It has been proposed to transfer to the Treasury the Rs. 8.5 billion that Perpetual Treasuries Limited had earned in violation of the Code of Conduct of the Central Bank of Sri Lanka (CBSL).
The Presidential Commission that was appointed to investigate the issuance of the Treasury bonds between 01st February 2015 to 31st March 2016 had found that Perpetual Treasuries Limited has profited out of the deal.
The company is reported to have made profits mainly through “price-sensitive inside information” and “market manipulation”.
Therefore, the Commission has identified that Rs. 8.5 billion had been 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 the Commission, and without hindering the legal actions taken by the Attorney General, it has been proposed to transfer the profit amount to the Treasury. (NewsWire)