Rogue Sri Lankan bond dealer Perpetual Treasuries Ltd suspended by Central Bank

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Sri Lanka’s Monetary Board of the Central Bank (CB) has decided to suspend Perpetual Treasuries Ltd (PTL) from carrying on the business and activities of a Primary Dealer for a period of six months with effect from 4.30 p.m. on July 6 (Thursday).
Acting under terms of the Regulations made under the Registered Stocks and Securities Ordinance and the Local Treasury Bills Ordinance, the banking regulator said it will take necessary measures to ensure that this regulatory action does not have a disruptive impact on the market.
PTL is the subject of two investigations: One by the CB for alleged insider trading in two bond issues, and by an ongoing President-appointed commission which is probing the bond scam.
The Auditor General has said the loss to the government from both tainted bond deals is in excess of a billion rupees.
“Action will also be taken to facilitate the handling of the interests of the customers and counterparties of PTL in an orderly manner,” the CB said not giving reasons for the suspension. – ENDS -

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