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The bond scam is also regarded as the largest reported financial scam in Sri Lanka despite the country's reputation of having a solid visionary banking system over the years. [ 2 ] [ 3 ] This was a major blow to the Sri Lankan economy and was also major setback to the newly elected government under the leadership of Maithripala Sirisena which ...
The Central Bank of Sri Lanka (abbr. CBSL; Sinhala: ශ්රී ලංකා මහ බැංකුව, romanized: Sri Lanka Maha Bankuwa) is the monetary authority of Sri Lanka. It was established in 1950 under the Monetary Law Act No.58 of 1949 (MLA) and in terms of the Central Bank of Sri Lanka Act No. 16 of 2023, the CBSL is a body ...
In 27 February 2015, newly appointed CBSL governor Arjuna Mahendran advertised the sale of Rs. 1 billion in 30-year government bonds at a coupon of 12.5% [22] Despite several accounts erroneously cite an indicative rate of 9.5%. [23] [24] The sale was oversubscribed with 36 bids of totaling Rs. 20 billion. The majority of bidders, 26, bid for ...
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Former Mozambican Finance Minister Manuel Chang was convicted Thursday in a financial conspiracy case that welled up from from his country's “ tuna bond ” scandal and swept into a U.S. court.
Lakshman Arjuna Mahendran is a Sri Lankan-born Singaporean economist and banker. [1] He is a former Governor of the Central Bank of Sri Lanka (CBSL), having been appointed by President Maithripala Sirisena in January 2015 and served until the end of his term on 30 June 2016. [2]
He was accused of financial misappropriation following investment in Greek sovereign bonds which resulted in a major loss to the government during his first term. [ 14 ] From December 2019 to August 2020, Cabraal was a senior advisor to the prime minister on economic affairs [ 15 ] and was appointed as a board member of the "Api Wenuwen Api ...
Yield burning was a method by which major Wall Street U.S. municipal bond dealers cheated the United States government out of millions of dollars of revenue. [1] The scam was initially exposed by whistleblower Michael Lissack in 1994, and eventually the firms involved settled with the government for $205 million.