The Supreme Court this afternoon rejected a Fundamental Rights (FR) petition filed against the Central Bank by Perpetual Treasuries Limited (PTL).

In its petition PTL alleged the Monetary Board of the Central Bank had decided to suspect PTL activities at the Central Bank without proper investigation or basis.

The Supreme Court three-judge bench however dismissed the petition saying there was no legal basis for continuing with the case.

PTL is currently embroiled in a Treasury bond scandal that saw it earn unprecedented gains while former Governor Arjuna Mahendran was at the helm.

Perpetual Treasuries was formerly owned by Mahendran’s son-in-law Arjuna Aloysius who maintains close links with the company.