Colombo HC Ordered to Extend Freezing Accounts of Perpetual Treasuries

Last week Colombo High Court issued an order to  freeze  all bank accounts of 24 companies of Perpetual Treasuries Group LTD companies.

On an application made by the Attorney General on behalf of the Criminal Investigations Department, the Colombo High Court issued an order extending last week’s order. The extension will initially be valid for 30 days and is renewable.

These precautionary measures are aimed at ensuring Perpetual Treasuries Limited or other parties acting in relation, do not transfer money derived out of transactions involving illegally acquired Treasury Bonds.

The President’s Media Division said, as the monies in the frozen accounts will remain intact, it will pave way for  the Attorney General to confiscate and forfeit  it . The PMD said this decision will increase the confidence of the initiative to bring the perpetrators of the financial crime related to the Treasury bond issuance before law and recover the losses to the state.