21/’15
Hon. Sunil Handunnetti,— To ask the Minister of Petroleum Resources Development,—
(a) Is he aware that an Investigation is conducted by the Financial Crimes Investigation Division regarding a huge financial loss suffered by the country as a result of having to pay a huge amount of money to the relevant banks with the plummeting of oil prices in the world market, due to the flawed method adopted by Ceylon Petroleum Corporation in entering into Hedging agreements with several local and foreign banks in 2007 under the guidance of the Central Bank of Sri Lanka and the Ministry of Finance?
(b) Will he inform this House of the current progress of the investigation mentioned in (a) above?
(c) Will he state —
(i) the number of banks involved in the Hedging agreements;
(ii) the amounts due to be paid to each of those banks in respect to those agreements; and
(iii) whether there is a risk propensity of a further payment?
(d) Will he also inform this House —
(i) whether the person who had granted approval for entering into that agreement and following that flawed method has been disclosed in the investigation; and
(ii) whether the persons responsible for this financial loss have been identified?
(e) If not, why?
Asked Date
2015-10-23
Asked by
Hon. Sunil Handunnetti, M.P.
Ministry
Petroleum Resources Development
Legislature
Eighth Parliament of the D.S.R. of Sri Lanka
Session
First Session
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