PHU questions new CB Governor’s credibility

Wednesday, 6 July 2016 00:00 - - {{hitsCtrl.values.hits}}

By Chamodi Gunawardana

The Pivithuru Hela Urumaya (PHU) yesterday alleged it doubts new Central Bank Governor Dr. Indrajit Coomaraswamy’s credibility due to his work for the controversial US-based Galleon Group hedge fund.

Dr. Coomaraswamy had previously served as a director of the Galleon Research Service Ltd, a subsidiary of Galleon International Management LLC. In 2010 Galleon fund Founder Raj Rajaratnam was arrested by the FBI on allegation of insider trading and in 2011 he was sentenced to 11 years of imprisonment.

PHU Leader Udaya Gammanpila charged that Dr. Coomaraswamy had tarnished his image by working for such a fraudulent organisation.

“If someone had worked for a company which was found guilty for financial fraud, automatically that person will be doubted. Therefore I suspect Dr. Coomaraswamy’s credibility,” he alleged.

He further claimed: “Former Governor Arjuna Mahendran was also accused of being involved in a bond scam. Now the Government has appointed a new Governor who was an advisor to a corrupt organisation guilty of the same allegation.”

However Gammanpila added he did not have any doubt over Dr. Coomaraswamy’s experience and expertise.

He also claimed Dr. Coomaraswamy was too old for the job and the Government should have appointed a younger person to deal with the economic crisis of the country.

“Now Dr. Coomaraswamy is 66 old and his term will be for six years. I believe the Governor’s responsibilities would be a huge stress for him,” Gammanpila said.

The Joint Opposition this week accepted the appointment of Dr. Coomaraswamy and said he was an experienced professional respected in his field.