BUDGET 2022 : Basil proposes to transfer Perpetual Treasury’s earnings

In his Budget speech, Finance minister – Basil Rajapaksa has decided to transfer Rs. 8.5 billion that Perpetual Treasuries Limited had earned, to the Treasury.

Noting that the Presidential Commission that was appointed to investigate the issuance of the Treasury bonds between Feb. 01, 2015 – March 31, 2016 had found that Perpetual Treasuries Limited has profited out of the deal, the Finance minister pointed out that the company is reported to have made profits mainly through “price-sensitive inside information” and “market manipulation”.

“Therefore, the Commission has identified that Rs. 8.5 billion had been received by willfully violating the provisions of the code of conduct issued by the Central Bank of Sri Lanka under the Registered Stock and Securities Ordinance No. 07 of 1937, to the primary dealers on best practices,” he said.

“According to the recommendations of this Commission, and without hindering the legal actions taken by the Attorney General, it is proposed to transfer to the Treasury the Rupees 8.5 billion that the Perpetual Treasuries Limited has earned in violation of the Code of Conduct of the Central Bank of Sri Lanka,” he further noted.

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