[4] On 3 September 2019, Singapore's Ministry of Foreign Affairs clarified that the government would consider the extradition request from Sri Lanka once the necessary supporting information and documents were released.
[6] Arjuna Mahendran, a Singaporean Tamil nationality of Sri Lanka origin was controversially appointed as the CBSL governor in 2015 succeeding Ajith Nivard Gabral.
[8] The issuing of ten times the advertised bonds, and at a higher than expected rate, was alleged to cost the Sri Lankan government an additional Rs.
[22] The Supreme Court of Sri Lanka did not grant leave to proceed in a fundamental rights case that requested a separate inquiry into the bond issue, as no laws were broken.
[26][27][28] On 28 October 2016, the Committee On Public Enterprises, after a lengthy investigation, found Mahendran responsible for the Bond Issue Scam and recommended legal action be taken against the above.
In January 2017, he was appointed by President Sirisena to a three member Special Presidential Commission of Inquiry in the investigate the Bond Issuance at the Central Bank of Sri Lanka, which published its report in December 2017.
[34][35] In the findings of the report, Arjuna Mahendra was held directly responsible for causing a loss of LKR 11,145 million to public institutions.
The Central Bank functioning under the Ministry of National Policy has already blocked and retained a fund of Rs 12 billion belonging to the Perpetual Treasures Ltd'[37] The prolonged nature of the inquiry may be linked to a growing rift between Sri Lanka's President and Prime Minister and the two political parties they each represent in an increasingly fraught coalition government.
[40] The President has subsequently had to prorogue Parliament[41] In 2016 October COPE revealed that Governor of the Central Bank Arjuna Mahendran should be held responsible for the Bond Issue Scam and legal action should be taken against him.
But the allegations were refuted by Singapore and revealed Colombo failed to provide valid documents and evidences on deporting of Mahendran to Sri Lanka.