JO WANTS PERPETUAL TREASURIES SEALED

The Joint Opposition yesterday questioned whether the unclear manner, in which the Perpetual Treasuries Limited earned an excessive profit of Rs. 5 billion by trading Government Bonds, could fall under the Prevention of Money Laundering Act.

Addressing a media briefing, Joint Opposition leader MP Dinesh Gunawardane claimed that the Central Bank (CB) report on the controversial bond issue, had found that the source of earning a profit of Rs. 5 billion was unclear.

“It is suspicious in what manner the Perpetual Treasuries Limited earned an excessive profit. As the Joint Opposition, we would like to request an immediate declaration from the Government on this issue whether it could fall under the Prevention of Money Laundering Act,” he added.

He also said the Government should take immediate steps to seal the Perpetual Treasuries Limited. Meanwhile, Joint Opposition member Prof. G.L. Peiris said Perpetual Treasuries Limited had made an After-tax Profit of Rs.5.1 billion for the year ended March 31, which was even more than an annual After-tax Profit of a bank in Sri Lanka.

“The Government is expecting an income of Rs. 3 billion with the increase of the Value Added Tax this year. But this company earns more than what the Government expected from the VAT increment by burdening the poor with excess taxes. Therefore, this company should be sealed as soon as possible,” he added.