Chanuka Ratwatte, four others remanded

14 September 2016 01:51 pm - 23     - {{hitsCtrl.values.hits}}

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Chanuka Ratwatte and four others, who were arrested by the Financial Crimes Investigation Division (FCID) were today remanded till September 28 by the Colombo Fort Magistrate Lanka Jayaratne.

The son of former Defence Minister, the late Anuruddha Ratwatte, had been arrested in connection with an alleged misappropriation of Rs. 4.2 billion government funds. Mr. Chanuka Ratwatte is also the brother of Joint Opposition MP Lohan Ratwatte.

The prosecution alleged that the suspects had misused the funds belonging to the four Departments of the Central Bank and the Employees Provident Fund at the CEB, while investing those funds in the Government Securities through a company named Entrust Securities PLC, which is headed by the suspects.

The Central Bank took over Entrust Securities PLC this January and handed it over to the National Savings Bank as the management agent, to restructure the troubled primary dealer.

The Central Bank however did not directly admit uncovering of any fraudulent activities by the company or its top management, but said it was taken over to ensure the credibility of the Government securities market.

The FCID said the suspects were members of the alleged company, which was registered under the Central Bank as a primary sales broking company to invest in securities and bonds.

They told court that the Government funds were never invested in the securities, but were transferred into the Entrust Ltd. causing a huge financial loss to the government.

The suspects were charged under the section 5(3) and 8(3) of the Public Property Act and section 386 of the Penal Code over criminal breach of trust and misappropriation.

The suspects are Dharmapriya Bandara Dassanayake (Chairman, of the Entrust Securities Plc), Chanuka Ratwatte (Managing Director), Romesha Dushanthi Senarath, Executive Director), Sanjeewa Dayaratne (Director) and Niloshan Romelo Mendis (Director).

The FCID conducted investigations over the allegations following a complaint from the Central Bank. (Shehan Chamika Silva)

Pix by Damith Wickramasinghe

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  Comments - 23

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  • PSR Wednesday, 14 September 2016 02:35 PM

    No mercy for nation robbers.

    Mandy Wednesday, 14 September 2016 02:43 PM

    Not enough - must recover all assets from them like in VAT case recently.

    waco Wednesday, 14 September 2016 03:10 PM

    This fellow is a Wolf in Sheep clothing.

    kaboos Thursday, 15 September 2016 10:45 AM

    very true very true

    Parani Wednesday, 14 September 2016 04:07 PM

    Will be lesson for others.

    Darshana Wednesday, 14 September 2016 04:24 PM

    Namal rajapaksa is also accused on a similar financial fraud case and he is temporally out on a bail - How on earth he is appearing on a court as a lawyer to support another culprit

    IVJ Wednesday, 14 September 2016 04:24 PM

    Namal keeps appearing in all the arrest photos, specially in lawyers suite. What is he trying to prove?

    Hadam Wednesday, 14 September 2016 04:31 PM

    Flocks of birds in same feathers. One in black suite.

    Rohini Wednesday, 14 September 2016 04:40 PM

    Oh gosh he looks so scary.

    Amw Wednesday, 14 September 2016 05:06 PM

    Udutalawinna kandy ??? 10 people in a van ??? Hope he remember...

    malij Thursday, 15 September 2016 06:16 AM

    Oh yes. Very true. No one killed Lasantha Wickramatunge, Thajudeen's death never happened, No one amassed ill gotten gains, No one took any bribes or commissions. There are no huge bank accounts and mansions without owners. No one misused state funds and properties. They are all ploys by the Government to get MR to join them again.

    BuffaloaCitizen Thursday, 15 September 2016 06:18 AM

    Same Company "Ali Baba and Forty Thieves Pvt. Limited".

    malij Thursday, 15 September 2016 06:19 AM

    In China, they use a firing squad to shoot people like this.

    BuffaloaCitizen Thursday, 15 September 2016 06:20 AM

    Similar to GL, who is a Professor in Law and expects his statements as highly worthy but actually a humbug.

    TONY Wednesday, 14 September 2016 05:53 PM

    NR ATTENDS ALL CASES OF CROOKS CAUSE IS MUST BE THE PILOT

    Manithan Thursday, 15 September 2016 06:33 AM

    Some innocent and highly qualified people unfortunately only because they were employed as directors fell victims due thuggery politicians owning the company

    pras Wednesday, 14 September 2016 06:15 PM

    this is not true a ploy by the government to get tatwattes to join them. lohan already refused my3 via DM Android App

    Don Wednesday, 14 September 2016 06:46 PM

    Oh look another thief. Look into all their assets even their cars and confiscate. via DM Android App

    kaboos Thursday, 15 September 2016 08:49 AM

    when you have little money the money will look after you and when you have more you have to look after it.

    voter Thursday, 15 September 2016 08:50 AM

    @pras, Why not ask the depositors of Ceylinco Shriram as to how he acquired entrust and how the Central Bank at that time helped these crooks to acquire this company. Then you'll know whether this is true or not.

    Ama Wednesday, 14 September 2016 08:32 PM

    Well said. LKR 4.2 billion is not a small amount of money.

    Alarming Thursday, 15 September 2016 09:56 AM

    FACE IS THE INDEX OF THE MIND

    ziyard Wednesday, 14 September 2016 02:14 PM

    while not rejoicing at someone's misfortune,but we as tax payer's expect justice, if he is found guilty he should be given a long jail sentence...


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