Perpetual Treasuries allowed legal representation -Presidential Committee of Inquiry

Published : 9:07 am  February 23, 2017 | No comments so far |  | 

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By Manopriya Gunasekara and  Ranjan Katugampola   
The Presidential Committee of Inquiry (PCoI) appointed to investigate the Central Bank bond Issue yesterday permitted the Perpetual Treasuries and Central Bank Deputy Governor P. Samarasiri legal representation.   


The hearing was suspended for five minutes to discuss this matter when the two lawyers requested permission to represent the Company and Mr. Samarasiri.

The hearing was suspended for five minutes to discuss this matter when the two lawyers requested permission to represent the Company and Mr. Samarasiri.


Thus President’s Counsel Nihal Fernando will represent Perpetual Treasuries while Attorney-at-law Harsha Fernando will represent the Deputy Governor.   


Additional Solicitor General Dappula de Livera, who appeared for the Attorney General, said both Perpetual Treasuries and Mr. Samarasiri were within their rights to obtain legal representation.   


Mr. Samarasiri was the Chairman of the committee appointed to evaluate the tenders for the sale of bonds at that time.  
Meanwhile, the government is to introduce a new system whereby the Central Bank is to issue bonds, said Central Bank Governor Dr. Indrajith Coomaraswamy.   


He said it would be a combination of the former direct placement system and the auction system.   


He said so in his evidence before the Presidential Commission of Inquiry comprising Supreme Court judges K.T. Chithrasiri and Prasanna Jayawardena, and former deputy auditor general Kandasamy Velupillai.


He said the direct placement system had been ended in 2015, and bonds were now issued according to the auction system.

 

 

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