Written by Keshala Dias
17 Aug, 2017 | 6:27 pm
What happened to the dividends of Perpetual Treasuries Limited over the past two years?
The answers were disclosed before the Presidential Commission of Inquiry Investigating into the Treasury Bond Issue.
Perpetual Asset Management (Pvt) Limited, which is the holding company of Perpetual Treasuries Limited, was previously known as Perpetual Positive Properties.
This revelation was made when the CEO of Perpetual Treasuries Limited, Kasun Palisena, was questioned by the Presidential Commission of Inquiry today, August 17, 2017,
For the year 2016, Perpetual Treasuries Limited had paid over Rs. 400 million as dividends to its holding company Perpetual Asset Management (Pvt) Limited.
During this period, Perpetual Treasuries Limited had invested in government securities and purchased quoted shares of the National Development Bank worth Rs. 1.1 billion.
Perpetual Asset Management (Pvt) Limited, in November 2016 had paid Rs. 348 million as dividends to Perpetual Capital Holdings (Pvt) Ltd.
Perpetual Asset Management (Pvt) Limited had invested Rs. 642.69 million in Perpetual Equities (Private) Limited.
Perpetual Equities (Private) Limited had invested in the shares of National Development Bank, Central Finance PLC and Lanka Ashok Leyland PLC.
Kasun Palisena revealed that Perpetual Equities (Private) Limited only trades in equities and is a player in the stock market while another entity known as Perpetual Fund Management is non-operational.
The total value of the National Development Bank shares purchased by the Perpetual group is almost Rs. 2 billion.
In the process of the examination of Kasun Palisena’s evidence, Perpetual Treasuries Limited had submitted to the commission 240,000 audio recording clips, a series of box files and documents while several more are yet to be given.
As the Attorney General’s Department needs to carefully examine the evidence, it requested for an adjournment until August 25 and it was granted by the Commission.
The Presidential Commission praised the efforts undertaken by the Attorney General’s Department and it officers in this process.
W.M.Mendis & Co. Ltd has disclosed details of twelve bank accounts to the Presidential Commission of Inquiry.
Highlighting to the Counsel for W.M.Mendis & Co. Ltd that balance sheets must include notes and income as well as expenses, the Commission requested him to produce all these details within this week.
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