The four former Directors of Edirisinghe Trust Investments (ETI) Finance Limited, who were arrested by the Criminal Investigations Department, were further remanded till March 30 by Colombo Fort Magistrate Priyantha Liyanage. They are Jeewaka Edirisinghe, Anjali Edirisinghe, Asanka Edirisinghe and Nalaka Edirisinghe, who served as Directors of ETI Finance and Swarnamahal Jewellers
Update:
ETI case: Edirisinghe siblings remanded till March 30
Shavini Madhara
The former directors of ETI and Swarnamahal Jewellers (Pvt) Ltd, who were arrested on Tuesday under the terms of the Money Laundering Act were ordered to be remanded till March 30 by Colombo Fort Magistrate Priyantha Liyanage yesterday.
Senior Deputy Solicitor General (SDIG) Haripriya Jayasundara appearing on behalf of the prosecution stated that charges have been filed against the suspects in terms of the Finance Business Act and the Money Laundering Act.
Jeevaka Edirisinghe, Nalaka Edirisinghe, Asanka Edirisinghe and Anjali Edirisinghe were arrested on the instructions of the Attorney General on March 16.
SDSG Jayasundara further pointed out that the ETI and Swarnamahal had faced a serious financial crisis in 2012 but had continued to accept deposits even after Central Bank regulation.
“By the time the Central Bank appointed a Financial Management Board in 2018 to take full control of the two institutions, ETI had liabilities of Rs 6.4 billion and Swarnamahal Rs 7.2 billion,” SDSG Jayasundara stated.
She further explained that the total deposits of Rs. 13.6 billion had been maintained by these institutions as undisclosed accounts in a manner not subject to Central Bank regulation.
Accordingly, the SDSG Jayasundara said that these former directors had committed offences of fraud and breach of criminal trust mentioned in the Penal Code.
SDSG Haripriya Jayasundara also mentioned that the suspects had also maintained black money which is an offence under the Money Laundering Act in maintaining accounts not disclosed to the Central Bank.
Meanwhile, President Counsel Anuja Premaratne appearing on behalf of the suspects informed the Court since January 2, 2018 ETI was handled by the Central Bank and under authorization of Central Bank. Swarnamahal had been also sold to another party.
“Swarnamahal had been sold and that money was used to repay depositors. Shares were also transferred to the Central Bank,” he said.
President’s Counsel Anuja Premarathne added that there was no evidence to charge these suspects and to remand them.
