“Perpetual Treasuries CEO instructed that phone recordings be deleted” – Revelations at Bond Commission

“Perpetual Treasuries CEO instructed that phone recordings be deleted” – Revelations at Bond Commission

“Perpetual Treasuries CEO instructed that phone recordings be deleted” – Revelations at Bond Commission

Written by Staff Writer

05 Sep, 2017 | 12:07 am

Two employees of Perpetual Treasuries Limited are now considered whistleblowers in the investigations being carried out by the Presidential Commission of Inquiry into the bond issue.

Nuwan Salgado, the Chief Dealer at Perpetual Treasuries Limited testified before the Commission that the CEO of Perpetual Treasuries Limited, Kasun Palisena, instructed him on several occasions to identify any phone conversation recorded in the system that is harmful to Perpetual Treasuries Limited and Palisena, and thereafter delete those conversations.

The first instance was after the Central Bank issued notice on Perpetual Treasuries Limited on restricting it’s trading activities in November 2016.

Another was in March 2017, when the Commission requested call recordings for specific dates for the investigation.

A similar act was committed in July 2017, while the Presidential Commission was investigating into the bond issue.

Salgado claimed that Palisena instructed him to indentify and delete all harmful phone conversations.

Salgado had passed on the instructions to the Senior IT Executive of Perpetual Treasuries Limited, Sachith Devathanthri, who had done the needful.

In relation to the auction dated March 29 and 31, 2016, Salgado revealed around five to ten calls were deleted from the system.

Perpetual Treasuries Limited secured total of Rs. 40 billion worth of treasury bonds at those auctions.

After a series of call recordings were deleted from the system on July 5, 2015, a decision was taken with Kasun Palisena to “Crash” the desktop computer provided by Metropolitan Communications (Pvt) LTD.

Salgado said, after the desktop computer was replaced, Kasun Palisena would have informed Arjun Aloysius about that matter.

Sachith Devathanthri who testified this morning, made the same revelation before the Commission.

Nuwan Salgado admitted that altered and tampered material was given to the Presidential Commission for Inquiry and it was done on the instructions of CEO of Perpetual Treasuries Limited, Kasun Palisena.

In total, over 100 telephone conversation recordings were deleted.

The start for Perpetaul Treasuries Limited to earn phenominal profits took place when it made large bids at the 27th February 2015 auction.

Despite Nuwan Salgado being the Chief Dealer, a majority of the deals were handled by Kasun Palisena.

The witness said Arjun Aloysius was informed by Kasun Palisena on the deals as Arjun Aloysius make inquiries into the daily business activities at Perpetaul Treasuries Limited.

In addition, Kasun Palisena carried out most of the secondary market transactions with the Employees Provident Fund.

A large volume of the profits were from the government securities sales to the Employees Provident Funds by Perpetual Treasuries Limited.

As the actions of Nuwan Salgado were an attempt to mislead the Commission, he apologised for doing so and highlighted he was only carrying out the instructions he received from above.

Sachith Devathanthri also apologised to the Commission for giving false evidence to the Commission.

Nuwan Salgado is now considered as a whistleblower as his evidence relates to wrong doings and criminal conduct of Perpetual Treasuries Limited, Kasun Palisena and Arjun Aloysius.

Salgado was informed under the Assistance to and Protection of Victims of Crime and Witnesses Act, he is entitled to seek assistance where the law will protect him, his family and his property.

Additional Solicitor General, Yasantha Kodagoda, highlighted that if Perpetual Treasuries Limited or anyone acting on their behalf is threaten, harass and change the nature of employment of the witness, they would be arrested without warrant, remanded and bail can only be given for such an offence by the Court of Appeal.

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