Today marks (27 February) five years since the infamous bond scam of February 27th, 2015 rocked the country with the biggest ever financial loss. The matter still remains in a questionably doubtful state regarding its impending outcome.

The allegations of insider dealing involve a private company named Perpetual Treasuries. One of the major shareholders of this company is Arjun Aloysius, the son-in-law of the previously appointed Central Bank Governor Arjuna Mahendran.

We have seen the outcome of the special Committee of Inquiry appointed by the Prime Minister as well as the then Minister in charge of the CBSL, to investigate the matter in the wake of the public hue and cry immediately after the bond issue on 27 February.

The Bond issue controversy will end in another 25 years. The bond issue on 27 February matures after 30 years (2045) and 1/6 of its maturity period has already ended. Hence, within another 25 years, the bond will be matured.

Five years ago, the Central Bank of Sri Lanka, under Governor Arjuna Mahendran, advertised a bond of Rs 1billlion for 30 years. The governor decided to increase the value up to Rs.20 billion following the auction. As there was strong resistance from the Central Bank officials it was narrowed down to Rs.10billion.

However, as media probed into this matter, the authorities’ attention was drawn into this issue.

It is being said that, the government, the Central Bank of Sri Lanka and the Employees Provident Fund have suffered huge losses due to this. However, rather saying that the Central Bank, the Employees' Provident Fund (EPF) were affected by this bond issue, the correct reading is to say that with the support of them, the Perpetual Treasuries has reported an extraordinary profit in a very short period of time.

However, what concerns the most is how the government will react to this matter. If wrongdoing is exposed, stringent action should be taken against those responsible. The new administration could further strengthen democracy and improve the welfare of the nation by being more responsive to public concerns and criticisms and, as a matter of priority, combating the culture of corruption, which presently seems entrenched in Sri Lankan society.

"Truth, at last, cannot be hidden. Dissimulation is of no avail. Dissimulation is to no purpose before so great a judge. Falsehood puts on a mask. Nothing is hidden under the sun."- Leonardo da Vinci-