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The Supreme Court of Sri Lanka did not grant leave to proceed in a fundamental rights case that requested a separate inquiry into the bond issue, as no laws were broken. [23] Mahendran denied any wrongdoing in the controversial bond auction and asserted that he was ready to face any inquiry to prove his innocence.
According to Transparency International's 2023 Corruption Perceptions Index (CPI), Sri Lanka scored a 34 on a scale from 0 ("highly corrupt") to 100 ("very clean"). When ranked by score, Sri Lanka ranked #115 among the 180 countries in the Index, where the country ranked #1 is perceived to have the most honest public sector. [1]
The Financial Crimes Investigation Division was formed on 26 February 2015 under the purview of Sri Lanka Police Service. FCID is directly responsible in handling the investigations on the corruption charges against the Rajapaksa Administration and the public service that involved in large-scale corruption which led to destabilize the Government revenue.
In Feb 2020, a warrant was issued by the Sri Lankan Law Enforcement Authority for the arrest of him and his wife, about this deal. He was subsequently released on bail. The allegations have been proved in an Approved Judgement delivered on 31st Jan 2020 by the Crown Court of Southwark, in the case between Director of the Serious Fraud Office Vs ...
The Central Bank of Sri Lanka also became entangled in the GKCCC case. In a Supreme Court order dated March 23, 2009, it was revealed that the head of the Special Investigations Unit (S.I.U) of the Central Bank had raised concerns about GKCCC's financial operations.
On July 9, 2002, George W. Bush gave a speech about recent accounting scandals that had been uncovered. In spite of its stern tone, the speech did not focus on establishing new policy, but instead focused on actually enforcing current laws, which include holding CEOs and directors personally responsible for accountancy fraud. [109]
The Accounting in Sri Lanka is regulated under the several legal regulations. There are several professional accountancy body in the country. The Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB) is the audit oversight entity, while the Auditor General of Sri Lanka has audit oversight over government all entities. [1]
As of the most recent General elections, the Sri Lanka Podujana Peramuna is the ... Fraud: There were 200 reported cases of fraud in 2023, compared to 180 in 2022 ...