A revision application filed by the Attorney General challenging the Colombo High Court Trial-at-Bar order to release ten accused, including former Finance Minister Ravi Karunanayke, Central Bank former Governor Arjuna Mahendran, from 11 charges out of 22 in connection with the third Central Bank bond issuance case was dismissed by Court of Appeal.

The Court of Appeal bench comprising Justice Nissanka Bandula Karunaratne, Justice Ruwan Fernando and Justice Sampath Abeykoon dismissed the Attorney General’s revision application citing the Court of Appeal did not have the jurisdiction to hear it.
The Attorney General filed the revision application maintaining the fact that the order of Trial-at-Bar is manifestly erroneous as it failed to appreciate that the offences that are found in the Public Property Act are the self-same offences with the self-same constituent elements of the offences as defined in the Penal Code.
The lawyers appeared on behalf of the respondents including former Minister Ravi Karunanayake submitted that the application for revision must be dismissed inlimine for the following grounds;
(a). The application for revision regarding an order made by Trial-at-Bar has to be filed in the Supreme Court and not in the Court of Appeal.
(b). The Attorney General, not being a corporation or legal person, cannot have and maintain this application and invoke the revisionary jurisdiction of the Appeal Court.
Upholding preliminary objections raised by respondents, the Court of Appeal observed that the application of the Attorney General is misconceived in law and the Court of Appeal does not possess the jurisdiction to hear and determine the same.

On December 6, 2021, the Colombo High Court Trial-at-Bar held that public property charges against the accused cannot be maintained. Accordingly, the Court ordered the release of ten accused from eleven charges.
The indictments had been filed against Perpetual Treasuries Private Ltd, former Finance Minister Ravi Karunanayke, CBSL former Governor Arjuna Mahendran, Perpetual Treasuries Limited (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 in connection with a bond auction held on March 31, 2016.

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