Despite claims that the controversial bond issue incurred serious losses to the government, Attorneys appearing for Arjun Aloysius claim that his client is in possession of proof to render all these claims as false.
Ready to reveal the truth
His lawyers made these claims when contacted by isis.lk to elicit a response regarding the revelations on social media that Arjun Aloysius is scheduled to make a special announcement regarding the controversial bond issue.
Lots of underhand work afoot
Further expressing their views, they said that while various claims regarding the bond issue are made on political stages, their client had wished to remain silent. According to them, however, he has now decided to reveal the truth into the bond issue locally and internationally as there is an attempt to eliminate all businesses of their client’s which is an unexpected situation for a businessman.
A profit of USD 170 Million
They say his client has made the clear calculations regarding the bond transactions and accordingly he now has proof that government’s financial entities involved in the transaction had received a profit of more than Rs. 25 Billion (USD 170 Million).
Speaking further, they pointed out that they also have reports of profit incurred by the three state institutions which got involved in the bond transaction through their client.
Profit of the 3 government institutions
Accordingly, the Employee’s Provident Fund has made Rs. 22.5 Billion, the National Insurance Corporation has made Rs. 2.9 Billion and the National Savings Bank has made Rs. 1.2 Billion, they said.
They also point out that at various times the investigations have mentioned that the government incurred losses due to the transaction but in reality, these are in fact ‘Hypothetical losses’.
Issue has been politicized without knowing the true facts
They also mention that losses are not incurred by purchasing these bonds using government funds in the secondary market but also get the opportunity to trade these and earn profits.
While pointing out that it is a continuous cycle, they say it is unfortunate that the public with no knowledge regarding the functions of bond issues, primary dealers and secondary markets are being misled by politicizing this issue.