State properties and institutions have been sold without informing the cabinet of ministers in the past three years, during the current administration, President Maithripala Sirisena has told heads of media insitutions.

Large sums that should have come to the Treasury had gone to private companies in a systematic matter, a statement released by his office said.

“I will continue my crusade against corruption and malpractices without giving any consideration to the political party or status of the persons involved in such deals,” the President was quoted as saying a meeting heads of media institutions.

A Presidential commission of inquiry has revealed a massive scam in rigged bond auctions where central bank misled markets saying small volumes of bonds would be offered, but sold much larger volumes, allowing insider to make a killing by bidding high.

Perpetual Treasuries, a firm connected to sacked central bank Governor Arjuna Mahendran’s son-in-law earned billions of rupees buying bonds at low prices and dumping them on a pension fund managed by the Central Bank at high prices.

President Sirisena had also come under fire over the purchase of a ship from Russia and allocation of frequencies without an auction.

Courtesy:ECONOMY NEXT