Day 60 of the proceedings…

Deputy Solicitor General Milinda Gunetilleke reiterated that the Employees Provident Fund had sold bonds in the Primary Market and later on, purchased them back in the Secondary Market at a higher price.

He pointed out that in November 2015, the EPF had purchased two bonds, both worth Rs. 1 billion worth at Rs. 115 and Rs. 113, per unit from the Primary Market and sold them.

The EPF had repurchased those bonds from Perpetual Treasuries Limited for Rs. 121 and 56 cents and Rs. 120 and 56 cents per unit.

In addition, it was noted that the Employees Provident Fund and Perpetual Treasuries Limited must justify the facts presented by the witness, Wasantha Alwis – Additional Director of IT at the Central Bank.

The Deputy Solicitor General noted that the Attorney for PTL is bringing in his own theories and if he is advancing those theories, he should step in to the witness box.

He added that the Attorney for PTL had accepted the transactions presented by the witness were those entered in to by PTL

PTL’s lawyer, Nihal Fernando said he would not accept any interpretation made by the state.

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