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බැඳුම්කර වංචාව
- Thread starter scorpion MW
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පිට රටට ගිය එකනම් එළිදරව් උනේ නෑ. Perpetual treasury එකට අඩු ගාණට බැදුම්කර ගන්න පුළුවන් උනා. අනික් සමාගම් වලට බැරි උනා. අනික් උන් දැනගෙන හිටියේ නෑ අමතර බැදුම්කර නිකුතුවක් වෙනවා කියලා.
මුන් ට එ නිසා අඩු ගාණට බැදුම්කර ගන්න පුළුවන් උනා. අඩු ගාණට ගත්ත බැදුම්කර වලට ලැබෙන ප්රතිලාභය (පොලිය) තමයි ඔතන වංචාවෙන් අමතරව උපයාගත් මූදල වෙන්න ඕනේ.
මුන් ට එ නිසා අඩු ගාණට බැදුම්කර ගන්න පුළුවන් උනා. අඩු ගාණට ගත්ත බැදුම්කර වලට ලැබෙන ප්රතිලාභය (පොලිය) තමයි ඔතන වංචාවෙන් අමතරව උපයාගත් මූදල වෙන්න ඕනේ.
එතකොට ඕකෙන් වුනු පාඩුව පොටෙන්ෂල් ප්රොෆිට් එක අඩුවුන එක විතරද ? (ලැබෙන්න තිබ්බ ලාබය අඩු වුන එක)
හරියට දන්න එකෙක් කියපන්කො
මචං සල්ලි ටික පිට රටට ගියා නම් තමයි ලොකුම අවුල.. මේ තියන විදියට සල්ලි ටික මෙහේ තියන ව නම් shape
රු බිලියන 8.9 ද බං? මේවා නම් ටිකක් විශ්වාස කරන්න අමාරු යි. මොකද හොරු විසින් හොරු රකිනවා නේ.. නිල නොවන ඒව තමයි ලංකාවේ පිළිගන්න පුලුවන් වෙලා තියෙන්නේ මේ දෙපිරිසම හොරු නිසා
ඒක නම් අභ්යන්තර ගැටලුවක් නේ.. doller විදියට රටින් එළියට ගියා නම් තමයි ලොකුම අවුල.
First we should understand what is the type of Bond where issue arose.
This is CB bonds issued locally to raise money for govt.
Why this sudden issue?
MR and govt since late near to election , had differed lot of loan premiums (payments) and even payments for contracted projects where work was done , were delayed(instead some undocumented corrupt payments were paid for projects that were not started!!)
So there was a huge debt obligation , payments due for the new govt 2015 and they decided to borrow from local market instead of going for ISB(international soverign bonds). This was done mainly due to already dwindling FC situation but later they had no option but to borrow heavily from ISB mainly to pay for unviable project loans from China and ISBs that matured .
Govt obtain money from local money market issuing bonds.
When govt call for a huge amount of money the primary dealers (like perpetual ) , know the dire need of govt and always want a higher rate of interst.
Instead of then Gov Mahendran called for a very small amount by rupees bond (knowing well that was not sufficient) but had passed the -tip(I believe so) to perpetual to offer higher amount of rupees at the auction.
so instead of accepting a small amount published at auction CB accepted a very large amount (the amount govt needed) and only primary dealer who offered such a big amount was perpetual !! (who else would offer such a big amount when called for smaller amount) and it was accepted.
Next thing he did was he increased the interest rate from the auctioned rate.( I do not know how gov can increase such interest rate for bonds issued by CB and legality of that, but it was done and it was done by sole instigation of gov Mahendran). So CB accepted a local currency from primary dealer at about 0.5%(500bp) higher that rate published for auction and also larger sum
First question answer - Some values were given by CB officials at Bond Commission but it is clear those values could not be supported, and only speculative. Bond market is also like share market hence it is difficult to assess any loss due to a share bought by 'insider dealing' to company.
This is similar to 'insider dealing ' in shares in Bonds . There is no criminal offence of 'insider dealings' in Bonds even in the new Secutiries Exchange Act No 19 of 2021 had not criminalized 'insider dealings ' of bonds.(we criminalized insider dealings in shares in 1990s-30 years ago but not Bonds even after this ??? Why ? Even today Bond market is not done in transparent manner like share market and we rely on Ordiance No 7 of 1937 but there is no criminal offence under said ordinance for insider dealing or providing market signals or tips etc. Obviously we cannot rely on Ordince No 7 of 1937 or any regulations issued under that for Criminal Offehasnce . If a regulation is breached CB may cancel or blaklist primary dealer .
