Asian Mirror is now in a position to state that the three member committee appointed to investigate the controversial Treasury bond issue  has recommended that the incident ‘warrants an investigation'. This outcome is likely to throw Central Bank Governor Arjuna Mahendran into hot waters as he has been dubbed by many parties as the person who is responsible for the Treasury Bonds controversy.

The committee headed by Attorney-at-Law Gamini Pitipana completed its preliminary investigations on Friday and the report is expected to be handed over to Prime Minister Ranil Wickremesinghe in the coming days. The Prime Minister has already promised Parliament to table the recommendations of the committee.

If the committee recommends a full scale investigation into the matter, the matter is likely to end up at the Police Financial Crimes division, headed by DIG Ravi Waidyalankara. If this is the case, one has every reason to believe that the Central Bank Governor Arjuna Mahendran too will have to spend an hour or two at the Financial Fraud Division, facing lengthy interrogations by the Police.

This entire process will also investigate the conduct of Arjun Aloysius, who is the son-in-law of Mahendran. The young and controversial businessman came under public spotlight even before the questionable treasury bonds issue. He was closely involved with the notorious ex-CB governor especially when the latter dabbled with hard-earned EPF funds of the private sector employees.

However, it is clear that Mahendran has decided to remain in his position, despite the outcome of the committee's investigation. Recently, when one of his close friends asked him about his future plans, Mahendran, who is known to be citizen of Singapore, said he would remain in Sri Lanka and clear his name!