Former Minister Ravi Karunanayake and seven others were today ordered to be further remanded till tomorrow (24) by Colombo High Court Trial-at-Bar in connection with the second Central Bank bond issue that took place on March 29, 2016.

The Court is to make an order regarding the defence’sappeal for bail, tomorrow.

When the case came up before the Trial-at-Bar bench comprising High Court Judges Damith Thotawatta, Manjula Tillekaratne and Mohammed Ishadeen, President’s Counsel Faiz Mustapha appearing for Ravi Karunanayake criticised the conduct of Attorney General’s Department since it surprisingly raised objections to release the accused on bail. Mustapha alleged that the Attorney General did not object to release the accused on bail when the first bond case was filed in High Court several years ago. Mustapha further submitted to the court that there is no point in remanding the accused until the conclusion of trial since the prosecution is yet to commence trial in respect of the first bond case.

The Attorney General had filed indictments against ten accused including Ravi Karunanayake, former Central Bank Governor Lakshman Arjuna Mahendran, PTL beneficiaries owner Arjun Joseph Aloysius, PalisenaAppuhamilage Don Kasun Oshada Palisena and, Badugoda Hewa Indika Saman Kumara.

However, former CB Governor Lakshman ArjunaMahendran and Ajahn Gardiye Punchihewa were not present in Court.

Indictments had been filed against the accused under Section 56 of the Registered Securities and Exchange Ordinance for conspiracy, criminal misappropriation, cheating and market manipulation in respect of the Bond auctions in March 2016.


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