Mate, when next time comes around MR will be over 75 years old and hopefully exposed for all the crimes.
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Blind followers of MR what have you got to say to this????
- Thread starter mylanka58
- Start date
Mate, when next time comes around MR will be over 75 years old and hopefully exposed for all the crimes.
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well um not a big fan of mr either
i just respect the man for ending 30 years of war that we hv been facing
if they are so educated y cant they issue a formal reply to mr's statement abt foreign debts
we all know what unp does is fcuking up this country
stupid buggers just make up stories that you guys want to hear
i dnt know why a GENIUS like you can't figure it out
well i knw for a fact that mr has done something for sl than any other president
and this aint wat people expected from ranil and sirisenage
stupid morons are arresting people who fought for this country while fcuking releasing LTTE SOBs
http://www.ft.lk/article/533488/Truth-behind-the---6-361-loans-of-the-present-Government
Truth behind the $ 6,361 loans of the present Government
Tuesday, 29 March 2016 00:00
The accusation by the former President
Former President Mahinda Rajapaksa has been repeating ad nauseam over the last few weeks that the present Government has taken $ 6,361 million in foreign loans in its 15-month lifespan thus far but hadn’t even built a culvert with that money.
He says that he could have built two Mattala Airports, one Hambantota Port, one Norochcholai Coal Power Plant, one Colombo-Matara Highway, one Colombo-Katunayake Highway, not one, but two Colombo Port cities and one 500 MW Sampur Coal Power Plant with that money.
Finally, he says that the present Government is incapable of running the country and that he should be given the opportunity once again to ‘rescue’ Sri Lanka.
The calculation of the $ 6,361 in loans
Rajapaksa’s calculation of the $ 6,361 million the present Government borrowed is as follows:
1. Currency swap of $ 400 million in March 2015 and $ 1,100 million in May 2016. So in currency swaps, the total is $ 1,500 million.
2. International Sovereign Bond of $ 650 million in May 2015 and another $ 1,500 million ISB in October 2015. So in ISBs, the total is $ 2,150.
3. Sri Lanka Development Bonds totaling $ 2,711 during the tenure of the new Government.
So, adding together all of the above Rajapaksa comes up with the grand total of $ 6,361 million ‘debt’ that the present Government got into in the last 15 or so months. Let us analyse them one by one.
Currency swaps
What is a currency swap? It is a swap; meaning an exchange. In a central bank currency swap, two central banks exchange a particular currency with another with an agreement to unwind that swap at a given date at a given exchange rate and or a given interest rate.sg
India has such swap agreements with each SAARC country for up to $ 2,000 million on which they can draw if needed. In fact, during Rajapaksa’s rule, in September 2014, Sri Lanka also entered in to a $ 1,600 million (or Yuan 10 billion) swap agreement with China.
While most of the time currencies are exchanged, sometimes they are not, but is structured as a short-term loan to be paid back with interest. In the recent case of India, I understand it was the latter.
These short term exchanges are, for the most part, used to either tide over currency pressure or to directly settle bilateral trade transactions. And these take place all the time around the world. As at present US, Canada, Euro Area, Switzerland, Japan, Australia, China, Australia, UK, India, Brazil, Singapore, Indonesia, Pakistan, Korea besides Sri Lanka and dozens of others have various swap agreements between and among them. They utilise them based on need.
Rajapaksa attempts to portray that Sri Lanka got in to ‘debt’ with India to the tune of $ 1,500 million in currency swaps. The reality is quite different.
A $ 400 million swap was entered into in April and unwound in October. Another $ 1,100 million swap was entered into in September 2015 and unwound in March 2016. This means the ‘short-term loans’ were taken and already settled. The two central banks can at any time re-enter into swaps to be unwound at agreed upon dates as per the SAARC or any other specific currency swap agreement. I believe they have entered into another $ 400 million short-term swap recently to be unwound soon and are discussing another $ 700 million swap. These, as described are short-term facilities that are cleared in a matter of months at the most (the $ 1,500 million referred to has already been settled) and not the kind of ‘debt’ as implied.
International Sovereign Bonds
Now, let us take the International Sovereign Bonds, or ISBs. Yes, the new Government has issued 2,150 million in ISBs in 2015.
If one takes a cursory glance at the history of ISBs, it becomes clear that it was during Rajapaksa’s time the ISB program was started. In fact, there is nothing wrong with ISBs if used for productive purposes, and in 2014 his Government issued $ 1,500 in such bonds. But, as far as we know, by and large the proceeds were not used for the intended purposes but instead for general budgetary support.
In addition to the ISBs that year Rajapaksa’s Government used SriLankan Airlines and the National Savings Bank, among others, to issue international bonds for an additional $ 175 million and $ 250 million respectively bringing the total international bonds, both sovereign and corporate, to $ 1,925 million.
The year prior to that, in 2013, his Government got NSB to issue $ 750 million in five-year international bonds for the highest ever interest rate of 8.875% plus fees when the global five-year benchmark was only 1.3%. Some may recall that the then Chairman, who was brought in after the infamous transaction where NSB purchased shares of the bankrupt ‘The Finance Company’ for a hugely inflated amount, was replaced by a ‘yes person’ to proceed with the same as he was not willing to enter in to another disaster. For those interested, NSB purchased shares of TFC for Rs. 49.50 while today the shares are trading at just Rs. 3.25.
The unbiased reader will appreciate that it is not easy to make drastic adjustments to the current ISB program which has been set in motion many years ago; meaning to pay back the amount without rolling over. Nevertheless, the present Government is doing its very best to bring the program to a manageable level, and utilise the proceeds for useful capital expenditure. The overall objective is to reduce the debt to equity ratio in projects by increasing foreign direct investments on public-private-partnership basis, among others.
The hidden loans
A point to note is that, as referred to earlier, Rajapaksa used SriLankan and NSB as well as the Urban Development Authority, the National Water Supply and Drainage Board and the Road Development Authority among others to ‘hide’ the debt from the national debt figure so that he could argue that national debt to GDP was coming down.
