Sri Lanka: More on Bond Fraud

Former Governor’s Son-in-law’s company profit is Rs.6815 million!

( January 10, 2017, Colombo, Sri Lanka Guardian) It is revealed that the after-tax profits of Perpetual Treasuries Ltd, the Primary Dealer that is at the center of the Treasury Bond controversy, between 1st April to 31st September 2016 is Rs. 6815 million.

This is revealed as according to Central Bank regulations the yearly financial reports of Primary Dealers have to be published.

The company belonging to Arjun Aloysius gained a net profit of Rs.59 million during the financial year that ended on 31st March, 2015 and after the Central Bank bond scam this profit skyrocketed.

Accordingly, in the year ending on 31st March, 2016 the net profit was Rs.5124 million and during the 6 months from 31st March to 31st September 2016 the net profit soared to Rs. 6815 million.

The profits of former Central Bank Governor Arjun Mehendran’s son-in-law’s company has continuously gone up in an unprecedented manner and as such, there is reasonable suspicion that there has been manipulation by the former Governor and has influenced the issue of bonds at the transaction.

Author: Sri Lanka Guardian

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