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Second CB bond issuance: Court releases Ravi, Mahendran and others from 13 charges
Colombo High Court Trial-at-Bar today ordered to release ten accused including former Finance Minister Ravi Karunanayke, Central Bank former Governor Arjuna Mahendran from 13 charges in connection with the Central Bank bond auction held on March 29, 2016.
Colombo High Court Trial-at-Bar bench, by majority decision, held that public property charges against the accused cannot be maintained. Accordingly, the Court ordered to release ten accused including former Finance Minister Ravi Karunanayake, former Central Bank Governor Lakshman Arjuna Mahendran, (PTL) beneficiary owner Arjun Aloysius, PTL Chief dealer Kasun Palisena, Chairman of PTL Jeffrey Joseph Aloysius, Chitta Ranjan Hulugalle, Muthuraja Surendran, Ajahn Gardiye Punchihewa and Badugoda Hewa Indika Saman Kumara from thirteen charges. The Attorney General had filed indictments against them for conspiracy to commit criminal misappropriation in respect of treasury bonds to the face value of Rs.36.98 billion on March 29, 2016.
High Court Trial-at-Bar bench comprised High Court Judges Damith Thotawatte (Chairman) Manjula Thilakaratne and M. Izzadeen.
The Court made this order following preliminary objections raised by the 7th accused Ranjan Hulugalle. Hulugalle's preliminary objection was upheld at an earlier occasion by a separate Trial-at-Bar into the third Bond issuance of March 31, 2016.
The Trial-at-Bar bench by majority decision held that Public Property Charges cannot be maintained against the Company Perpetual Treasuries and accordingly no Director could be indicted on aiding and abetting the Company.
The Accused maintained that they could not be indicted with Hulugalle pointing out that he was only an independent non-executive Director with no participation in day to day affairs of the Company.
The court fixed the case with other charges based on the Registered Stocks and Securities Ordinance for pre-trial on May 4, 2022.
President’s Counsel Anil Silva, with Counsel Asela Seresinghe , Hafeel Farisz, Sahan Kulathunga and Vishwaka Peiris appeared for the 7th Accused Hulugalle.
Gamini Marapana PC, Sampath Mendis PC, Anuja Premarathna PC appeared for the other accused. (Lakmal Sooriyagoda)
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