Mon, 27 Mar 2023 Today's Paper

Arrest warrant issued on Ravi


6 March 2020 05:52 pm - 10     - {{hitsCtrl.values.hits}}


Colombo Fort Magistrate Ranga Dissanayake issued arrest warrants on MP Ravi Karunanayake and nine others over the Central Bank bond scam.

He said the arrest warrants were issued under Section 139 (3) and 139 (1) (a) of the Criminal Procedure Code.

When the case was taken up in the morning, the Magistrate handed over a questioner to Senior Deputy Solicitor General (SDSG) Haripiya Jayasundara and her team to provide more details on the matter. A written answer sheet was handed over to the Magistrate in the evening by SDSG Jayasundra.

Based on the answers and the evidence, the Magistrate said there was sufficient evidence for a court case on the suspects on charges of criminal misappropriation, market manipulation, and insider dealing relating to two bond auctions held on March 29 and March 31, 2016 with a face value of Rs.36.98 billion.

The Magistrate observed that the tenth suspect in the case Buddhika Sarathchandra's involvement in the matter was in only having a phone conversation with an official of the Employees Provident Fund (EPF). He said warrant for his arrest would not be issued to the tenth suspect considering that he had no intention of organising any conspiracy in the country.

The Magistrate said he would issue summons on the first suspect, Perpetual Treasuries Ltd to appear in Courts on the next hearing date.

On the issuance of a warrant for the arrest of former finance minister Ravi Karunanayake, the Magistrate said the suspect had organized a meeting with three leading state bank officials and advised them to maintain a certain limit in the productivity ratio of the bond issuance.

“The advice given by Mr. Karunayake has affected the bond issuances by the banks which had to sell the bonds at a lower cost. As a result the first suspect, PTL was able to obtain bonds illegally by violating the law,” the Magistrate said.

He observed that the second suspect had helped create an artificial market to obtain bonds for PTL.

The Magistrate said PTL had sold these bonds to the EPF at the secondary market when the EPF able to buy bonds at the primary market. “This situation has affected the EPF to incur a loss with the government having to pay interest on the bonds purchased by PTL," the Magistrate said.

He said there was sufficient evidence to maintain a court case against these suspects.

SDSG Jayasundra had informed Court that according to the AG these suspects could face charges of insider dealing and market manipulation under Section 386 and 398 of the Penal Code read with 5 (1) and 5 (2) of the Public Property Act and could be filed under the Registered Stock and Securities Ordinance read with the CBSL’s Code of Conduct for primary dealers. (Yoshitha Perera)


  Comments - 10

  • sam silva Friday, 06 March 2020 06:11 PM

    He may not remember anything.

    Baila Friday, 06 March 2020 06:34 PM

    Same Baila begins with different tunes.

    Truls Eriksen Friday, 06 March 2020 06:35 PM

    Prison hospital next

    Common Man Friday, 06 March 2020 07:27 PM

    make sure the case is comprehensive.

    Sri Wickrema Friday, 06 March 2020 07:38 PM

    But this man is with a low memory.

    ram Friday, 06 March 2020 07:41 PM

    election stund begins

    sss Saturday, 07 March 2020 06:20 AM

    do not worry Ravi. Nothing will happen. Your friends in Rajapakshe government will return the favor because for five years your party did not convict any of them after charging them

    James BOND Saturday, 07 March 2020 06:30 AM


    Paala Saturday, 07 March 2020 06:37 AM

    Will they use this development to cover up the SriLamlan airline scam?

    Lawry Saturday, 07 March 2020 07:17 AM

    I can't see the significance if religious leaders turning up at the evet.

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment

Import of South Indian eggs: Sri Lanka walks on Indian eggshells

With the increase in egg prices the government decided to import eggs to regu

Wokeism: Is it destructive, or are you afraid of change? A response

In order to critically discuss a movement, we must first understand its etymo

Defeat in Ananthapuram Battle denoted the LTTE’s end

Many battles were fought during the long war between the Sri Lankan armed for

Wokeism: A Weapon of Mass Destruction?

When can one say they’ve had enough of being in a state of ‘wokeness’ a