Budget 2022: Proposal made to transfer PTL’s 8.5 Bn to Treasury

Budget 2022: Proposal made to transfer PTL’s 8.5 Bn to Treasury

Budget 2022: Proposal made to transfer PTL’s 8.5 Bn to Treasury

Written by Zulfick Farzan

12 Nov, 2021 | 5:17 pm

COLOMBO (News 1st); Finance Minister Basil Rajapaksa has proposed to transfer Rs. 8.5 Billion that Perpetual Treasuries Limited earned in violation of the Code of Conduct at the Central Bank of Sri Lanka, to the Treasury.

In order to examine, investigate, and report on the issuance of the Treasury bonds during the period 1 February 2015 to 31 March 2016, the former President appointed a tri-party Presidential Commission of Inquiry chaired by retired Supreme Court Judge K.T. Chithrasiri.

As per the report of the aforementioned Presidential Commission of Inquiry, during the period 01 February 2016 to 31 March 2016, when selling Treasury bonds to the Employees Provident Fund, other statutory entities, and government institutions; Perpetual Treasuries Limited has made profit mainly through “price-sensitive inside information” and “market manipulation”.

Therefore, this report identifies that Rupees 8.5 billion is received by willfully violating the provisions of the code of conduct issued by the Central Bank of Sri Lanka under the Registered Stock and Securities Ordinance No. 07 of 1937, to the primary dealers on best practices.

According to the recommendations of this Commission, and without hindering the legal actions taken by the Attorney General, it is proposed to transfer to the Treasury the Rupees 8.5 billion that the Perpetual Treasuries Limited has earned in violation of the Code of Conduct of the Central Bank of Sri Lanka

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