Written by Tharushan Fernando
04 Nov, 2016 | 9:18 pm
Perpetual Treasuries Limited, which is at the centre of a controversy over the Central bank bond transactions has purchased over six million shares of the National Development Bank or NDB, during the third quarter of this year.
According to the Share Ledger of the National Development Bank, Perpetual Treasuries Limited was listed as one of the top ten shareholders of the bank as at October 31, 2016. Perpetual Treasuries has purchased 6.224 million shares which accounts for 3.77 percent of the total number of shares.
Meanwhile another company by the name of Perpetual Equities Private Limited has been listed as one of the top 20 shareholders of NDB. This company has purchased 3.967 million shares which amounts to 2.4 percent of the total number of shares.
Incidentally, the quarterly report of the NDB released on June 30, 2016 did not include Perpetual Treasuries or Perpetual Equities Private Limited in the list of top 20 shareholders of the bank.
In the share ledger of the National Development Bank, the address of Perpetual Treasuries Limited has been listed as No. 610 Galle Road, Colombo 03, and the address of Perpetual Equities Private Limited has been listed as Level 3, Prince Alfred Tower, No. 10, Alfred House Gardens Colombo 03.
However, the address of Perpetual Treasuries has been listed on the official website of the Colombo Stock Exchange as Level 3, Prince Alfred Tower, No. 10, Alfred House Gardens Colombo 03.This is the same address provided on the share ledger of NDB for Perpetual Equities Private Limited
Former Deputy Governor of the Central Bank of Sri Lanka, W.A. Wijewardena on the programme Face the Nation, last Monday night, said that The Sunday Times carried a news story that the Perpetual Treasuries had been buying banks and finance companies and that Perpetual Trreasuries cannot do that because in terms of Central Bank regulations a primary dealer cannot own any banking institution.
He added that it can do only trading in the share market as a share broker,but not as a banker. And it appears that profit would have been transferred to some subsidiary company which may have purchased these shares in the market and because of this reason it is necessary to find out how the profits have been appropriated, who have got the profits, who has got the beneficial interest and so forth.
The committee appointed by the Sri Lanka Freedom Party to study the COPE report convened for the first time last night.
State Minister Lakshman Yapa Abeyardena who is a member of the committee said that it was decided the obtain external assistance to study the COPE report.
He added that the final report will be produced to the President in two weeks.
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