The argument was that these State-Owned Enterprises had strong balance sheets and could borrow and repay on their own. However, it is well known that none of these SOEs have the capability of paying back the massive loans they have taken and at the end of the day the treasury is called upon to make payment. The recent exposé on the way SriLankan had borrowed and how it is becoming an unbearable burden on the Government to service the loans is a clear example of how wrong the thinking was; or perhaps how arrogant the decision makers were with no concern about being responsible to society.
These ‘hidden loans’ are part of the $ 1 trillion that the Prime Minister has been speaking on recently for which a forensic audit is to be conducted to get accurate details.
Sri Lanka Development Bonds
Finally, let us take the case of Sri Lanka Development Bonds or SLDBs. I had argued many years ago that this was a misnomer; as SLDBs were never, or hardly ever used for development purposes. They were used to repay SLDBs, in particular, coming due; to rollover.
SLDBs are issued locally for those who can invest in USD denominated debt instruments and the tenor usually ranges from a few months to a few years. They are typically taken up by local banks and other eligible parties to receive tax free interest income.
Yes, SLDBs worth $ 2,491 million had been issued in 2015 to roll over loans taken in the past for the most part and some additional funding. Total outstanding SLDBs stood at $ 2,984 as at end of 2014. A total of $ 2,084 million is due in 2016 and at least that amount would have to be issued to roll them over unless other funds are found.
Project costs and project loans
Now, let us turn to the costs that Rajapaksa has provided for some of the large white elephant projects that were started during his period. The objective here is not to discuss whether the costs were competitive or whether they were inflated, but to show the amounts shown and the actuals spent are vastly different and that they were funded by project loans.
For instance, he says the Magampura Mahinda Rajapaksa Port cost $ 426 million to construct, but the actual cost thus far has been over $ 1,300 million and it is not yet complete. This figure is without the associated costs including $ 130 million on oil storage tanks that have never been used.
In fact, almost all of the funds that were utilised to build these infrastructure projects came from project specific loans be it from China or elsewhere. This includes the rest of the projects in his list; Mahinda Rajapaksa International Airport in Mattala included.
So, even though Rajapaksa attempts to make it seem that the various loans that were taken by the present Government could have been used to build infrastructure, including culverts, the facts are totally opposite to that.
Government-owned infrastructure is built using long-term project loans unless governments have surpluses or are public private partnerships. No infrastructure has ever been built using swap agreements anywhere in the world and short tenor ISBs are not suited for assets that take a fairly long time to start generating revenue. As mentioned earlier, SLDB is a misnomer and is not suited for development projects.
For example, the first $ 306 million for the MMRP was from China EXIM Bank, originally agreed upon at LIBOR + 0.90%, or today’s rate of 1.78% but subsequently changed to fixed rate of 6.30% on a Cabinet paper presented by Rajapaksa himself; the next $ 140 million again from the same bank including the $ 45 million to blast a ‘rock’ that created much discussion and a further $ 808 million also from China EXIM Bank for Phase II. The Phase I loan, signed in 2007, has a 15-year tenor with a four-year grace. This is already 2016.
Of the $ 130 million spent for the unused oil tanks at the port $ 76.5 was also a loan from the same bank while the rest came from local banks.
MRIA was also similar. The original cost was $ 208 million funded by China EXIM Bank and a further $ 100 million for improvements later and some $ 40 million for oil storage facility; in excess of the said $ 190 million and from sources not divulged by him but in fact from project loans.
So, it is clear that the money for the seaport and airport named after Rajapaksa was funded by a series of project specific loans and not by the ISBs, swaps, or SLDBs. This was the case with respect to all other developments in Hambantota; be it expressway-like roads, railways, overpasses, huge cricket stadium, tele-village, etc.
Repaying project loans
Before a project is financed thorough assessments are carried out to determine if the project to be undertaken will have revenue streams to repay the loan. In the case of the huge loans taken for the infrastructure that bears Rajapaksa’s name, the question is if feasibility studies were done. In fact, the details available at the Department of National Planning indicates no proper feasibility studies were ever conducted on any of the projects that have now become ‘white elephants’.
So, in such situations the government has no choice but to borrow in the international markets using various types of instruments to make payments that are becoming due.
In 2011 Rajapaksa said that $ 650 million investments by foreign investors at the first stage of the port had “strengthened the confidence of global industrial and commercial giants regarding the success of this innovative project in southern Sri Lanka.”
The country was told that 27 investment proposals had been received and the Cabinet had approved seven of them. They were a sugar refinery plant, a cement grinding and bagging plant, a fertiliser plant, a petro-chemical plant and three warehouse complexes.
His top port expert, the then Chairman of the nation’s Port Authority, boasted that “effective intervention of President Mahinda Rajapaksa to lure the international community to commence business in sustainably peaceful environs in the country has brought about the dawn of an era of prosperity for all Sri Lankans” and that at the second stage of the investment, 11 more investors were to arrive with investments of $ 1.15 billion, which would increase the total investment at the port to $ 1.8 billion by 2013.
The unfortunate truth is none of that has happened and the meagre income from the seaport itself is based on the roll-on roll-off business created through a combination of deep discounts and effective banning of unloading vehicles at Colombo. The airport has no regular income.
Therefore, as mentioned earlier, the present Government has no option but to obtain dollar funds from further borrowings to repay the high cost loan payments coming due now.
The truth behind the use of proceeds of loans
What I wished to clarify from this short explanation is that the story that is being spread that the present Government is taking huge loans but is not utilising the same for any productive purpose is totally inaccurate. The truth is that the loans taken on project basis to build most of the infrastructure cannot be serviced as the infrastructure is unutilised or underutilised and has hardly any revenue, forcing the Treasury to make payments on the due dates by finding money from other sources.
Therefore, the ‘story’ that the present Government is so inept that it is just borrowing large amounts without using the funds for any productive purposes, even to build a culvert, has been carefully crafted to mislead the people. So, whoever fabricated it did so fully aware of the fact that he or she was doing so purely to deceive the people of Sri Lanka for cheap political advantage.
Can we go on like this?
For how long can we as a country continue this way? Not for long. Sri Lanka must find a way to earn its own dollars to, at the very least, repay the principal and interest payments that are falling due on the gigantic loans taken by Rajapaksa for projects that bear his name but have no revenue streams.
