PCoI allows counsel

Published : 8:54 am  July 11, 2017 | No comments so far |  |  (120) reads | 

DM_20170711_A001-3to represent Aloysius

Comes in the wake of allegations of interference with witness

 

By Shehan Chamika Silva   

The Presidential Commission of Inquiry  yesterday permitted Kalinga Indatissa PC to represent Perpetual Treasuries Chief Arjun Aloysius in the wake of an allegation that he had interfered with a witness who was expected to testify  at the proceedings.

 

Pan Asia Bank had acted as an intermediary between EPF and PTL transactions in the secondary market during latter part of 2015 based on the instructions of Pan Asia Bank’s former chairman Nimal Perera   

 

At the previous sessions, the Pan Asia Bank Deputy General Manager testifying before the PCoI said Mr. Aloysius had requested his support at the proceedings prior to him giving evidence.

It was revealed that Nihal Fernando PC, who has been appearing for Perpetual Treasuries Ltd, was not protecting the personal interests of Mr. Aloysius at the PCoI.

Thus President’s Counsel Kalinga Indatissa yesterday requested permission to appear for Mr. Aloysius according to the second limb of Section 16 of the Presidential Commissions of Inquiry Act. The request was allowed by the PCoI.

 He doubted whether there was a mutual benefit for both parties because rates were solely decided by the PTL.   

 

Meanwhile, according to the witness, the Pan Asia Bank had acted as an intermediary between EPF and PTL transactions in the secondary market during latter part of 2015 based on the instructions of Pan Asia Bank’s former chairman Nimal Perera, because the EPF and PTL had certain counterpart restrictions between themselves according to some laws.

During the evidence led by DSG Gunathilaka, the witness said the normal practice was not visible during the cause of acting as an intermediary by the Pan Asia Bank for EPF and PTL in secondary market transactions, because the PTL had dictated such intermediary bond transactions by deciding Price, Quantity and Settlement dates to the Pan Asia Bank.

During the cross examination led by Nihal Fernando PC, the witness said that acting as an intermediary in such transactions was not illegal.

However, he said he doubted whether there was a mutual benefit for both parties because rates were solely decided by the PTL.