Perpetual Treasuries files writ petition against Central Bank

Perpetual Treasuries Private Limited, a primary dealer in government securities has filed a writ petition in the Court of Appeal seeking an Interim Order restraining Central Bank from taking action under the directives issued by the Monetary Board of Central Bank.

This petition is to be taken up for mention on February 20.  

The petitioner further sought an order quashing the directives of the Monetary Board of Central Bank dated November 7, 2016 in respect of the Perpetual Treasuries.

The Central Bank of Sri Lanka, Monetary Board of Central Bank, Central Bank Governor Indrajit Coomaraswamy, officials of Monetary Board and several others were cited as respondents.

The petitioner stated that it is no longer possible to sustain operations without the risk of bankruptcy and all attempt to seek redress, clarification or relief have been largely ignored by the respondents and the petitioner has no other recourse than to seek relief from Court.

The Monetary Board of Central Bank had issued directives against Perpetual Treasuries that was involved in controversial bond deals.