Bond commission it had arrived at that amount 8.9 billion LKR (which will be about 0.0445 billion USD at USD 200 which is less than USD45 million according to three member commission.
Second- No Perpetual is Primary dealer and their entire assets were frozen . This is local company if money to be transferred there are strict rules of CB.
Three- No .
(this is what I know from my limited knowledge about bonds in simple language any person which better knowledge can correct me if wrong. I have simplified the issue for general consumption and not an expert on the subject at all though had read about it including some rubbish .)
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මට තේරෙන විදියට මෙහෙමයි. තරගකාරී මිලට ගන්න තිබ්බ chance එක අඩු උනා. ඒක තමයි පාඩුව.
බැදුම්කර කියන්නේ ආණ්ඩුවට සල්ලි ණයට ගන්නා මහබැංකු නිකුත් කරන Financial instruments එකක්. මෙක රුපියල් & USD වලින් නිකුත් කරන්න පුළුවන්.
මහබැංකුව බැදුම්කර නිකුත් කරන්නේ යම් පොලියකට යටත්ව ස්ථාවර කාළයක් ඉවර උනාම කල් පිරෙන ලේස.
Eg: රු 100 වටිනාකමක් වන බැදුම්කරයක් පොලිය 10% යටත්ව අවුරුදු 5 ක දි කල් පිරිමකට යටත්ව.
එතකොට මහබැංකුව බැදුම්කර නිකුත් කරණකොට ගන්න උන් bid කරනවා පොලිය (සමානය මිනිස්සු ට ගන්න බෑ. ප්රාථමික ගැණුම් කරුවන් ට විතරයි ගන්න පුළුවන්). අපිට ගන්න වෙන්නේ මෙන්න මේ ප්රාථමික ගැනුම් කරුවන් ගෙන්.
පොලිය 10% නම් බැදුම්කර ගන්න එකා ගෙවන්න ඕනෙ රු. 90 යි. එක බැදුම්කරයකට. ඒක කල් පිරෙන කොට මහබැංකු Rs.100 ගානේ ගෙවනවා. හැබැයි ඔතනට එන ප්රාථමික ගැණුම් කරුවන් bid කරනවා පොලියට. එතකොට පොලිය අඩු වෙන්න පුළුවන්. ඒක රජයට ලාභයි. අඩු පොලියට ණය ගන්න පුළුවන් වීමක් එක.
ඔතාන උනේ මුලින් advertised කරේ Rs. 1 billion බැදුම්කර අවුරුදු 30 ක කල් පිරීමකට කියල. ඒත් බැදුම්කර නිකුතුව වෙන වෙලාවෙ මහබැංකුව Rs. 10 billion නිකුතුවක් කරනවා කිව. හැබයි අනික් ප්රාථමික ගැණුම් කරුවන් ලෑස්ති වෙලා හිටියේ Rs. 1 billion ප්රමාණයක ට. Perpetual treasury උන් කාලීන මෙක දැනගෙන Rs. 10 billion වලට bid කරන්න funds ready කරන් ඉඳලා තියෙනෙවා. එතකොට වෙන කව්රුත් bid කරේ නෑ අර වැඩිපුර Rs. 9 billion ගන්න අරුන් ගත්තා තරග කාරී bid කිරීමකින් තොරව.
අනික් උන් 9.5%–10.5%.වලට බැදුම්කර ගන්න කොට perpetual treasury උන් 11%-12.5% ට වැඩි පොලියට ගන්න පුළුවන් උනා. ආණ්ඩුවට වැඩි පොලියක් ගෙවන්න වෙනවා ඔය බැදුම්කර කල් පිරෙන කොට. (ඒ කියන්නේ තව අවුරුදු 30 කින්). Perpetual treasury උන්ට ඔය bonds secondary market එකේ sell කරලා වැඩි පොලියක් ලබාගන්නා පුළුවන්.
පොඩි පොලී අනුපාතයේ වෙනසක් වගේ පෙන්නුම් කරාට මෙක ලොකු ගනුදෙනුවක් නිසා වංචාව ලොකුයි.
