Perpetual Treasuries: The Arjuna Mahendran connection

Perpetual Treasuries: The Arjuna Mahendran connection

Perpetual Treasuries: The Arjuna Mahendran connection

Written by Lahiru Fernando

04 Oct, 2016 | 10:23 pm

Political party representatives are calling for an extensive investigation to be conducted into the unusually large profit of Rs. 5.2 billion recorded by Perpetual Treasuries, as well as the Central Bank bond transaction.

UPFA MP Bandula Gunewardena says that, according to his sources at the Stock Exchange Market, the Rs 5.2 Billion profit made by Perpetual Treasuries is not the accurate profit declaration.

Factors pointed out by Bandula Gunewardena

1. The financial services VAT on the 5.2 billion profit – Not Paid
2. Tax on dividends – Not Paid
3. Income Tax – Not Paid

“As the Joint Opposition, we strongly urge the authorities to appoint a Presidential Commission with extended powers to investigate the financial theft at the Central Bank.” he added

Meanwhile, Prof. G.L. Peiris (Former Minister) pointed out the president’s decision to not re-appoint Arjuna Mahendran as the CBSL Governor. He noted that despite the decision by the Head of State, the prime minister directly involves Arjuna Mahendran into his affairs.

Arjuna Mahendran’s involvements in state affairs

1. Given a leading role in the programme to create one million jobs
2. Travels with the prime minister on official overseas visits

“So what impression does this give others? It implies that it does not matter how much wrong you commit, as long as you are close to the government”, Prof. Peiris added.

“So now what does the police have to do? If they have evidence, present it to court and then obtain a court order. Are these persons guilty? No, this process has not gone to that extent. This is why we call this is a charade”, said Prof. G.L. Peiris

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.

Perpetual Treasuries – THE NUMBERS: CLICK HERE TO READ THE COMPLETE REPORT

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