Arjun Aloysius once again arrived at the Presidential Commission of Inquiry to provide a statement to the Criminal Investigations Department.
At around 09:30 a.m. on Friday, Arjun Aloysius arrived at the Presidential Commission of Inquiry accompanied by his lawyers.
Arjun Aloysius was body-searched before being allowed to enter the premises.
It was announced at the Commission that President’s Counsel Gamini Marapana – the brother of Minister of Foreign Affairs Tilak Marapana – will be appearing for Arjun Aloysius.
Kasun Palisena, the Chief Executive Officer of Perpetual Treasuries Limited was warned by the Commission to retain a new counsel as President’s Counsel, Nihal Fernando will not appear for Perpetual Treasuries Limited after the evidence examination of Palisena is over.
During the cross examination of Kasun Palisena, it was revealed that the ultimate benificial owners of Perpetual Treasuries Limited, Perpetual Asset Management Limited, Perpetual Capital Holdings Limited, Perpetual Capital and W. M. Mendis & Company Limited are Arjun Aloysius and Geoffrey Aloysius.
Additional Solicitor General, Milinda Gunetilleke questioned Palisena on a number of transactions Perpetual Treasuries Limited had entered into with Perpetual Capital Holdings Limited and other parties.
These transactions have not gone through the Perpetual Treasuries Limited current account or the account with Central Bank.
According to the Attorney General’s Department, Palisena has failed to prove the cost of sales Perpetual Treasuries Limited incurred because it is not reflected in the current accounts or the RTGS system in the Central Bank.
Palisena was extensively questioned on the purchase of securities from Perpetual Capital Holdings and sale to the Employees Provident Fund.
As they are not reflected in both current accounts and Lanka Secure System in the Central Bank Additional Solicitor General, Milinda Gunetilleke highlighted that these transactions mentioned by Palisena do not exist and that they are a sham.
Justice Prasanna Jayawardena stated that the large number of transactions produced by Palisena to prove movement of funds and securities are only in the documents produced by Perpetual Treasuries Limited.
He added that these are not independently reflected in the Lanka Secure System or the Real Time Gross Settlement System in the Central Bank.
In addition, the Attorney General’s Department noted that the cost of sales presented by Perpetual Treasuries Limited are not correct and not acceptable.
As Palisena said he followed a pick and choose method to calculate the cost of sales, the Commission questioned the logic of following such a method.
The Attorney General’s Department pointed out that Perpetual Treasuries Limited’s cost of sales are based on transactions that do not exist.