Perpetual Treasuries Limited (PTL) lawyer President’s Counsel Nihal Fernando has withdrawn from representing PTL at the Bond Commission, saying he is unable to represent the company with the evidence that has surfaced.

Nihal Fernando PC informed the Presidential Commission of Inquiry (PCoI) investigating the bond issue of his withdrawal this morning.

Fernando has represented PTL at the Bond Commission from the inception of the proceedings.

According to the Auditor General, Sri Lanka lost Rs. 1.6 billion due to the Treasury bond scam at the Central Bank, which occurred during the term of Arjuna Mahendran.

The scam resulted in the country losing Rs. 1.6 billion, while primary dealer of Central Bank, Perpetual Treasuries Limited recorded a profit of Rs. 5.1 billion for the year that ended in March 2016.