In Sri Lanka, something fishy happened in the issuance of government bonds, resulting in losses of nearly $72 million USD, $55 million of that hitting government institutions directly.
The fishy bit was that the person making the money (Arjun Aloysius) was the son-in-law of the Central Bank Governor, the person ultimately issuing the bonds. Here’s a quick video explainer I did years ago if you’re interested in more detail.
Because the people involved were so powerful, it looked like they would just get away with it. Indeed, this is usually the case in Sri Lanka, and much of the world.
Somehow, however, they didn’t.
In the face of ongoing outcry, The Central Bank Governor’s term was not renewed. Then a Presidential Commission was appointed which revealed that Arjun Aloysius was paying the Finance Minister’s rent at the time. And the Finance Minister resigned.
But it didn’t stop there.
The commission’s report actually recommends prosecution, and clawing back the money. And the President seems to agree.
