12 October 2022 09:43 am Views - 169
By Lakmal Sooriyagoda
Colombo High Court Trial-at-Bar yesterday ordered to release ten accused including Central Bank former Governor Arjuna Mahendran from the charges filed under Public Property Act in connection with the first Central Bank bond issuance that took place in February 2015. Colombo High Court Trial-at-Bar bench, by majority decision held that public property charges against the accused cannot be maintained and thereby ordered to release ten accused from those charges.
Accordingly, the case will be proceeded against the accused on remaining charges filed under Registered Stocks and Securities Ordinance.
Colombo High Court Trial-at-Bar bench comprised Colombo High Court Judges Sanjeewa Morayas, Damith Thotawatta, Namal Balalle.
The Attorney General had filed indictments against former Central Bank Governor Arjuna Mahendran, former Bank Deputy Governor P. Samarasiri, Perpetual Treasuries Limited (PTL), the PTL beneficiary owner Arjun Joseph Aloysius, PTL Chief dealer Kasun Palisena, Chairman of Perpetual Treasuries Limited Jeffrey Joseph Aloysius, PTL directors Pushpa Mithra Gunawardena, Chitta Ranjan Hulugalle, Muthuraja Surendran and Ajahn Gardiya Punchihewa in connection with the first bond issuance. .
The Court made this order following preliminary objections raised by the defence challenging the maintainability of the charges against the accused. The court fixed the case with other charges based on the Registered Stocks and Securities Ordinance for pre-trial on December 16.
According to the indictments, all ten accused had been charged with conspiracy to commit criminal misappropriation in respect of treasury bonds to the face value of Rs.10.058 billion and Mahendran and Samarasiri have been charged with criminal breach of trust in respect of Treasury Bonds to the face value of Rs. 10.058 billion resulting in a loss to the government of Rs. 688.76 million.
Former Deputy Governor P. Samarasiri is accused of abetting the former Central Bank governor Arjuna Mahendran to commit criminal breach of trust in respect of Treasury Bonds. The PTL is accused of insider dealing and criminal misappropriation in respect of Treasury Bonds to the face value of Rs 5 billion. Mahendran, Samarasiri, Aloysius, Palisena and the Director Board of PTL are accused of abetting PTL to commit insider dealing and criminal misappropriation.
The Charges were presented under the Public Property Act and Registered Stocks and Securities Ordinance. The Attorney General has named 115 individuals as prosecution witnesses and further listed 236 documents as production items. The supporting evidence in the form of court productions is understood to number over 1 million pages of documents.
President’s Counsel Anil Silva, Gamini Marapana PC, Navin Marapana PC, Razik Zarook PC, Counsel Asela Serasinghe, Hafeel Farisz, Sahan Kulatunga, Uchitha Wickremesinghe and Vishwaka Peiris appeared for the accused. Senior Additional Solicitor General Priyantha Nawana appeared for the Attorney General.