The Government must reverse the direction of Sri Lanka’s exports to GDP ratio. It must export a lot more than it is doing now. Particularly with the stagnant remittances from the middle East, which could start to decline, sent by the million or so workers who suffer untold misery to do so, the challenge becomes even tougher.
A fact that is stubborn but is very revealing is that during Rajapaksa’s regime exports to GDP ratio fell from 34% to 14.5%. Just this figure will help the unbiased reader understand the present Government’s predicament. It inherited an economy that was in massive difficulty on the external front but window dressed by certain creative accountants to deceive the people.
Way forward is to integrate Sri Lanka with the rest of the world
In my role as the Deputy Minister of Foreign Affairs I am doing my best to push the agenda of economic diplomacy forward so that we can change directions of the exports to GDP ratio. To export more we need to bring in those who can invest in Hambantota and other areas of Sri Lanka.
To get FDI the investors need to see a potential export market. Given ours is a small 20 million lower middle income economy, it is imperative we expand our reach to the region. We must be able to tap in to the emerging South Asian middle class in India, Pakistan and Bangladesh as well as in Central Europe. From the early days it was during the times that we as a nation was integrated with the world that we prospered.
The challenge for us is to once again make Sri Lanka a hub. This time the hub of the ‘Asian oceans’, like the Prime Minister has already said. There are many who are attempting to derail this Government’s economic plan by blocking the initiatives to integrate Sri Lanka with the rest of the world. But I am convinced this Government will succeed in this endeavour.
(The writer is Deputy Minister of Foreign Affairs.)
This has a long history. CEPA started on 2002 with RW was there in power. but it was under wraps but surfaced in 2008 SAARC time. then GMOA and few other civil activists were really opposed on this. I think there was a trade union action too but govt make it looks like GMOA is trying get more salary (Same thing happening today). then in the face of going this full public MR wrapped this up and never followed it.
How are we to get an unbiased opinion if the writer is the deputy minister? hora ge ammagen pena ahana wadak ne
How are we to get an unbiased opinion if the writer is the deputy minister? hora ge ammagen pena ahana wadak ne
Are you aware that Harsha has a PhD in Economics and is one of a rare breed of politician who is honest, believe it or not there are some.
Plus, I was responding to a question in an earlier post:
Quote "if they are so educated y cant they issue a formal reply to mr's statement abt foreign debts".
Who would be in a better position to answer that question?
Also if you have some intelligence read the full story and try to understand the situation the country is in right now. All the citizens are paying for MR's crimes. All you slaves can shout filth from your rotten mouths and shove the - reps up your arse for all I care, but remember you are paying for all this.
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http://www.thesundayleader.lk/2016/04/03/how-rajapaksa-played-santa-claus-with-state-funds/
Following last week’s expose titled ‘Weerawansa Family and Friends’ Joyride at State Expense’ shocking revelations have now come to light as to how the Presidential Secretariat under former President Mahinda Rajapaksa spent several millions of rupees to lease luxury vehicles for those who were near and dear to him.
Similar to how the State Engineering Corporation (SEC) under Wimal Weerawansa hired vehicles without following government tender procedure, the Presidential Secretariat under former President Mahinda Rajapaksa too had hired vehicles from parties known to them without following tender procedure. Amongst the beneficiaries of these vehicles were former Defence Secretary Gotabaya Rajapaksa, former Speaker Chamal Rajapaksa, former Economic Development Minister Basil Rajapaksa, the Youth Affairs Unit which is alleged to be the arm of Namal Rajapaksa’s Nil Balakaya, Mahinda Rajapaksa’s younger brother Chandra Rajapaksa, brother-in law Dr. Lalith Chandradasa and nephews Malaka Chandradasa and Himal Hettiarachchi.
Apart from the immediate family members, certain parliamentarians, temples, Rajapaksa’s party offices in the Hambantota district, close relatives and even the National Freedom Front (NFF) of Wimal Weerawansa have benefitted from the Presidential Secretariat.
According to the vehicle lease report The Sunday Leader is in possession of, five motor cars bearing registration numbers KM 8583, KP 2383, KR 5382, KP 2382 and GY 9384 were leased on November one, 2013, January one, 2014, November one, 2013, October 24, 2014 and May one, 2014 for close relatives to the tune of Rs. 50, 000, Rs.45,000, Rs.120,000, Rs.50,000 and Rs.50,000 per month respectively.
Relatives get Vehicles
Meanwhile a relative of Weerawansa had been given a Montero Sport bearing registration number KT 5335 which was leased for Rs.150,000 per month while five NFF members were given a Toyota Allion 240, double cab, a Navara cab a double cab, a Toyota Allion 260 and Toyota Premio respectively. These vehicles bearing numbers KO 1375, PB 0645, PE 6432, JP 4312, KO 9480 and KO 9416 were leased for Rs.80,000, Rs.120,000, Rs.120,000, Rs.120,000, Rs.80,000 and Rs.80,000 per month respectively.
Although Gotabaya Rajapaksa as the then Defence Secretary used a fleet of Defence Ministry vehicles, he was allegedly allocated five Defender Jeeps and a High-Security vehicle from the Presidential Secretariat. The former Defence Secretary was given a Range Rover High – Security Jeep bearing registration number KC-8511 and five Defender Jeeps bearing registration numbers WPKX-2439, WPKX-2352, WPKX- 2440, WPKX- 2415 and WPKX- 2454.
“What made the Presidential Secretariat issue these vehicles to him despite him being provided enough and more high-security vehicles and back-up vehicles for his use from the Defence Ministry? This shows how the Rajapaksas were misusing public property for their whims and fancies at taxpayers’ expense,” reliable sources from the Presidential Secretariat who wished to remain anonymous said.
