Rs. 920 million PTL profits transferred to companies in the group: DSG

By Shehan Chamika Silva

Deputy Solicitor General Milinda Gunathileke today revealed that during the disposal process of Bonds pertaining to Perpetual Treasuries Ltd, there were deals found in the documents provided by PTL that it had transacted with other companies in the group resulting in the transfer of profits totalling over Rs. 920 million during the time period from February 1, 2015 to September 30, 2016.

This was revealed when PTL CEO Kasun Palisena was cross-examined on its cost of sales documents provided earlier by them to prove its actual capital gains.

When questioned by DSG Gunathilleke, the witness said the ultimate beneficial owner of these companies was Arjun Aloysius.

PTL had engaged in bond transactions resulting in losses to itself with WM Mendis & Company, Perpetual Capital Holdings, Perpetual Asset Management and an individual called A.G. Punchihewa, who was a director of PTL.