Dissolution nullifies COPE report on bond issue

Opposition alleges cover up:

by Uditha Kumarasinghe

The dissolution of Parliament on Friday has effectively squashed the release of the much- awaited COPE report on the Treasury Bond controversy.

The Parliamentary Committee on Public Enterprise (COPE) has been investigating Central Bank Governor, Arjuna Mahendran's alleged involvement in insider trading, favouring a particular brokering house, in the matter of a 30-year Treasury Bond issue.

The Committees report on the investigation was not submitted on Friday, as scheduled, and with the dissolution of Parliament midnight Friday, COPE will also cease to function.

Speaker Chamal Rajapaksa had originally directed COPE, which consists of 13 MPs, to conduct a special investigation on the Treasury Bond issue and submit a report within two weeks, by May 20.

Opposition MPs alleged the failure to present the report prior to the dissolution of Parliament was attempt to cover up COPE findings.

Questioned as to the delay in submitting the report, COPE Chairman, D.E.W. Gunasekara, told the Sunday Observer that though the Committee had reached approval stage for the report, they were unable to secure all the approvals needed to release the findings. According to Gunasekera, although the report was finalized at 11.00 p.m. on Thursday (25), it had to be submitted to all COPE members for final approval and signature, to make it final.

Gunasekara said with the dissolution of Parliament, COPE and all other parliamentary committees cease to function.

Asked as to why the report exceeded the Speakers' initial two week deadline, Gunasekera said, the technical nature of the bond issue and the need to question over 40 people and investigate the functioning of the Central Bank's systems made a swift compilation of the report impossible. He added, the assistance of economists, former Governors of the Central Bank and lawyers had been needed and this was time consuming.

Meanwhile, Prime Minister Ranil Wickremesinghe addressing a ceremony in Rajagiriya on Thursday said, although he had volunteered to give evidence before the COPE Committee, he had not been called to do so.

While the Premier acknowledged the Committee had the right either to accept or dismiss his evidence, he maintained its failure to question him at all cast doubt on its impartiality. "I offered to appear before it as the subject came under my purview,' he reportedly told the gathering.