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Word Portrait Global 160517 FINAL REPORT| RFP 4 | INVESTIGATION ON ISSUANCE OF TREASURY BONDS ANDParliament REMITTANCE OF Copy FUNDS TO THE GENERAL TREASURY DURING 1 FEBRUARY 2015 TO 31 MARCH 2016 THE CENTRAL BANK OF SRI LANKA 8 NOVEMBER 2019 FINAL REPORT | INVESTIGATION ON ISSUANCE OF TREASURY BONDS AND REMITTANCE OF FUNDS TO THE GENERAL TREASURY DURING 1 FEBRUARY 2015 TO 31 MARCH 2016 CONTENTS GLOSSARY ................................................................................................................... 5 TERMS FOR REFERENCE ................................................................................................... 7 NOTICE TO THE READER ................................................................................................... 9 1. INTRODUCTION ..................................................................................................... 14 1.1. BACKGROUND ................................................................................................. 14 1.2. SCOPE OF FORENSIC AUDIT ................................................................................. 16 2. EXECUTIVE SUMMARY OF OBSERVATIONS ........................................................................ 18 2.1. DEVIATIONS FROM LAWS, REGULATIONS AND GUIDELINES .............................................. 18 2.2. IRREGULARITIES IN CONDUCT OF AUCTIONS ............................................................. 19 2.3. ASSESSMENT OF LOSS IN ISSUANCE OF TREASURY BONDS .............................................. 28 2.4. PUBLIC DOMAIN SEARCHES .................................................................................. 30 2.5. DIGITAL FORENSIC ............................................................................................ 32 2.6. REMITTANCE OF FUNDS TO THE TREASURY OPERATION DEPARTMENT ................................. 34 3. WORK PERFORMED ................................................................Copy.................................. 35 3.1. MANAGEMENT DISCUSSIONS AND PROCESS WALK THROUGH ........................................... 35 3.2. REVIEW OF RELEVANT LAWS / REGULATIONS / POLICIES / CIRCULARS / GUIDELINES / MANUALS 38 3.3. REVIEW OF DOCUMENTS FOR ISSUANCE OF TREASURY BONDS ......................................... 39 3.4. DATA ANALYSIS PROCEDURES ................................................................................ 41 3.5. PUBLIC DOMAIN SEARCHES .................................................................................. 42 3.6. DIGITAL FORENSIC ............................................................................................ 43 3.6. COMPUTATION OF LOSS ..................................................................................... 53 3.7. REVIEW OF VOICE RECORDINGS ............................................................................ 53 3.9. REVIEW OF CALL LOGS RECORDS ........................................................................... 59 3.10. REVIEW OF TRAVELParliament DETAILS ................................................................ ................ 61 3.11. REVIEW OF BANK ACCOUNT DETAILS ...................................................................... 61 4. PROCESS UNDERSTANDING ........................................................................................ 63 4.1. BACKGROUND ................................................................................................. 63 4.2. PROCESS OF ISSUANCE OF TREASURY BONDS ............................................................. 64 DETAILED OBSERVATIONS ................................................................................................ 79 5. DEVIATIONS FROM LAWS, REGULATIONS AND GUIDELINES .................................................... 80 5.1. SUSPENSION OF DIRECT PLACEMENTS ..................................................................... 80 5.2. COMPLIANCE WITH REGISTERED STOCK AND SECURITIES ORDINANCE ................................ 86 5.3. APPROVAL PROCESS OF THE PDD OPERATIONAL MANUAL ............................................... 86 6. IRREGULARITIES IN CONDUCT OF AUCTIONS .................................................................... 88 6.1. IRREGULAR BIDDING INDICATING POTENTAL LEAKAGE OF INSIDER INFROMATION ................... 88 Strictly private and confidential Page 2 of 272 FINAL REPORT | INVESTIGATION ON ISSUANCE OF TREASURY BONDS AND REMITTANCE OF FUNDS TO THE GENERAL TREASURY DURING 1 FEBRUARY 2015 TO 31 MARCH 2016 6.2. TRANSACTIONS IN SECONDARY MARKET .................................................................. 104 6.3. ANALYSIS OF CANCELLED AUCTIONS ...................................................................... 106 6.4. IRREGULARATIES IN THE ISSUANCE OF TREASURY BONDS .............................................. 