Former Speaker gets vehicles
Former Speaker Chamal Rajapaksa too was given vehicles from the Presidential Secretariat although the office of the Speaker had allocated a fleet of vehicles for him from Parliament.Although Basil Rajapaksa obtained a fleet of vehicles from the Economic Development Ministry he was also allegedly given a high-security Range Rover WPKC-8510 from the Presidential Secretariat. Even younger brother Chandra Rajapaksa had been given a Defender Jeep bearing registration number WPKX 2423 all borne by public expense. Meanwhile, former Chief Minister of Uva Province Sasheendra Rajapaksa who was Mahinda Rajapaksa’s Private Secretary and is alleged to not have physically carried out duties but was there in name-only had been given an unregistered Benz car (A-362396) and three Defender Jeeps bearing registration numbers WPKC-2274, WPKX- 2426 and WPKX 2435.
Rajapaksa’s sister’s husband Dr. Lalith Chandradasa had allegedly been given a Nissan Double Cab (PD-8011) and a Toyota Corolla car (KV-4295) for his use while his son Malaka Chandradasa who was the then Defence Secretary’s Coordinating Secretary was allegedly given a Nissan Sylphy car (WPKX- 8232) although he was provided vehicles from the Defence Ministry as well. Another nephew of Rajapaksa who was one of the alleged investors of the Carlton Sports Network (CSN) Himal Hettiarachchi too had allegedly been given a Defender Jeep WPKX- 2451 from the Presidential Secretariat.
Meanwhile former Monitoring MP to the Ministry of Foreign Affairs who was also a close confidant of Mahinda Rajapaksa, Sajin Vass Gunawardena, too had been given a fleet of luxury vehicles although he had used yet another fleet of luxury vehicles obtained from the Foreign Affairs Ministry. Vass Gunawardena had used a High Security vehicle bearing registration number WPKD-3218 and Toyota Land Cruiser Jeep KE-0610, Defender Jeep KC-2280, Bolero Jeep PA-7086, Toyota Hilux LG-8732, BMW KB-9240 and Defender Jeep- WPKX- 2457.
The Youth Affairs Unit alleged to be an arm of Nil Balakaya had been given a Nissan Sunny (301-2859), Toyota van (WPKC- 0107), Toyota Land Cruiser Jeep (WPFZ- 9170), Toyota Hilux (LH-1670), Commando Jeep (KI-6569), Nissan Double Cab (PD-8001) and another Double Cab (PF-5829).
The former President’s Senior Advisor meanwhile had been given not only high-security vehicles but also an Ambulance bearing registration number LW-0962. The Senior Advisor had been assigned a Tata Single Cab (LC-6632), Defender Jeeps bearing numbers WPKB-7604, KC-2271, WPKX- 2239 and WPKX -2368 while an unregistered Benz car (A-385178), High Security Jeep (KL-0336), Land Rover (KH-4184) and Benz High Security Car (KY-1090) too were allocated to him.
Meanwhile President Rajapaksa’s Secretary Lalith Weeratunge who did not face any security threats had been given a Volvo High- Security vehicle (KD-5285), another vehicle bearing registration number KI-3092, a Defender Jeep (WPKX-2396) and a Ford Everest Jeep (WP CAB 3462) while the former Chief of Staff who is now under investigation for accumulating a vast wealth whilst in office had been given Defender Jeep (KC-2275), Bolero Cab (CH-72061524), Trisler Wagon (PB-6265), Toyota Hilux Cab (PE-1632), Lexus (KP-3937) and Defender Jeep (WPKX -2451) from the Secretariat.
Rajapaksa’s Cousin Upul Dissanayake who was the Co-ordinating Secretary was given a Mitsubishi Montero Jeep (KG-5473) while Kithsiri Ganganatha Abeygunawardena, another Coordinating Secretary, had been assigned a Nissan Petrol Jeep (GD-7263), Toyota Land Cruiser Jeep (KE-0826), Tata Cab (LD-1103), Tata Cab (LD-1125) and Toyota car (KC-0952).
Amongst the other Co-ordinating Secretaries who had received vehicles from the Presidential Secretariat were Ananda (Hambantota Party Office) – Pajero Jeep (65-1097), Amarasiri Kudagalara – Suzuki Liana (WPKA -9813), Co-ordinating Secretary (Hambantota District Office) – Defender (WPGE- 1789), Chaminda Rajapaksa – Defender Jeep (WPGE-1790), Bindu (Eastern Province) – Nissan Petrol (WPGD- 7209), Chaminda Kularatne – BMW (WPGF – 1092), Kapila Dissanayake – Defender Jeep (WPKB-7613), Kithsiri Sepala Defender Jeep (WPKB-7601), Rasanga Gunaratne (Tangalle Office) – Volvo S80 Car (65-5974), Daya Gallage – Toyota Merc (KH-9067), S. A. Rafeel (District Co-ordinator Pasikudha) Toyota Hilux (LH-1661), Cyril Munasinghe (Beliatta Office) – Pajero Jeep (32-0962), Mahesh Vidanapathirana – Toyota Cab (WPPC- 3362), Mrs. Bharatha Lakshman Premachandra – Toyota Land Cruiser Jeep (GP-3121), Keerthi Dissanayake – Toyota Land Cruiser (WPKX- 5289), Chaminda Gamage – Double Cab (WPPF- 6493) and Sudharsha Ganegoda – Double Cab (WPPF 6495).
MPs get vehicles
Although MPs are given duty free permits to purchase vehicles and all parliamentarians do have their own vehicles, certain MPs were still given vehicles from the Presidential Secretariat vehicle pool. They are V. K. Indika (MP for Hambantota District) – Benz WPHJ 8859, P. Dayaratne (MP for Ampara District) – Defender WPGE 2036, Minister Nirmala Kothalawala (Kalutara District) – Defender WPGE 1809, Deputy Minister Susantha Punchinilame, (Ratnapura District) –Bolero Cab WPPA 7079 and Bolero Cab WPPA 7084, Sri Rangha – Toyota Land Cruiser Jeep KE-0604 and Micro Car KI-2663, Vadivel Suresh – Toyota Land Cruiser KE-0829, Wimal Weerawansa (Colombo District) – Scorpio Jeep PA-1369, Nishantha Muthuhettigama (Galle District) – Bolero Cab LG-7493, S.B. Dissanayake – Nissan Teana KI-2484, Bandara – Toyota Hilux LH-1671, Manusha Nanayakkara (Galle District) – Kyron Rexton Jeep KJ-0703 and Earl Gunasekera (Polonnaruwa District) Kyron Rexton Jeep KJ-0796.
