Sri Lanka: Where the bond scam profits went

( September 12, 2017, Colombo, Sri Lanka Guardian) The profits earned by Perpetual Treasuries Ltd during the period 2015 January to September 2016 amounting to Rs 920 million had been transferred to three other companies belonging to its group of companies, namely W.M. Mendis and Company (Rs. 177.4 million), Perpetual Asset Management Company (Rs. 354.4 million) and Perpetual Capital Holdings Company (Rs.388.4 million) Deputy Solicitor General Milinda Gunatillake told the Presidential Commission of Inquiry probing the bond scams yesterday.

Perpetual Treasuries CEO Kasun Palisena when cross examined said that the main business of W.M. Mendis and Company was not dealing with treasury bonds but manufacturing of liquor.

When asked by the Commission whether he had received instructions from the company’s Chairman Arjun Aloysius to effect the above mentioned business as it was, Palisena answered in the affirmative.

Author: Sri Lanka Guardian

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