Cross examining PTL CEO Kasun Palisena on the costs of sale of Bond purchases, Deputy Solicitor General Milinda Gunathilake said yesterday most of the purchases reflected as PTL’s expenses in their documents were unreliable because neither any payment nor security movements with other parties were reflected in the CBSL recording systems or in PTL’s accounts held at commercial banks.
PTL had earlier provided a set of documents disputing the calculation made earlier by Central Bank’s IT Additional Director K.V.K. Alwis on the company’s capital gains.
PTL had provided a set of documents on their bond purchases during 2015 and 2016 to disprove Mr. Alwis’ calculation.
Some of them included government securities bought by PTL from connected companies such as Perpetual Capital Holdings and W.M. Mendis & Company and bond purchases from some other individuals.
Presenting a sample of expenses reflected in the PTL documents, DSG Gunathilake was of the view that the payments and the security movement should be reflected in the CB recording systems (RTGS and LSS) if PTL had been involved in such purchases, but however, it was revealed that none of those transactions were reflected in the CB recording systems.
DSG Gunathilake was of the view that theses purchases cannot be regarded as costs incurred by PTL because they were only reflected in its internal book entries.