Meanwhile Buddhist temples and Chief Incumbents who were supporters of Mahinda Rajapaksa too benefitted from the Presidential Secretariat. They were Ven. Elle Gunawansa – Chevrolet Double Cab WPPA-6063, Ven. Bengamuve Nalaka – Tata Sumo Jeep (KE-9174), Mahanayaka of the Rohana Sect – Land Rover Jeep (KJ-2067), Chief Incumbent Ruwanweli Maha Seya – Nissan Double Cab (PD-7984), Ven. Ellawala Medhalankara – Toyota Double Cab (PF-0053), Ven. Pallattara Sumanajothi – Hyundai Accent (WPKA- 9784), Ven. Matale Amarawansa – Toyota Carina (WPGJ-8390), Sithulpawwa Temple – Double Cab (252-6539) and Ambulance (LW-0575) , Gangaramaya Temple – Toyota Land Cruiser Jeep (WPKC- 0279), Deniyaya Temple – Bolero Cab (LG-7483), Hellala Temple – Bolero Cab (LG-7488), Siyambalanduwa Temple – Bolero Cab (LG-7492) and Kataragama Devalaya (PB-9872).
Captain Tissa
It is also interesting to note that Captain Tissa who is alleged to have been involved in Wasim Thajudeen’s murder too was given a Tata Safari (CUZN-00902), Tata Safari (CUZN 01006) and a high-security Defender Jeep (KD-2047). “If Captain Tissa was in the Presidential Security Division (PSD) what made the Presidential Secretariat issue him two Tata Safari Jeeps and a high-security Defender? Was Capt. Tissa’s life in danger to provide him with a high-security vehicle and was he discharging his duties in Colombo or in wildlife sanctuaries?” sources queried.
Despite the fact that all tri-forces have their own vehicles, the Navy Commander under whom Yoshitha Rajapaksa was working too had been given a BMW high-security (WPGD-7072) while Ranna Navy Camp, Hakmana and Nuwara Eliya Army Camps were given Bolero Cab (LG-7496), Bolero Cab (LG-7485) and Bolero Cab (LG-7495) respectively.
Dullas Alahapperuma had been given Nissan Sunny WPGH-7830 and Toyota Land Cruiser Jeep KE-0791 while Jackson Anthony had used China Double Cab PB-8004, Rohan Welivita Toyota Corolla KE-8607 and Milinda Moragoda Defender Jeep KB-7607.
Rajapaksa’s political offices in Tangalle, Hambantota and Beliatta had been using Double Cab 252-6491, Land Rover Jeep KH-1173, China Double Cab PB-8000, Chevrolet Double Cab WPPA 6062, Volvo S80 Car 65-5973, Toyota Jeep KI-1678, Toyota Hilux LH-1679, Double Cab WPPF- 6497,Toyota Van WPPA-7176, Bolero Cab WPPA-7073 and UR-6012 for Rajapaksa’s and his son Namal Rajapaksa’s political campaign work. Even Chairman Pradeshiya Sabha, Embilipitiya had been given a Defender WPGE-2035 from the Presidential Secretariat vehicle pool. Although as per government financial regulations it is a mandatory requirement to call for tenders when obtaining vehicles on lease, the Presidential Secretariat had violated all norms and rules when obtaining vehicles on lease.
“Although there are strict regulations on how to issue vehicles on lease agreements, these procedures had never been followed,” sources said.
It is almost one year and four months since President Maithripala Sirisena took over office from Mahinda Rajapaksa but it is surprising as to why officials at the Presidential Secretariat have so far failed to hold inquiries and bring the former officials who have violated government rules and regulations for personal benefit, to book.
When The Sunday Leader checked out the list of names of the recipients of these leased vehicles and from whom they were leased, there were many instances where the recipients had leased vehicles from their own family members, close relatives or even friends.
“This is why we say that officials during the Rajapaksa regime never obeyed government rules but carried out their work on the directives of their superiors,” sources added.
Meanwhile highly reliable sources from the Auditor General’s Department who wished to remain anonymous said that it is highly irregular not to follow tender procedure when a government department wants to obtain vehicles on lease agreements.
Audits not carried out
“Although the Auditor General’s Department has an office at the Presidential Secretariat, none of the officers wanted to carry out proper audits during the previous regime, as they knew what the consequences would be. If the AG’s department was allowed to carry out proper audits, these public officers would have known that they would be exposed and wouldn’t have engaged in any irregularity in fear,” sources said.
According to the sources, if a vehicle is leased, the maximum price that can be paid to the lessee cannot exceed Rs. 40,000 although there are many instances where the Presidential Secretariat had paid even Rs.130,000 per vehicle.
“If our audit officers were allowed to carry out audits, our officers could have unearthed these irregularities and would have gone to the extent of checking who the real owner of the vehicle was and the relationship to the recipient.
As they wanted to carry out these illegal activities, our officers were barred from carrying out proper audits,” sources alleged.
Sources meanwhile added that it is up to President Sirisena to appoint a committee to find out as to why high security vehicles were given to certain parliamentarians and other officials spending millions in public funds when there was no war in the country from May, 2009.
Meanwhile it is questionable as to why ambulances were given to Shiranthi Rajapaksa’s Carlton Pre-Schools on government expense when government hospitals in the country do not have enough ambulances to transport patients.
“This is daylight robbery. It is surprising as to why the government has still failed to inquire into these irregularities and take legal action against those who were responsible for misusing public money for their own pleasure,” sources said.
Following last week’s expose titled ‘Weerawansa Family and Friends’ Joyride at State Expense’ shocking revelations have now come to light as to how the Presidential Secretariat under former President Mahinda Rajapaksa spent several millions of rupees to lease luxury vehicles for those who were near and dear to him.
