Sakvithi Ranasinghe was sentenced to 22 years of suspended imprisonment

Popular English teacher Sakvithi Ranasinghe, who pleaded guilty to operating a financial institution without the approval of the Central Bank of Sri Lanka, was today sentenced to 22 years of rigorous imprisonment suspended for five years by the Colombo High Court.

Sakvithi Ranasinghe had served as the

At the time the alleged offences were committed, Mr Sakvithi was the Chairman of Sakvithi Housing and Construction (Pvt.) Ltd.

Sakvithi Ranasinghe pleaded guilty to eleven counts levelled against him, and he was sentenced to two years imprisonment for each count.

Colombo High Court Judge Amal Ranarajah further imposed a fine of Rs. 275,000 on the accused.

The court further sentenced Kumari Anuradhani, the wife of Sakvithi Ranasinghe, to two years imprisonment suspended for five years for aiding and abetting to commit the offence.

The Attorney General had originally filed indictments against Sakvithi Ranasinghe and several others for committing a criminal breach of trust with regard to Rs. 1,628 million worth of funds of the depositors at Sakvithi Housing and Construction (Pvt.) Ltd between 2006 and 2008.