මෙන්න Wikipedia article එකෙන් හොඳට තේරුම් ගන්න පුළුවන් වෙයි.
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බැඳුම්කර kiyanne mokadda, වංචාව kohomada une kiyala ketiyen kauru hari explain karapan ko..
maha lokuwata බැඳුම්කර වංචාව, maha dawal bankuwa kolla kaawa kiuwata ahana ahana ekek wath බැඳුම්කර kiyanne mokadda kiyala wath danne na!
maha lokuwata බැඳුම්කර වංචාව, maha dawal bankuwa kolla kaawa kiuwata ahana ahana ekek wath බැඳුම්කර kiyanne mokadda kiyala wath danne na!
Very well explained, thanks machan! People lacking financial literacy here in SL is the top reason why there's so much corruption.
එහෙම වෙන්න ක්රමයක් නෑ. දැන් ඔය උන්ගේ account freeze කරලා අරගෙන තියෙන්නේ secondary market එකේ විකුණලා ගත්තා සල්ලි වෙන්න ඇති. Guess කිරීමක් පමණි.
"As set out earlier in Chapter 19, we have determined that, the Government of Sri Lanka suffered an avoidable loss of Rs. 688,762,100/- .." from bond sale on 27.2.2015. see page 917 of Bond Commission Report
If your are interested you may read this (good for bed time reading !!) http://www.presidentsoffice.gov.lk/wp-content/uploads/2018/01/CBSL Bond book edited A4 no signature.pdf This is bond commission report .With due respect to three commission members (one is already dead) the report is confusing and no direction and purposefully made too lengthy with evidence of all witnesses for 117 days!
Lacked any depth in the analysis but just reporting evidence (which is normally done by reporters!!)
Issues are to me
a. Is there a criminal charge for 'insider dealing' for Bonds? If so who are the charges and what are the laws for such issues?
(bond commission 1937 Ordinance No7 and some CB guide lines issues to primary dealers , but lacks specificity. This 1154 page report has neither metioned specific guide live violated !! This is ridiculous to say the least.
"We are of the view that, in the aforesaid circumstances, Perpetual Treasuries Ltd has knowingly violated and acted in breach of the provisions of the Code of Conduct for Primary Dealers, which has been issued by the CBSL under and in terms of the Regulations issued under the Registered Stock and Securities Ordinance No. 7 of 1937.." page 910
So the Commission had not stated which Guide Line issued in which year . on which date and what was the exact guide line violated (This is similar to police handing over a 'spot fine' stating you have violated Motor Traffic Act? (The exact violation in the Guide Line needs to be stated )
I could not find this Guide Line from CB web site either. If one has can please post it and would be thankful.
Sometimes Guide Lines are issued as Code of Conduct or Best Practice , not to punish . So one needs to read this Guide Lines and commission report which had so many irrelevant annexed documents including sensitive data of CB (which was not released to public for obvious reasons) had not included this vital Guide Lines , which the commission alleges were the violations and subject to an offence.
What is the guide line broken and what is the consequence of such violation? Not stated
b. What are the provisions available in other countries UK, US, Singapore for regulation of Bonds? To stop insider dealings, tips, market signals being issued.
Again inCivil claim for damages what is the type of action govt can file(eg breach of contract, negligence , tort etc ) is lacking in the report.
d. If criminal charge cannot be established , what are the civil remedies available ? Unfortunately this is also missing. It had not stated how this could be done and what is the basis on which claim for money is to be made.
This commission deliberated over one year with lot of time and money spent but unfortunately much to be desired(similar to Easter Bomb commission which had not identified key issues!! referred)
This was the same in LLRC commission report too. It was never meant to recommendation about ethnic issue but what happened at the end of war and how to prevent any violation of humanitarian law at the end of war. Read terms of reference and LLRC report . But unfortunately NGOs and INGOs and even UNHCR used LLRC report as bible , but one needs to read it to understand . It had not touched whether there were HR violations at the end phase of war at all and what can be done to prevent such a situation.!
This is how public money is wasted by commissions and no one reads them!
This is my observations after reading them with an independent mind.
This is the type of Commission Reports we get one should not be misled due to number of pages but the content and TOR and what is stated there.(like in exams)
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