RS 11 B LOSS RECOVERABLE SAYS CB GOVERNOR | Page 2 | Sunday Observer

RS 11 B LOSS RECOVERABLE SAYS CB GOVERNOR

The undue profits amounting to a staggering Rs. 11 billion for the period February 2015 to March 2016, as calculated by the Presidential Commission on the Bond issuance, is recoverable from Perpetual Treasuries Limited (PTL), Central Bank (CB) Governor Dr. Indrajith Coomaraswamy told the Sunday Observer.

According to the Governor, the Central Bank took steps immediately following investigations, to freeze bank accounts that were held by Perpetual Treasuries. “The company bank accounts have been suspended and their activities stopped so they are unable to take any money out. The Attorney General’s Department would have to lodge a civil recovery case to recover the money, the Governor said.

The Presidential Commission which was mandated to look into the Bond issuance during 2015–2016, calculated that PTL has made an undue profit of about Rs. 11 billion.

“As revealed during the investigations, Perpetual Treasuries Limited has made an undue profit of Rs. 11,145 million in the secondary market. In this, the Employees Provident Fund and other government institutions had lost more than Rs. 8,524 million or Rs. 8.5 billion,” the President’s statement on the Commission report revealed.

Prime Minister Ranil Wickremesinghe, meanwhile met with the governor and officials of the Central Bank to push forward the recommendations made in the Commission report, specially the recommendations to be adopted by the Central Bank.

Governor, Dr. Coomaraswamy said after the Commission Reports are made available to them they will see how best to go about adopting the recommendations quickly.

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