The eight accused including former Finance Minister Ravi Karunanayake were further remanded until March 30 by the Colombo High Court Trial-at-Bar today over the case filed against them in connection with Central Bank bond auctions. The case was taken up before the Colombo High Court Trial-at-Bar bench comprising High Court Judges Damith Thotawatte, Manjula Tilakaratne and Mohamed Isurdeen.
Update:
Bond Scam case: Ravi, seven others further remanded
Dilshan Tharaka
The eight accused including former Finance Minister Ravi Karunanayake were further remanded until March 30 by the Colombo High Court Trial-at-Bar yesterday over the case filed against them in connection with Central Bank bond auctions.
The case was taken up before the Colombo High Court Trial-at-Bar Bench comprising High Court Judges Damith Thotawatte, Manjula Tilakaratne and Mohamed Isurdeen.
Former Finance Minister Ravi Karunanayake, Perpetual Treasuries Limited (PTL) beneficiary owner Arjun Aloysius, PTL Chief Dealer Kasun Palisena, Chairman of PTL Jeffrey Joseph Aloysius, Chitta Ranjan Hulugalle, an executive officer of the Public Debt Department of the Central Bank Sangarapillai Padumanathan and, an executive officer of the Employees Provident Fund Indika Saman Kumara were remanded.
Deputy Solicitor General Haripriya Jayasundara and Senior State Counsel Lakmini Girihagama appeared on behalf of the Attorney General.
President’s Counsels Faiz Musthapha, Anil Silva, Shavindra Fernando, Gamini Marapana, Naveen Marapana, Sampath Mendis and Attorneys Jeewantha Jayathilleke appeared for the defence.
The defence Counsels appearing for Ravi Karunanayake and other seven accused who are remanded, made further submissions before the court seeking bail in view of the prevailing COVID-19 situation as well as the fact that their clients are suffering from various ailments.
The Attorney General alleged that the Perpetual Treasuries limited has used Central Bank’s important undisclosed information to artificially alter the final outcome of the Treasury Bond auction. The Attorney General further alleged that this fraud has caused injustice to other primary sellers in the bond market and the PTL has acted cunningly and made a huge profit and conspired to cause a huge loss to the Government.
The charges have been filed Under Section 56 of the Registered Securities and Exchange Ordinance for conspiracy, criminal misappropriation, cheating and market manipulation in respect of the Bond auctions in March 2016.
The indictments were filed against 11 accused comprising 32 charges. They are; former Finance Minister Ravi Karunanayke, CBSL former Governor Arjuna Mahendran, Perpetual Treasuries Limited (PTL) beneficiary owner Arjun Aloysius, PTL Chief dealer Kasun Palisena, Chairman of PTL Jeffrey Joseph Aloysius, Chitta Ranjan Hulugalle, Muthuraja Surendran, Ajahn Gardiye Punchihewa, , Sangarapillai Pathumanapan, Badugoda Hewa Indika Saman Kumara.
The Attorney General said the accused could be charged for conspiracy to commit criminal misappropriation in respect of Treasury Bonds to the face value of Rs. 36.98 billion and Rs. 15 billion respectively in March 2016.
Bond Scam case: Ravi, seven others further remanded
Dilshan Tharaka
The eight accused including former Finance Minister Ravi Karunanayake were further remanded until March 30 by the Colombo High Court Trial-at-Bar yesterday over the case filed against them in connection with Central Bank bond auctions.
The case was taken up before the Colombo High Court Trial-at-Bar Bench comprising High Court Judges Damith Thotawatte, Manjula Tilakaratne and Mohamed Isurdeen.
Former Finance Minister Ravi Karunanayake, Perpetual Treasuries Limited (PTL) beneficiary owner Arjun Aloysius, PTL Chief Dealer Kasun Palisena, Chairman of PTL Jeffrey Joseph Aloysius, Chitta Ranjan Hulugalle, an executive officer of the Public Debt Department of the Central Bank Sangarapillai Padumanathan and, an executive officer of the Employees Provident Fund Indika Saman Kumara were remanded.
Deputy Solicitor General Haripriya Jayasundara and Senior State Counsel Lakmini Girihagama appeared on behalf of the Attorney General.
President’s Counsels Faiz Musthapha, Anil Silva, Shavindra Fernando, Gamini Marapana, Naveen Marapana, Sampath Mendis and Attorneys Jeewantha Jayathilleke appeared for the defence.
The defence Counsels appearing for Ravi Karunanayake and other seven accused who are remanded, made further submissions before the court seeking bail in view of the prevailing COVID-19 situation as well as the fact that their clients are suffering from various ailments.
The Attorney General alleged that the Perpetual Treasuries limited has used Central Bank’s important undisclosed information to artificially alter the final outcome of the Treasury Bond auction. The Attorney General further alleged that this fraud has caused injustice to other primary sellers in the bond market and the PTL has acted cunningly and made a huge profit and conspired to cause a huge loss to the Government.
The charges have been filed Under Section 56 of the Registered Securities and Exchange Ordinance for conspiracy, criminal misappropriation, cheating and market manipulation in respect of the Bond auctions in March 2016.
The indictments were filed against 11 accused comprising 32 charges. They are; former Finance Minister Ravi Karunanayke, CBSL former Governor Arjuna Mahendran, Perpetual Treasuries Limited (PTL) beneficiary owner Arjun Aloysius, PTL Chief dealer Kasun Palisena, Chairman of PTL Jeffrey Joseph Aloysius, Chitta Ranjan Hulugalle, Muthuraja Surendran, Ajahn Gardiye Punchihewa, , Sangarapillai Pathumanapan, Badugoda Hewa Indika Saman Kumara.
The Attorney General said the accused could be charged for conspiracy to commit criminal misappropriation in respect of Treasury Bonds to the face value of Rs. 36.98 billion and Rs. 15 billion respectively in March 2016.
