Who is Charlie?  PTL Chief Dealer says it was ‘another name’ for EPF

Who is Charlie? PTL Chief Dealer says it was ‘another name’ for EPF

Who is Charlie? PTL Chief Dealer says it was ‘another name’ for EPF

Written by Staff Writer

14 Oct, 2017 | 9:05 am

Two employees from Perpetual Treasuries Limited were questioned at the Presidential Commission of Inquiry on Friday.

Perpetual Treasuries Limited Attorney, President’s Counsel, Kalinga Indatissa, cross-examined Perpetual Treasuries Limited Chief Dealer Nuwan Salgado yesterday.

In response to questions that were asked, Nuwan Salgado said he deleted the original document depicting payments, from his desktop computer in mid 2015.

Perpetual Treasuries Limited Counsel said ‘CAR’ refers to the purchase of a Toyota FJ Cruiser at a cost of Rs.11 million for the former CEO of Perpetual Treasuries Limited. The counsel produced documentation relating to this move.

Salgado, said he was instructed by Kasun Palisena to record Rs. 11 million under the tag CAR.

Perpetual Treasuries Limited Counsel said ‘CP Interest’ refers to commercial paper borrowing where Perpetual Asset Management had borrowed Rs. 1.8 million from Safe Holdings (Pvt) Ltd.

President’s Counsel Indatissa said the payments under the tag ‘CHARLIE’ refer to payments made to subsidiary companies.

However, during the re-examination, Nuwan Salgado said the document was maintained in secrecy with only Kasun Palisena and himself having knowledge of it.

He said the code ‘CHARLIE’ was used in respect of the EPF point person of contact Uthayaseelan and Saman Kumara.

He believes, the document was on payments made to informants who provided Perpetual Treasuries Limited with market and price-sensitive information.

He affirmed over Rs. 100 million was paid to ‘CHARLIE’ from July 2014 to March 2015.

Salgado said Perpetual Treasuries Limited pays a related company on securities movements and thereafter obtain cash cheques from those companies.

The cash is then brought back to Perpetual Treasuries Limited and handed over to Kasun Palisena.

During the proceedings, Justice Prasanna Jayawardena noted that a person claiming to be a television advocate had made false and untrue comments on the process during a programme ‘this morning.’

He said the Commission will consider those comments strongly.

A Senior Dealer at Perpetual Treasuries Limited, Kaushitha Rathnaweera, said CEO Kasun Palisena at times would tell him to collect cheques from the accountant at W.M. Mendis & Co. Ltd.

After the cheques are cashed, the money which amounts to over Rs. 1 million on all occasion are brought back to Perpetual Treasuries Limited and handed over to Kasun Palisena.

Kaushitha said he does not know what happens to the money thereafter.

When asked why he did not question Palisena about the movement of large funds, he said it was “not his business.”

Kaushitha went on to say that some deal tickets related to trading between Perpetual Treasuries Limited and related companies do not indicate any fund movement.

He went on to say that the letters of instructions for those deals did not originate from Perpetual Asset Management, Perpetual Capital or W.M. Mendis & Co. Ltd – though they have signed the instruction letters.

Anuja Premaratne, President’s Counsel, counsel for Arjun Aloysius and W.M. Mendis & Co. Ltd. said shareholders and directors of private limited companies can pull out funds at any time and “there is nothing illegal.”

The witness said, he “hope it was not illegal.”

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