PTL's Arjun Aloysius and Kasun Palisena further remanded

COLOMBO (News1st) - Fort Magistrate Lanka Jayaratne rejected the bail application filed on behalf of owner of Perpetual Treasuries Limited Arjun Aloysius and its CEO Kasun Palisena. Aloysius and Palisena were further remanded till March 2. Additional Solicitor General Yasantha Kodagoda informed court that investigations have revealed Perpetual Treasuries Limited had made cash deposits into unknown accounts and withdrawn those funds thereafter. The ASG further stated that the major shareholder of W. M. Mendis is Perpetual Treasuries Limited, and that the bank account under the name of W. M. Mendis at Seylan Bank is controlled by Arjun Aloysius and his father Geoffrey Aloysius. Investigations have revealed, a sum of Rs. 1.19 Billion Rupees was deposited to this account on 66 occassions from May 21 to 2014 to February 7, 2018. The same sum of Rs. 1.19 billion rupees had been withdrawn from the account on 154 occasions and that the present balance of the account is zero. The Addition Solicitor General believes these monies would have been used to pay off informants and gifts to associates. The present status of the accounts of Perpetual Treasuries Limited was revealed in court today, February 16. Yasantha Kodagoda said a sum of Rs. 9.197 billion rupees is available with the Standing Deposit Facility Account at the Central Bank of Sri Lanka. In addition, another Rs.2.19 billion rupees is available in the Lanka Secure System at the Central Bank of Sri Lanka under PTLs name. The ASG stated that these monies have been legally reinvested by the Central Bank within the Central Bank itself. Fort Magistrate Lanka Jayaratne ordered that these monies and the returns from the re-investments must be held with the Central Bank and cannot be withdrawn or transferred to PTL, any of its associated companies or personnel or any other third party ,until the case is concluded. The magistrate issued an order on the General Managers of Pan Asia Banking Corporation, DFCC Bank, National Savings Bank and Bank of Ceylon to submit to the CID all documents and details of bond transactions entered into with and on behalf of Perpetual Treasuries Limited. Court also order nine permitted CID Officers to record statements from Arjun Aloysius and Kasun Palisena at the Remand Prison for investigations purposes from February 17,  2018 to  March 1, 2018.