Explosive claims suggest a deepening cover-up inside Sri Lanka’s Finance Ministry, with allegations that junior staff are being sacrificed to shield senior officials from a $2.5 million Treasury scandal.
Former Governor Rajitha Keerthi Tennakoon has raised serious concerns over what he describes as an attempt to conceal the alleged $2.5 million Treasury fraud, accusing Finance Ministry Secretary Harshana Suriyapperuma of deflecting accountability by placing blame on lower-level employees instead of those in senior decision-making positions.
According to Tennakoon, the situation indicates a deliberate effort to protect high-ranking officials who should be held responsible for the financial irregularity. His remarks come amid growing scrutiny over the handling of the Treasury fraud investigation and the broader governance failures within Sri Lanka’s financial administration.
Speaking on the investigative process, Tennakoon revealed inconsistencies in the formation of the inquiry committee. While an official communication initially stated that a single chairman had been appointed on March 24 to lead the investigation, it later emerged that a five-member committee had been formed, co-chaired by two Deputy Treasury Secretaries. This discrepancy has raised fresh questions about transparency and procedural integrity.
He further alleged that internal attempts are being made to manipulate documentation linked to the Treasury heist. Certain documents, he claimed, were withdrawn after being circulated, suggesting efforts to alter or suppress critical evidence. However, Tennakoon noted that some employees have indicated that digital records with original date stamps still exist within the system, potentially exposing inconsistencies in any attempted revisions.
Despite the seriousness of the matter, Tennakoon stated that although the investigation committee’s report had been submitted to the Finance Secretary on April 10, there has been no effort to formally inform the President or the Cabinet. He also accused the Finance Secretary of presenting incomplete or misleading information to the President, thereby distorting the true scale and nature of the incident.
As part of what Tennakoon described as a damage control strategy, four junior employees were suspended on April 17. He warned that such actions could unfairly target individuals with limited responsibility, including two recently transferred female officers who reportedly lacked experience in handling complex international debt transactions. These employees, he emphasized, were merely executing clerical tasks such as data entry rather than making critical financial decisions.
The former Governor highlighted that the individuals currently being portrayed as responsible for the fraud are, in reality, those who handled routine administrative duties, raising concerns about scapegoating within the investigation process. He stressed that accountability should be directed at those with decision-making authority rather than those performing basic operational roles.
Tennakoon also identified systemic issues within the Treasury as a key factor behind the crisis. He pointed to the transfer of experienced and competent officers to other departments based on political considerations, which has weakened institutional capacity. He noted that since September of last year, no qualified head has been appointed to oversee the computer division, leaving critical digital infrastructure vulnerable.
He further argued that the Treasury, which serves as the backbone of Sri Lanka’s economic management, has been exposed to significant risk due to politically motivated appointments that prioritize loyalty over expertise. According to Tennakoon, the lack of practical public sector management experience on the part of the current Finance Secretary has exacerbated the situation, contributing to lapses in oversight and accountability.
As the Treasury fraud investigation continues to unfold, these allegations have intensified public debate on governance, financial transparency, and institutional integrity. The controversy is now seen as a major test of accountability within Sri Lanka’s economic management system, with increasing calls for an independent and transparent inquiry into the handling of the $2.5 million heist.
