Economists have pointed out that special legislation or regulations to recover illegally obtained monies, should also encompass custodians of such illegally accumulated wealth who may not be the ones who are the direct culprits but extends to their kith and kin.
Head of the Department of Economics of the Faculty of Arts of the University of Colombo, Prof. W. Wimalaratana said that such a law should not be confined to special cases such as the scam regarding the issue of Treasury bonds.
“The said law or laws must go beyond this as there were a lot of previous allegations concerning deals which resulted in losses to public coffers, the misuse of public funds and inflated individual family fortunes which had come about at the expense of taxpayers,” he noted. He said that a lot of the monies in such cases had also been transferred to other countries and as such should be brought back to the country.
“There are similar fortunes not in cash or in liquid assets, but invested in real estate and other properties. Legislation must be designed to cover all sorts of illegally obtained monies. The government must take these into custody and dispose it by way of selling to recover the monies. Clauses must be included in the said legislation to prevent such practices in the future,” Prof. Wimalaratana further explained. RLJ