JVP alleges both major parties lack financial integrity

By Shamindra Ferdinando-July 14, 2015

JVP leader Anura Kumara Dissanayake yesterday alleged that those who had been attacking the UNP over controversial Central Bank transaction turned a blind eye to what happened during the Rajapaksa administration.

There had been a spate of questionable Central Bank transactions during that time though none of those UPFA politicians dared take up those questionable deals, former MP Dissanayake said. The JVPer was responding to The Island after having handed over nominations to contest the Colombo District.

Dissanayake recalled the Central Bank investment of about 22 mn Euros valued in 2011 at more than Rs. 3.4 bn in Greek government bonds in spite of that country experiencing an unprecedented financial crisis.

The previous government conveniently ignored the fact that the investment was made without securing approval from the Monetary Board, the JVP said, alleging the UPFA ignored even the basic financial rules and regulations.

Responding to a query, Dissanayake pointed out that those who had been critical of the foolish investment in Greek bonds, misuse of EPF funds as well as manipulation of financial market were either silent or compelled to defend the recent Central Bank transaction.

Both major political parties had proved repeatedly they didn’t care for financial integrity, Dissanayake said.

Strongly criticizing UNP’s attempts to hush up a parliamentary dossier on the alleged Central Bank bond scam, Dissanayake said the JVP had faith in the Committee on Public Enterprises (COPE). The UNP’s handling of the alleged scam reflected its determination to protect those responsible regardless of dire consequences.

Referring to the investment made in Greek bonds, Dissanayake said that the previous government never examined the transaction though the then Auditor General questioned the viability of the Central Bank’s analysis on market conditions. The AG asserted the investment questionable.

The AG also noted that at the time the investment was made, the international rating agency Moody’s had downgraded Greece to "B1". 

Dissanayake said that the UPFA and the UNP had disregarded revelations made by the AG, COPE as well as the Public Accounts Committee (PAC). In fact, none of those politicians and officials who had been responsible for colossal losses had ever been punished though the COPE regularly tabled reports in parliament.

During Communist Party General Secretary Dew Gunasekera’s tenure as COPE Chairman, the watchdog committee submitted four reports, Dissanayake said. The JVPer said that the two major parties had proved over and over again that they weren’t interested in restoring financial integrity. Dissanayake asserted that it would be a grave mistake on the part of the electorate to believe either the UPFA or the UNP-led alliance could implement a genuine anti-corruption project. Dissanayake pointed out how the previous government bungled the preparation of a new Audit during the then President Mahinda Rajapaksa’s first term.

The JVP leader said that the country was facing a grave threat due to mismanagement of the national economy. Revelations made by the AG as well as the COPE had shed light on corrupt practices and questionable polices implemented by the two major parties, Dissanayake said.

Responding to another query, Dissanayake said that both major parties promoted economic hit-men. The country couldn’t make much headway though the war ended over six years ago due to corruption in both public and private sectors. The COPE had repeatedly shown how private-public partnership caused losses to the national economy, Dissanayake said, adding that a proper analysis of COPE and AG’s reports would expose those who had been masquerading as clean politicians.