Written by Lahiru Fernando
03 Oct, 2016 | 9:13 pm
Political leaders have called for investigations into the massive Rs. 5.2 billion after tax profit recorded by Perpetual Treasuries for the year ending in March 2016.
According to the Business Times, the Rs. 5.2 billion profit recorded by primary dealer Perpetual Treasuries’ that received its license in 2013, is considerably higher than the post tax profit of Rs. 57 million reported by Capital Alliance, one of Perpetual Treasuries’ competitors.
Formed in 2013 with a Capital of Rs. 500 million
Year end profit – 5.2 billion – 400% rate of profit (alleged)
Per day profit – Approx. Rs. 18 million (alleged)
Year end profit of Capital Alliance (Competitor) – Rs. 57 million
The Business Times also reported that the profit recorded by Perpetual Treasuries in the year ending March 2016, was higher than the year end profit, after tax of five major commercial banks in the country.
DFCC bank – Rs.4.3 billion
Seylan Bank – Rs. 3.8 billion
NDB – Rs.3.5 billion
NTB – Rs.2.6 billion
PABC – Rs.1 billion
Union Bank – Rs.192.6 million.
Speaking on the matter, D.E.W. Gunasekara (Leader – Sri Lanka Communist Party) said: “..the reports on one of the main companies accused in the bond controversy has been released. The profit that they have recorded over a one year period is 5.1bn, surpassing most of our leading banks. This company was established in 2013 with a capital of 500mn collected from different places. However within a year their rate of profit has gone up by 400% ..”
Leader of the JVP Anura Kumara Dissanayake said:
Their profit was nearly 5.2 billion, if you break it down that’s a profit of 18 million for a single day. How did they manage such a profit?”. JVP leader Dissanayake also pointed out that Perpetual Treasuries belong to Aloysius Mahendran, whose uncle is the former Central Bank Governor Arjuna Mahendran.
Anura Kumara also alleged that Aloysius Mahendran’s Perpetual Treasuries made the colossal profit of Rs. 5.2 billion through the controversial bond scam which took place during his uncle’s time as the Governor of CBSL.
Furthermore, political leaders have called for investigations into the profits recorded by perpetual treasuries.
“.. the current government is trying to cover this up using various reports. An investigation should be launched immediately, the Central Bank should investigate how perpetual treasuries recorded such a profit through their bond issuance ..” added Anura Kumara.
Governor of the Central Bank – over to you – for denial or action.
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