Nihal Fernando PC, the lawyer for Perpetual Treasuries who made a statement saying that he would not represent PTL in light of the recent revelations on deletion of phone records was not present at the Commission today.
Instead his junior, one Mrs. Romali Thudawe said that Fernando was at the “Commercial High Court” and therefore did not attend the hearings. However, she had requested for the CD’s of the phone recordings which were played and the other recordings indicating that they were not going to step down.
Earlier, Fernando promised the commission that he had provided all recordings of conversations. However it came to light that it was a lie, as the phone records had been tampered with and deleted.
During the hearing on Monday, Fernando thereafter said that he would step down after ASG Dappula De Livera pointed out to Fernando that he had given an undertaking about the recordings.
Fernando said that Arjun Aloysius had lied to him and therefore he cannot proceed to represent them.
He first attempted to defend the transactions using data of yield rates and market rates, attempting to show that the Bonds were auctioned in the normal course of business and that there was nothing untoward in the auctions.
However, in light of the revelations specifically pointing out that Aloysius had inside information the entire defence fell apart.
Fernando despite grabbing the headlines yesterday regarding his “Professional Integrity” failed to turn up to make a statement today which he said he would. He had instead gone to the Commercial High Court. It is unclear what other case was more important than the Commission hearings, during which he promised to make a statement.