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Fri08172018

Last updateThu, 16 Aug 2018 8am

Local News

Colombo High Court extends freeze on Perpetual group bank accounts.

The Colombo High Court has extended the freeze on bank accounts of Perpetual Treasuries and 24 related companies that were involved in the securities 'scam' involving rigged bond auctions and the dumping of pumped up securities on state managed funds. The High Court has extended an order originally issued by the Financial Intelligence Unit of the Central Bank, by 30 days. Thus, future efforts of the Attorney General, to have the proceeds of crime confiscated and forfeited to the State, will not be frustrated, as the monies in the frozen accounts will remain intact. This decision will increase the confidence of the initiatives to bring the perpetrators before the law and recover the losses incurred to the state.