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CID arrests Arjun Aloysius, Kasun Palisena

In a dramatic turn of events, the owner of Perpetual Treasuries Ltd. Arjun Aloysius and its Chief Executive Officer Kasun Palisena were arrested by officers of the Criminal Investigations Department (CID) yesterday morning.

“The duo who were held overnight for questioning by the CID ​are​ to be presented before the Fort magistrate today,” sources said.

The arrests came after the CID submitted a ‘B’ report in Courts regarding its investigation into the Central Bank bond issue on Friday citing former Central Bank Governor Arjuna Mahendran, Perpetual Treasuries Ltd owner Arjun Aloysius and CEO Kasun Palisena and PTL as suspects in the main magisterial inquiry

Arjun Aloysius, the son-in-law of former Central Bank Governor Arjuna Mahendran was arrested at his residence at Inner Flower Road, Kollupitiya.

Kasun Palisena was arrested from his residence in Wellawatta. The duo were later taken to the CID for questioning inside sources from the department said.

The CID submitting their ‘B’ report on Friday made Arjun Aloysius liable for ‘Conspiring’ to commit the two offences of Criminal Breach of Trust and Criminal Misappropriation with Arjuna Mahendran at the bond auction on February 27, 2015 under Section 113(a), 386, 39 and 391 of the Penal Code and the Section 5(1) of the Public Property Act.

The CID also made Arjun Aloysius and CEO Kasun Palisena liable in the bond issue under the offence of ‘Abetment’ Section 102 of the Penal Code.

‘Perpetual Treasuries Ltd’ were also made liable by the CID for engaging in illegal ‘insider dealing’ by obtaining price sensitive inside information, which is deemed to be a punishable and prohibited conduct under Section 56 (1) of the Registered Stocks and Securities Ordinance and the Code of Conduct for Primary Dealers by the CBSL.