Perpetual Treasuries: Rs 340 million dividend distributed to another company

It has been uncovered that a portion of the profit made by Perpetual Treasuries Limited through the controversial bond transaction was distributed to another company as dividend.

This was revealed during the questioning of Perpetual Treasuries CEO Kasun Palisena at the Presidential Commission of Inquiry investigating the issuance of Treasury Bonds on Thursday (17).

 Mr Palisena had yesterday failed to reveal the investments made with the dividends of Rs 712 million distributed to Perpetual Assets Management Limited from the profits made by Perpetual Treasuries since 2014. 

However, when the commission inquired about the matter today, the Perpetual Treasuries CEO stated that he was only appointed to the director board of Perpetual Assets Management Limited in February 2016 and therefore is able to reveal the investments made since that year.

Mr Palisena informed the commission that of the profit made by Perpetual Treasuries through the controversial Central Bank treasury bond deal, over Rs 340 million was distributed as dividend to a company in which Arjun Aloysius and his father serve as directors. 

Meanwhile the chairman of the commission K.T. Chitrasiri has stated that there are certain shortcomings in the accounts information submitted by W M Mendis & Company Limited, as per the orders of the commission. 

He instructed the attorney representing the company to hand over the accounts information containing income and expenditure, as immediately as possible.