5 civil cases against PTL to recover Rs 8.5bn

COLOMBO (News 1^st) - President's Counsel Gamini Marapana informed the Court of Appeal on Wednesday (July 04) that an application for bail will not be made at the Fort Magistrate's Court tomorrow (July 05) to secure bail for the Beneficial Owner of Perpetual Treasuries Limited Arjun Aloysius who was arrested over the Central Bank Treasury Bond Scam. This was mentioned when the revision bail application filed on behalf of Arjun Aloysius and Kasun Palisena was taken up. The revision bail application was taken up in the presence of President of the Court of Appeal Justice P. Pathmana Surasena and Justice Shiran Gunaratne. A question was raised whether a bail application will be made on behalf of Arjun Aloysius at the Fort Magistrates Court tomorrow (July 05). Responding to this President's Counsel Gamini Marapana said there will be no bail application on behalf of Arjun Aloysius. The case was postponed to the 18th for the defense to present facts. Deputy Solicitor General Yasantha Kodagoda appearing for the Attorney General made a lengthy submission to court over the matter. He informed the Court of Appeal that Perpetual Treasuries Limited had generated assets in an illegal manner from the two Treasury Bond Auctions which resulted in an 8.5 Billion Rupee loss to five State Institutions. He added, five civil cases have been filed to recover the losses from PTL.