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Wednesday, 05 April 2017 - 7:35
Money obtained from the Central Bank without interest, given back to the Central Bank on interest by perpetual treasuries
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It was revealed at the Presidential Commission Probing the Bond Issue that Perpetual Treasuries had loaned to the Central Bank on interest the same money it had obtained from the Central Bank as an interest-free loan.

This came to light when data of transactions Perpetual Treasuries had carried out with the Central Bank were submitted yesterday for examining evidence.

Sri Lanka Central Bank Information Technology Department Additional Director Wasantha Kumara Alwis led evidence before the commission yesterday.

The Central Banks’s IT department additional Director said that he had served as  the chief coordinator in the creation of the Lanka Settle System in which all Sri Lanka Central Bank transactions are recorded automatically.

Perpetual Treasuries data that had been recorded from 29th March to 1st April 2016 in the said system were submitted to the commission.

Although Perpetual Treasuries had obtained more than 20 billion rupees on 1st of April 2016, a number of times at the day’s transaction closure the company concerned had not been able to repay Rs.11.06 billion to the CB.

Perpetual Treasuries has also paid a fine for this to the Central Bank.  

Citing these data Deputy Solicitor General Milinda Gunatilleke said that Perpetual Treasuries had abused the daily liquid facility that the CB had introduced for granting interest-free loans on the basis of repayment within one day.

Accordingly it came to light that Perpetual Treasuries had obtained an interest-free loan under the said facility and returned money to the Central Bank as a loan on interest.

The witness corroborated that Perpetual Treasuries had placed as security the bond it had obtained when obtaining this loan and obtained loan from the Central Bank.

 

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