Presidential Commission: Focus on Perpetual Treasuries, communucation devices and discrepancies

Presidential Commission: Focus on Perpetual Treasuries, communucation devices and discrepancies

By Keshala Dias

11 Aug, 2017 | 10:37 pm

Additional Solicitor General Yasantha Kodagoda reiterated that only literate individuals would understand the extraction process adopted by the AG’s Department, and the officers assisting the Commission.

Counsel for Arjuna Mahendran asked Additional Solicitor General Yasantha Kodagoda whether this statement was referred to him.

The Additional Solicitor General said he was responding to a statement made against the AG’s team elsewhere.

Yasantha Kodagoda informed the Commission that the CID is following the best international practices to extract material from communication devices.

He said material extracted from a mobile phone will be converted into the PDF format for inspection.

However, in relation to a computer, the investigating officers will make a clone of the hard-drive which will include any deleted material as well.

Copies of the cloned hard-drive will only be given to the relevant counsels looking after the interest of their clients.

Deputy Solicitor General Milinda Gunetilleke, on Friday morning, informed the Commission of discrepancies in the document provided by Free Lanka Trading Company (Pvt) Ltd.

The discrepancies relate to the company structure.

The documents relate to two firms by the names of Perpetual Capital (Pvt) Ltd and Perpetual Capital Holdings (Pvt) Ltd.

According to information, Perpetual Capital Holdings (Pvt) Ltd is the holding company of all other companies in the Perpetual Group.

However, the sole shareholder of Perpetual Capital Holdings (Pvt) Ltd is Perpetual Capital (Pvt) Limited which is non-operative.

According to the document, Perpetual Capital Private Limited incorporated in 2015, where as Perpetual Capital Holdings (Pvt) Ltd was incorporated in 2010.

It was highlighted there was a mistake in the particulars provided.

The AG’s Department said this created a difficulty in tracking who owns who, despite Geoffrey Joseph Aloysius and Arjun Joseph Aloysius being listed as owners of these companies.

The Commission instructed the AG’s department to seek assistance to resolve this issue.

In his evidence, CEO of Perpetual Treasuries Limited Kasun Palisena said Perpetual Treasuries Limited did not manipulate the yield rates for longer tenure bonds.

The Presidential Commission was not pleased with the manner in which the attorney for Perpetual Treasuries Limited’s presented documents highlighting there was no uniformity.

The Commission informed the counsel he was well aware that his client will have to give evidence and added that it does not want to be burdened with a mountain of files.