111 6.5. ANALYSIS OF SPECIFIC AUCTIONS OF TREASURY BONDS ................................................ 122 6.6. COMPUTATION OF LOSS IN AUCTIONS PROCESS ......................................................... 206 6.7. COMPUTATION OF LOSS IN DIRECT PLACEMENTS ........................................................ 217 7. PUBLIC DOMAIN SEARCHES ....................................................................................... 221 7.1. IDENTIFY ASSOCIATION BETWEEN THE EMPLOYEES OF THE CBSL AND PD ........................... 221 8. DIGITAL FORENSICS................................................................................................ 229 OVERVIEW ............................................................................................................. 229 8.1. REVIEW OF EMAILS .......................................................................................... 229 8.2. DELETION OF OUTLOOK FILES ............................................................................. 239 8.3. NON-AVAILABLITY OF ESI ................................................................................... 246 9. RECOMMENDATION ................................................................................................ 253 10. ANNEXURES ........................................................................................................ 255 11. EXHIBITS ............................................................................................................ 257 Copy Parliament Strictly private and confidential Page 3 of 272 Copy Parliament FINAL REPORT | INVESTIGATION ON ISSUANCE OF TREASURY BONDS AND REMITTANCE OF FUNDS TO THE GENERAL TREASURY DURING 1 FEBRUARY 2015 TO 31 MARCH 2016 GLOSSARY # ACRONYM DESCRIPTION 1 AG Assistant Governor 2 ASPD Additional SPD 3 Acuity Acuity Securities Limited 4 BDO India or We or Us BDO India LLP 5 BPS Basis Points 6 BO Back Office 7 BOC Bank of Ceylon 8 CBSL The Central Bank of Sri Lanka 9 CDS Central Depository System 10 CEO Chief Executive Officer 11 CID Criminal Investigation Department 12 CoC Chain of Custody 13 Commercial Bank Commercial Bank of Ceylon Plc. 14 Contract Contract of 1Copy April 2019 15 Daily FT Daily Financial Times 16 DDMC Domestic Debt Management Committee 17 DG Deputy Governor 18 DIT Director of Information Technology 19 DOD Domestic Operations Department 20 DSPD Deputy SPD 21 DST Deputy Secretary to the Treasury 22 DVP Delivery versus Payment 23 EPF Employees’ Provident Fund 24 ESI ParliamentElectronically Stored Information 25 ETF Employees’ Trust Fund 26 Entrust Entrust Securities PLC 27 FAMC Forensic Audit Monitoring Committee 28 First Capital First Capital Treasuries Limited 29 FO Front Office 30 HSBC Hongkong & Shanghai Banking Corporation 31 IBSL Institute of Bankers of Sri Lanka 32 ITD Information Technology Department 33 IT Information Technology 34 ILF Intra-day Liquidity Facility 35 ISIN International Securities Identification Number Strictly private and confidential Page 5 of 272 FINAL REPORT | INVESTIGATION ON ISSUANCE OF TREASURY BONDS AND REMITTANCE OF FUNDS TO THE GENERAL TREASURY DURING 1 FEBRUARY 2015 TO 31 MARCH 2016 # ACRONYM DESCRIPTION 36 LSSS LankaSecure Settlement System 37 MLA Monetary Law Act 38 MO Middle Office 39 Natwealth Natwealth Securities Limited 40 NIC National Identification Number 41 NSB NSB Fund Management Company Limited 42 Pan Asia Pan Asia Banking Corporation PLC Presidential Commission of Inquiry on the issuance 43 PCOI of Treasury Bonds during the period 1 February 2015 to 31 March 2016 44 PD(s) Primary Dealer 46 PDD Public Debt Department Public Debt Operational Manual updated as of 31 47 PDD Operational Manual July 2013 48 PTL Perpetual Treasuries Limited 49 Report Final Report 50 Review Period 1 February 2015Copy to 31 March 2016 51 ROC Registrar of Companies 52 Rs. Sri Lankan Rupees 53 RTGS Real Time Gross Settlement System 54 SD Supervision Division 55 SLDB Sri Lanka Development Bonds 56 SPD Superintendent of Public Debt 57 SPOC Single Point of Contact 58 SSD Support Services Division 59 SSSS Scripless Securities Settlement System 60 TEC ParliamentTechnical Evaluation Committee of the PDD The Monetary Board of the Central Bank of Sri 61 The Client or You Lanka 62 TOR / RFP Terms of Reference / Request for Proposal Treasury Operation Department Treasury Operations Department, Ministry of 63 Finance, the Government of Sri Lanka 64 Union Bank Union Bank of Colombo PLC 65 WAYR Weighted Average Yield Rate 66 WealthTrust WealthTrust Securities Limited *The designation of the employees of the CBSL was considered for the Review Period only Strictly private and confidential Page 6 of 272 FINAL REPORT | INVESTIGATION ON ISSUANCE OF TREASURY BONDS AND REMITTANCE OF FUNDS TO THE GENERAL TREASURY DURING 1
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