Colombo High Court Trial-at-Bar today ordered to release several accused including former Finance Minister Ravi Karunanayke, Central Bank former Governor Arjuna Mahendran from 11 charges out of 22 in connection with the Central Bank bond auction held on March 31, 2016.

 

Colombo High Court Trial-at-Bar held that public property charges against the accused cannot be maintained against the accused. Accordingly, the Court ordered to release the 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 bond auction held on March 31, 2016.

 

The case was dismissed on a preliminary objections raised by the 7th accused Ranjan Hulugalle 

President's Counsel Anil Silva, Counsel Asela Searasinghe, Hafeel Farisz, Sahan Kulatunga and Vishwaka Peiris appeared for the 7th accused.

 

 

Attorney General's stance regarding the future cause of action to be informed on January 26

 

 

The Attorney General had alleged that the Perpetual Treasuries limited is using the Central Bank's important undisclosed information to artificially alter the final outcome of the Treasury bond auction, as it has had a huge impact on the overall national economy as a result of the subtle and systematic conduct of the offenses related to this fraud and has caused injustice to other primary sellers in the bond market and the PTL has acted cunningly and made a huge profit and conspired to cause a huge loss to the government. (Lakmal Sooriyagoda)