Arjun Aloysius officially announced that he will not give evidence before the Presidential Commission of Inquiry. Arjun Aloysius, flanked by his lawyers, led by President’s Counsel, Gamini Marapana, arrived at the Presidential Commission of Inquiry to announce his decision on the order delivered yesterday.
Aloysius said that after seeking legal advice, he had decided that he does not wish to give evidence before the Commission.
The order made yesterday, clearly notes that if Arjun Aloysius is unwilling or refuses to give evidence and does not wish to utilise the opportunity given to him to explain and clarify and give his responses to the matters that have been referred, and other concerns of the Commission of Inquiry, the Commission will be compelled to proceed on the basis of the evidence that it has.
Steve Samuel, the Personal Assistant to Arjun Aloysius was once again at the Presidential Commission of Inquiry to provide a statement to the detectives assisting the Commission.
Kasun Palisena the CEO of Perpetual Treasuries Limited was cross-examined yet again today, by Deputy Solicitor General Milinda Gunetilleke.
The Deputy Solicitor General pointed out that the Employees Provident Fund was used as a financier whenever Perpetual Treasuries Limited suffered a financial crisis.
The Attorney General’s Department, once again, played the previously deleted phone conversations recovered from the Perpetual Treasuries Limited system.
Deputy Solicitor General, Milinda Gunetilleke said the reason Perpetual Treasuries Limited made phenomenal profits was because it knew precisely when and how to bid – and because it finally unloaded bonds with the Employees Provident Fund at higher prices.
He added that Kasun Palisena was guided by Arjun Aloysius who gave them the precise cut-off mark for bond auctions.
In market terms, whenever an opportunity arises to make a killing, Arjun Aloysius gets involved with Perpetual Treasuries Limited operations.
According to the Attorney General’s Department, Perpetual Treasuries Limited was given precise instructions and they were enormously successful.
The Presidential Commission has now focussed on finding out who made recommendations to the Monetary Board to not to go ahead with a rate cut, which is mentioned by Arjun Aloysius in one of the previously deleted phone conversations.
This call had been made on March 29, 2016 – which is a day of a treasury bond auction.
The Monetary Board had tabled a recommendation to not have a rate cut, at its meeting that very morning.
When questioned about the terms such as ‘once in a life time’, ‘friends in powerful places’, ‘department friends’ that were used by Aloysius in the recovered phone recording, Kasun Palisena said it’s the way Aloysius talks.
This led the Commission to assume that Arjun Aloysius was privy to a lot of price sensitive information.
The Commission was puzzled as to why Palisena did not seem surprised when he heard Aloysius saying he got the rates of the Employees Provident Fund for the auction.
Kasun Palisena accepted that anyone from the government to the Monetary Board and to the Public Debt Department would know about the outcome of an auction.
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