Similar to how the State Engineering Corporation (SEC) under Wimal Weerawansa hired vehicles without following government tender procedure, the Presidential Secretariat under former President Mahinda Rajapaksa too had hired vehicles from parties known to them without following tender procedure. Amongst the beneficiaries of these vehicles were former Defence Secretary Gotabaya Rajapaksa, former Speaker Chamal Rajapaksa, former Economic Development Minister Basil Rajapaksa, the Youth Affairs Unit which is alleged to be the arm of Namal Rajapaksa’s Nil Balakaya, Mahinda Rajapaksa’s younger brother Chandra Rajapaksa, brother-in law Dr. Lalith Chandradasa and nephews Malaka Chandradasa and Himal Hettiarachchi.
Apart from the immediate family members, certain parliamentarians, temples, Rajapaksa’s party offices in the Hambantota district, close relatives and even the National Freedom Front (NFF) of Wimal Weerawansa have benefitted from the Presidential Secretariat.
According to the vehicle lease report The Sunday Leader is in possession of, five motor cars bearing registration numbers KM 8583, KP 2383, KR 5382, KP 2382 and GY 9384 were leased on November one, 2013, January one, 2014, November one, 2013, October 24, 2014 and May one, 2014 for close relatives to the tune of Rs. 50, 000, Rs.45,000, Rs.120,000, Rs.50,000 and Rs.50,000 per month respectively.
Relatives get Vehicles
Meanwhile a relative of Weerawansa had been given a Montero Sport bearing registration number KT 5335 which was leased for Rs.150,000 per month while five NFF members were given a Toyota Allion 240, double cab, a Navara cab a double cab, a Toyota Allion 260 and Toyota Premio respectively. These vehicles bearing numbers KO 1375, PB 0645, PE 6432, JP 4312, KO 9480 and KO 9416 were leased for Rs.80,000, Rs.120,000, Rs.120,000, Rs.120,000, Rs.80,000 and Rs.80,000 per month respectively.
Although Gotabaya Rajapaksa as the then Defence Secretary used a fleet of Defence Ministry vehicles, he was allegedly allocated five Defender Jeeps and a High-Security vehicle from the Presidential Secretariat. The former Defence Secretary was given a Range Rover High – Security Jeep bearing registration number KC-8511 and five Defender Jeeps bearing registration numbers WPKX-2439, WPKX-2352, WPKX- 2440, WPKX- 2415 and WPKX- 2454.
“What made the Presidential Secretariat issue these vehicles to him despite him being provided enough and more high-security vehicles and back-up vehicles for his use from the Defence Ministry? This shows how the Rajapaksas were misusing public property for their whims and fancies at taxpayers’ expense,” reliable sources from the Presidential Secretariat who wished to remain anonymous said.
Former Speaker gets vehicles
Former Speaker Chamal Rajapaksa too was given vehicles from the Presidential Secretariat although the office of the Speaker had allocated a fleet of vehicles for him from Parliament.Although Basil Rajapaksa obtained a fleet of vehicles from the Economic Development Ministry he was also allegedly given a high-security Range Rover WPKC-8510 from the Presidential Secretariat. Even younger brother Chandra Rajapaksa had been given a Defender Jeep bearing registration number WPKX 2423 all borne by public expense. Meanwhile, former Chief Minister of Uva Province Sasheendra Rajapaksa who was Mahinda Rajapaksa’s Private Secretary and is alleged to not have physically carried out duties but was there in name-only had been given an unregistered Benz car (A-362396) and three Defender Jeeps bearing registration numbers WPKC-2274, WPKX- 2426 and WPKX 2435.
Rajapaksa’s sister’s husband Dr. Lalith Chandradasa had allegedly been given a Nissan Double Cab (PD-8011) and a Toyota Corolla car (KV-4295) for his use while his son Malaka Chandradasa who was the then Defence Secretary’s Coordinating Secretary was allegedly given a Nissan Sylphy car (WPKX- 8232) although he was provided vehicles from the Defence Ministry as well. Another nephew of Rajapaksa who was one of the alleged investors of the Carlton Sports Network (CSN) Himal Hettiarachchi too had allegedly been given a Defender Jeep WPKX- 2451 from the Presidential Secretariat.
Meanwhile former Monitoring MP to the Ministry of Foreign Affairs who was also a close confidant of Mahinda Rajapaksa, Sajin Vass Gunawardena, too had been given a fleet of luxury vehicles although he had used yet another fleet of luxury vehicles obtained from the Foreign Affairs Ministry. Vass Gunawardena had used a High Security vehicle bearing registration number WPKD-3218 and Toyota Land Cruiser Jeep KE-0610, Defender Jeep KC-2280, Bolero Jeep PA-7086, Toyota Hilux LG-8732, BMW KB-9240 and Defender Jeep- WPKX- 2457.
The Youth Affairs Unit alleged to be an arm of Nil Balakaya had been given a Nissan Sunny (301-2859), Toyota van (WPKC- 0107), Toyota Land Cruiser Jeep (WPFZ- 9170), Toyota Hilux (LH-1670), Commando Jeep (KI-6569), Nissan Double Cab (PD-8001) and another Double Cab (PF-5829).
The former President’s Senior Advisor meanwhile had been given not only high-security vehicles but also an Ambulance bearing registration number LW-0962. The Senior Advisor had been assigned a Tata Single Cab (LC-6632), Defender Jeeps bearing numbers WPKB-7604, KC-2271, WPKX- 2239 and WPKX -2368 while an unregistered Benz car (A-385178), High Security Jeep (KL-0336), Land Rover (KH-4184) and Benz High Security Car (KY-1090) too were allocated to him.
Meanwhile President Rajapaksa’s Secretary Lalith Weeratunge who did not face any security threats had been given a Volvo High- Security vehicle (KD-5285), another vehicle bearing registration number KI-3092, a Defender Jeep (WPKX-2396) and a Ford Everest Jeep (WP CAB 3462) while the former Chief of Staff who is now under investigation for accumulating a vast wealth whilst in office had been given Defender Jeep (KC-2275), Bolero Cab (CH-72061524), Trisler Wagon (PB-6265), Toyota Hilux Cab (PE-1632), Lexus (KP-3937) and Defender Jeep (WPKX -2451) from the Secretariat.
Rajapaksa’s Cousin Upul Dissanayake who was the Co-ordinating Secretary was given a Mitsubishi Montero Jeep (KG-5473) while Kithsiri Ganganatha Abeygunawardena, another Coordinating Secretary, had been assigned a Nissan Petrol Jeep (GD-7263), Toyota Land Cruiser Jeep (KE-0826), Tata Cab (LD-1103), Tata Cab (LD-1125) and Toyota car (KC-0952).
