Former Finance Minister and NDF MP Ravi Karunanayake yesterday told Parliament that the Central Bank had not been under his purview when the bond scams took place.

“At no point during my tenure as the Minister of Finance I was assigned the Central Bank. This is the first time I am publicly mentioning this,” Karunanayake said.

He said so making a special statement under the provisions of the Section 27/8 Standing Order of Parliament. The Standing order provides for a personal explanation that could be made by an MP for the purpose of vindicating the personal conduct of that MP in response to a reference which has been made by another MP in the House while he was not present in the House.

Karunanayake said that he was making the special statement with the intention of rectifying a statement made by Prime Minister Dr Harini Amarasuriya, on 26 November, to the House, where she was answering a question pertaining to the Bond Scam. The Central Bank was under then Prime Minister Ranil Wickremesinghe, and the State and Private Banks were under the then Minister Kabir Hashim.

The Central Bank had always been under the Minister of Finance, except during the time that I held the office of Finance Minister,” Karunanayake said.

He said that incumbent Prime Minister Dr Amarasuriya’s statement on Nov 26 to the House implied that he was responsible for the Bond Scam. “That implication is a violation of my rights. It is misleading and damaging my rights. I make this statement not against PM Amarasuriya personally but to rectify the error and to set the record straight,” Karunanayake said.

Karunanayke said that PM Amarasuriya had stated that her answer was grounded in the recommendations contained in the Report of the Presidential Commission of Inquiry. “This is factually incorrect and misleading, for the Presidential Commission of Inquiry in their entire report did not find me guilty of anything or find me wanting in any way whatsoever,” he said.

The full text of MP Karunanayake’s statement: “I rise to bring to your notice a serious matter concerning a violation of my parliamentary privileges, and to seek your leave to make a personal explanation in terms of Standing Orders 21 and 27.

On 26 November 2025, during answers given in this House relating to the 2015 Treasury Bond issue — a matter pending before court for nearly five years — the Prime Minister made a statement that had the effect of attributing ministerial responsibility to me in a manner that is factually incorrect, misleading, and damaging to my reputation as a Member of Parliament.

In her response, the Prime Minister stated that her position regarding those responsible for the Central Bank bond transactions was “based on the recommendations contained in the Report of the Presidential Commission of Inquiry (PCoI).”

Although she did not expressly say that “the Central Bank came under Minister Ravi Karunanayake,” the clear implication of her answer — particularly when citing the PCoI — was that I bore ministerial responsibility for the Central Bank and its actions during that period. This implication is entirely incorrect, unsupported by the PCoI, and directly contradicted by the official Gazette notifications issued under Article 44(1) of the Constitution.

According to the Prime Minister’s response, I was described as “the Minister in charge of Finance” during the time of the alleged bond transactions, suggesting that ministerial authority over commercial banks rested with me. This is false. It misrepresents my official role, misleads the House, and prejudices ongoing judicial proceedings.

Mr. Speaker, at no point during my tenure as Minister of Finance I was assigned the subject of the Central Bank of Sri Lanka. The constitutional and administrative record (gazette ) is unambiguous:

The Central Bank has historically and at all times been under the Minister of Finance, except exceptionally , during the period I held that office. I did not exercise ministerial oversight over the Central Bank, its Monetary Board, or its regulatory actions during my tenure.

Ministerial oversight on the Central Bank had been assigned to the Prime Minister and the Minister of National Policies and Economic Affairs, Ranil Wickremesinghe. Cabinet records, Gazette notifications, and administrative circulars confirm this position beyond any dispute.

Similarly, commercial banks at the time in question fell under the purview of the Minister of Public Enterprise Development, Kabir Hashim.

His portfolio included State banks, Commercial banks, Bank of Ceylon, People’s Bank, National Savings Bank (NSB), SME Bank, and Banking governance functions.

Mr. Speaker, in conclusion, the Prime Minister stated that her answer was grounded in the recommendations contained in the Report of the Presidential Commission of Inquiry. This is factually incorrect and misleading , for the Presidential Commission of Inquiry in their entire report did not find me guilty of anything or find me wanting in any way whatsoever.”

By Saman Indrajith