By Shehan Chamika Silva
Following an allegation levelled against Mr. Arjun Aloysius over interfering with a witness who was supposed to testify at PCoI, a President’s Counsel today appeared on behalf of Mr. Aloysius for the time to protect his interests before the Commission.
During the previous proceeding, Deputy General Manager of Pan Asia Bank testifying before the Commission said that Mr. Aloysius had requested his support in PCoI proceedings prior to him giving evidence.
It was explained that President’s Counsel Nihal Fernando, who has been appearing for the interests of the Perpetual Treasuries Ltd, was not protecting interests of Mr. Aloysius personally at the PCoI proceedings.
Thereby, President’s Counsel Kalinga Indatissa yesterday requested the Commission to appear on behalf of Mr. Aloysius according to the second limb of Section 16 of Presidential Commissions of Inquiry Act. Subsequently, the Commission allowed the PC to appear on behalf of Mr. Aloysius.
Meanwhile, according to the witness, the Pan Asia Bank had acted as an intermediary between EPF and PTL transactions in secondary market during latter part of 2015 based on the instructions of former Chairman of Pan Asia Bank, Nimal Perera, because the EPF and PTL had certain counterpart restrictions to deal between themselves according to some laws.
During the evidence led by DSG Gunathilaka, the witness said that the normal practice was not visible during the cause of acting as an intermediary by the Pan Asia Bank for the EPF and PTL in secondary market transactions, because the PTL had dictated such intermediary bond transactions by deciding Price, Quantity and Settlement dates to the Pan Asia Bank.
During the cross-examination led by Mr. Nihal Fernando PC, the witness said that acting as an intermediary in such transactions was not illegal.
However, he said he has a doubt whether there was a mutual benefit for both parties because rates were solely decided by the PTL.
No comments:
Post a Comment