Amongst the other Co-ordinating Secretaries who had received vehicles from the Presidential Secretariat were Ananda (Hambantota Party Office) – Pajero Jeep (65-1097), Amarasiri Kudagalara – Suzuki Liana (WPKA -9813), Co-ordinating Secretary (Hambantota District Office) – Defender (WPGE- 1789), Chaminda Rajapaksa – Defender Jeep (WPGE-1790), Bindu (Eastern Province) – Nissan Petrol (WPGD- 7209), Chaminda Kularatne – BMW (WPGF – 1092), Kapila Dissanayake – Defender Jeep (WPKB-7613), Kithsiri Sepala Defender Jeep (WPKB-7601), Rasanga Gunaratne (Tangalle Office) – Volvo S80 Car (65-5974), Daya Gallage – Toyota Merc (KH-9067), S. A. Rafeel (District Co-ordinator Pasikudha) Toyota Hilux (LH-1661), Cyril Munasinghe (Beliatta Office) – Pajero Jeep (32-0962), Mahesh Vidanapathirana – Toyota Cab (WPPC- 3362), Mrs. Bharatha Lakshman Premachandra – Toyota Land Cruiser Jeep (GP-3121), Keerthi Dissanayake – Toyota Land Cruiser (WPKX- 5289), Chaminda Gamage – Double Cab (WPPF- 6493) and Sudharsha Ganegoda – Double Cab (WPPF 6495).
MPs get vehicles
Although MPs are given duty free permits to purchase vehicles and all parliamentarians do have their own vehicles, certain MPs were still given vehicles from the Presidential Secretariat vehicle pool. They are V. K. Indika (MP for Hambantota District) – Benz WPHJ 8859, P. Dayaratne (MP for Ampara District) – Defender WPGE 2036, Minister Nirmala Kothalawala (Kalutara District) – Defender WPGE 1809, Deputy Minister Susantha Punchinilame, (Ratnapura District) –Bolero Cab WPPA 7079 and Bolero Cab WPPA 7084, Sri Rangha – Toyota Land Cruiser Jeep KE-0604 and Micro Car KI-2663, Vadivel Suresh – Toyota Land Cruiser KE-0829, Wimal Weerawansa (Colombo District) – Scorpio Jeep PA-1369, Nishantha Muthuhettigama (Galle District) – Bolero Cab LG-7493, S.B. Dissanayake – Nissan Teana KI-2484, Bandara – Toyota Hilux LH-1671, Manusha Nanayakkara (Galle District) – Kyron Rexton Jeep KJ-0703 and Earl Gunasekera (Polonnaruwa District) Kyron Rexton Jeep KJ-0796.
Meanwhile Buddhist temples and Chief Incumbents who were supporters of Mahinda Rajapaksa too benefitted from the Presidential Secretariat. They were Ven. Elle Gunawansa – Chevrolet Double Cab WPPA-6063, Ven. Bengamuve Nalaka – Tata Sumo Jeep (KE-9174), Mahanayaka of the Rohana Sect – Land Rover Jeep (KJ-2067), Chief Incumbent Ruwanweli Maha Seya – Nissan Double Cab (PD-7984), Ven. Ellawala Medhalankara – Toyota Double Cab (PF-0053), Ven. Pallattara Sumanajothi – Hyundai Accent (WPKA- 9784), Ven. Matale Amarawansa – Toyota Carina (WPGJ-8390), Sithulpawwa Temple – Double Cab (252-6539) and Ambulance (LW-0575) , Gangaramaya Temple – Toyota Land Cruiser Jeep (WPKC- 0279), Deniyaya Temple – Bolero Cab (LG-7483), Hellala Temple – Bolero Cab (LG-7488), Siyambalanduwa Temple – Bolero Cab (LG-7492) and Kataragama Devalaya (PB-9872).
Captain Tissa
It is also interesting to note that Captain Tissa who is alleged to have been involved in Wasim Thajudeen’s murder too was given a Tata Safari (CUZN-00902), Tata Safari (CUZN 01006) and a high-security Defender Jeep (KD-2047). “If Captain Tissa was in the Presidential Security Division (PSD) what made the Presidential Secretariat issue him two Tata Safari Jeeps and a high-security Defender? Was Capt. Tissa’s life in danger to provide him with a high-security vehicle and was he discharging his duties in Colombo or in wildlife sanctuaries?” sources queried.
Despite the fact that all tri-forces have their own vehicles, the Navy Commander under whom Yoshitha Rajapaksa was working too had been given a BMW high-security (WPGD-7072) while Ranna Navy Camp, Hakmana and Nuwara Eliya Army Camps were given Bolero Cab (LG-7496), Bolero Cab (LG-7485) and Bolero Cab (LG-7495) respectively.
Dullas Alahapperuma had been given Nissan Sunny WPGH-7830 and Toyota Land Cruiser Jeep KE-0791 while Jackson Anthony had used China Double Cab PB-8004, Rohan Welivita Toyota Corolla KE-8607 and Milinda Moragoda Defender Jeep KB-7607.
Rajapaksa’s political offices in Tangalle, Hambantota and Beliatta had been using Double Cab 252-6491, Land Rover Jeep KH-1173, China Double Cab PB-8000, Chevrolet Double Cab WPPA 6062, Volvo S80 Car 65-5973, Toyota Jeep KI-1678, Toyota Hilux LH-1679, Double Cab WPPF- 6497,Toyota Van WPPA-7176, Bolero Cab WPPA-7073 and UR-6012 for Rajapaksa’s and his son Namal Rajapaksa’s political campaign work. Even Chairman Pradeshiya Sabha, Embilipitiya had been given a Defender WPGE-2035 from the Presidential Secretariat vehicle pool. Although as per government financial regulations it is a mandatory requirement to call for tenders when obtaining vehicles on lease, the Presidential Secretariat had violated all norms and rules when obtaining vehicles on lease.
