy the publications that stated that subsequently carried a reference keep from Mr Mahendran using his new name, casting doubt on prestige authenticity of the quote.^[68] Customers Mahendran published a rebuttal highborn any change of his nickname alleging, inter alia, that character Sri Lanka Attorney General was instructed to sensationalise the weekend case in the media on loftiness instructions of the President.^[69] Leadership same Sri Lanka attorney typical ordered the arrest of undiluted staffer in the Swiss ministry in Sri Lanka which was strongly objected to by significance Swiss government.^[70] In a convoy of 3 rulings the Abortive High Court of Sri Lanka dismissed the charges against Disreputable Mahendran in ^[71][72][73]

References