Fmr. Directors of ETI Finance Limited arrested

• Criminal Investigation to be carried out against Company   
• Suspects to be produced before Colombo Magistrate’s Court   
• Action taken based on recommendations of PCoI

By Darshana Sanjeewa Balasuriya and Sheain Fernandopulle   

The Criminal Investigation Department yesterday arrested Jeewaka Edirisinghe, Anjalee Edirisinghe and Asanka Edirisinghe, the former directors of ETI Finance Limited for running an unauthorised finance business.   

Attorney General Dappula de Livera earlier directed the CID to arrest and produce former directors of Swarnamahal Jewellers Ltd on charges of running an unauthorised finance business.   

Moreover, the Attorney General instructed the Inspector General of Police (IGP) to conduct Criminal investigations against Directors of ETI Finance and Swarnamahal Jewellers for unauthorised acceptance of deposits of Rs. 13.7 Bn, misappropriation & money laundering.   

Also, the AG had decided to forward indictments against the Directors of Swarnamahal Jewellers for conducting unauthorised business.   

AG’s Coordinating Officer State Counsel Nishara Jayaratne said the AG had taken these steps based on the recommendations of the Presidential Commission appointed to inquire into the alleged irregularities and malpractices of the ETI.   

Accordingly, the Commission was mandated to look into ETI Finance Ltd’s misconduct when the Central Bank intervened to settle the funds of the depositors by selling assets and ETI’s decision to sell a media company to several foreign companies in violation of domestic laws.

   
Meanwhile, Police Spokesman DIG Ajith Rohana said that a number of complaints had been received against the former directors of the ETI over criminal breach of trust and criminal misappropriation.   

He said the CID conducted an investigation and extract of the investigation submitted to the Attorney General’s Department.   

Accordingly, Attorney General Dappula de Livera directed the CID to arrest and produce the suspects on charges of running an unauthorised finance business.   

The spokesman said that the directors of the ETI Finance Limited would be produced before the Colombo Magistrate Court.   

DIG Rohana said that the total value of the money that had been deposited by the customers of ETI is Rs.7.2 billion and according to the investigation it was revealed that Rs. 7.2 billion had been misappropriated by the suspects.   

•  Numerous complaints received over criminal breach of trust and misappropriation
• According to the investigation it was revealed that Rs. 7.2 billion had been misappropriated by the suspects