“Although there are strict regulations on how to issue vehicles on lease agreements, these procedures had never been followed,” sources said.
It is almost one year and four months since President Maithripala Sirisena took over office from Mahinda Rajapaksa but it is surprising as to why officials at the Presidential Secretariat have so far failed to hold inquiries and bring the former officials who have violated government rules and regulations for personal benefit, to book.
When The Sunday Leader checked out the list of names of the recipients of these leased vehicles and from whom they were leased, there were many instances where the recipients had leased vehicles from their own family members, close relatives or even friends.
“This is why we say that officials during the Rajapaksa regime never obeyed government rules but carried out their work on the directives of their superiors,” sources added.
Meanwhile highly reliable sources from the Auditor General’s Department who wished to remain anonymous said that it is highly irregular not to follow tender procedure when a government department wants to obtain vehicles on lease agreements.
Audits not carried out
“Although the Auditor General’s Department has an office at the Presidential Secretariat, none of the officers wanted to carry out proper audits during the previous regime, as they knew what the consequences would be. If the AG’s department was allowed to carry out proper audits, these public officers would have known that they would be exposed and wouldn’t have engaged in any irregularity in fear,” sources said.
According to the sources, if a vehicle is leased, the maximum price that can be paid to the lessee cannot exceed Rs. 40,000 although there are many instances where the Presidential Secretariat had paid even Rs.130,000 per vehicle.
“If our audit officers were allowed to carry out audits, our officers could have unearthed these irregularities and would have gone to the extent of checking who the real owner of the vehicle was and the relationship to the recipient.
As they wanted to carry out these illegal activities, our officers were barred from carrying out proper audits,” sources alleged.
Sources meanwhile added that it is up to President Sirisena to appoint a committee to find out as to why high security vehicles were given to certain parliamentarians and other officials spending millions in public funds when there was no war in the country from May, 2009.
Meanwhile it is questionable as to why ambulances were given to Shiranthi Rajapaksa’s Carlton Pre-Schools on government expense when government hospitals in the country do not have enough ambulances to transport patients.
“This is daylight robbery. It is surprising as to why the government has still failed to inquire into these irregularities and take legal action against those who were responsible for misusing public money for their own pleasure,” sources said.
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http://www.economynext.com/Colossal_...-3-4571-6.html
ECONOMYNEXT - Colossal losses that state-run SriLankan Airlines was made to suffer since ex-President Mahinda Rajapaksa chased away Emirates Airlines, and a questionable aircraft deal, is a national financial crime, Deputy Minister Eran Wickramaratne said.
SriLankan Airlines, which made profit of 4.4 billion rupees in 2008, the year in which the management agreement with Emirates Airlines ended, has lost 107 billion rupees since, then.
The Rajapaksa administration had cancelled the visa of then Chief Executive Peter Hill because he did not bump enough paying passengers to accommodate a large entourage of the President Mahinda Rajapaksa in a single aircraft, he said.
"The CEO had said 'We should not offload all these passengers since they are citizens and they are paying passengers where there is a contract'," Wickramaratne told parliament.
"The next day his visa was cancelled in 2007."
Emirates exited the airline after 2008 sold their 40 percent shares to the government.
National Crime
"From then on it became a loss-making airline. It made colossal losses. Its losses are bigger than the spending on health or education."
"This is a national crime. We may get a benefit when we travel on SriLankan but every citizen pays. When they buy even a small item from a shop that tax is used to cover the cost of these flights.
"Is this fair? That is what I am asking."
In 1998, the then administration of Chandrika Kumaratunga had decided to sell 40 percent of the equity of SriLankan and give management to Emirates after it suffered years of losses.
"This was a good decision. I must say this even if it was done by a different administration."
Wickramaratne said an idea was spread that the companies should be state-owned and that they should be kept going at whatever cost and people were shown beautiful aircraft with the national flag flying.
"But it actual fact there are more debts than assets behind those aircraft," he said.
Hole in balance sheet
By 2015 accumulated losses of 128 billion rupees, debt of 76 billion rupees (542 million dollars) and a hole in its balance sheet of 74 billion rupees.
The hole in the balance sheet would have been bigger if not for capital injections by the Treasury from taxes collected from the people.
"Airlines are a competitive business, it is not a monopoly like Ceylon Electricity Board," Wickramaratne said.
"When people travel abroad, it can be our sister or our mother they have to count the rupees. If some other airlines offers them a better price, they will take it. That is the truth."
Ultimately losses have to borne by people who pay taxes when they buy everyday goods, he said.
Its staff which was 5,113 in 2008, had been increased to 6,987 by 2015 increasing operating costs.
"We (parliamentarians) are asked to give jobs. I am also a parliamentarian. But we have to think of the country before ourselves," Wickramaratne said.
"What happened here? The staff went up by 30 percent. There are about 300 workers to every aircraft. These aircraft do not even have that many seats. Many have only about 140 seats."
Financial Crime
Sri Lankan Airlines had been given 100 million dollars each year to cover losses by the Treasury.
SriLankan's management had then decided to buy A330 and A350 aircraft in a reckless manner, he charged.
The Airbus A350-900s aircraft were made to travel 17 hours at a stretch, when the longest direct flight was about 11 hours.
The final board decision to buy the aircraft had been made at the residence of the Speaker (who was President Rajapaksa's brother) in the absence of three directors.
The Chairman of SriLankan was President Rajapaksa's brother-in-law.
"This is not connected to the Speaker. I am not saying the Speaker was connected to this matter, but the meeting should not have been held there," Wickramaratne said.
"There is a suspicion why the board meeting was held at place like this. Who else was there?
He said according to documents 780 million dollars in government support was needed in the three years after acquisition. An 80 million dollar deposit had been paid.
"Aviation experts have told us that the lease contract terms are 25 percent more expensive than normal and it needs to be looked into.
"The present value of the lease liability over the next 12 years is 1.5 billion US dollars.
"This is a financial crime. We have to investigate this. (Colombo/Mar24/2016 - Update III)
Only idiots follow that fucking idiot
It baffles me how he manages to get intelligent people to believe his lies. The question is simple: has he fucked up Sri Lankan Airlines to the tune of over 100 billion rupees?
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