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Forex case: Ravi K. acquitted

18 May 2015 11:46 am - 24     - {{hitsCtrl.values.hits}}

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Colombo High Court Judge Iranganie Perera today acquitted Finance Minister Ravi Karunanayake and two others on charges of money laundering in violation of the Exchange Control Act. 

She said the charges framed against the accused did not comply with the Exchange Control Act.

Judge Perera acquitted the three suspects after hearing the submissions made by the prosecuting counsel Deleepa Pieris and Counsel Kolitha Dharmawardana PC who defended Mr. Karunanayake.

Mr. Pieris said the defense did not have any status to take up the objection at this stage of the trial. He said the defense should submit any objections at the inception of the hearing, after the prosecution closes its case or at the adjudication of the hearing before judgement is delivered. 

However, Defence Counsel said the case was first taken up for hearing in 2009 and that the transaction had taken place in 2006. He said until 2009 no action was taken by the prosecution and said the charges filed in the indictment were not in compliance with the Exchange Control Act and as such pleaded that his client be acquitted. 

The Attorney General indicted Nexia Corporation, Linton Sirisoma and Ravi Karunanayake on charges of money laundering by violating the regulations of the Central Bank and the Exchange Control Act. They were charged with depositing three million US dollars in an account at Standard Chartered Bank and were then used to purchase shares in the Union Bank with the intention of laundering the money.

Mr. Karunanayake was charged with aiding and abetting a non-resident Sri Lankan Raj Rajaratnam of Galion Investments International, Master Prime Establishment to deposit the three million US dollars at the Standard Charted Bank Branch in Kirillopane without the authority of the Central Bank.

The other accused Nexia Corporation Services Limited and Linton Sirisome were indicted on charges of not following the usual procedure when carrying out a transaction via the Sierra account and depositing these funds in the Standard Chartered Bank.

Senior State Counsel Dileepa Pieris with Nayomi Wijesinghe prosecuted while Counsel Kolitha Dharmawardena PC, Anil Silva PC, Rasika Balasuriya and Shan Senanayake instructed by G.G. Arulpragasam appeared for Mr. Karunanayake and Ananda Wijesekera PC with Sudath Jayasundera instructed by K. Ganshayogan appeared for Nexia Corporation and Linton Sirisoma. Counsel Heshan Hewawithana instructed by Sudath Perera Associates appeared for the SCB.  (T. Farook Thajudeen)

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  Comments - 24

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  • The Liberal Monday, 18 May 2015 06:33 PM

    This does not mean he is innocent. Simply that there is not evidence to prove he is guilty

    dana Tuesday, 19 May 2015 10:23 AM

    yaha palanaya via DM Android App

    Lanka Watch Monday, 18 May 2015 11:42 PM

    Unlike during previousregime, the Judiciary now works as an independent body

    upul arunajith Monday, 18 May 2015 11:18 PM

    FolksLets suspend allegation of fraud of any form until proven. Finger pointing is our national past time and see where where we have ended up collectively as s nation. Money laundering is serious crime and we must not frame people without proper basis no matter who the person is. Ravi K is no money launderer.confirmed.upul arunajith

    Prem Nath Monday, 18 May 2015 11:10 PM

    Too soon to celebrate RK.

    minimora Monday, 18 May 2015 08:40 PM

    lol another jayalalitha in sri lanka

    Be Fair Monday, 18 May 2015 08:11 PM

    How funny, everyone else is at FCID....................

    Ranil Diaspora Monday, 18 May 2015 08:07 PM

    The jungle law supersedes the obligation... Well done yahapalana

    gayan Monday, 18 May 2015 08:07 PM

    Slap on the face of those voted for a free

    leena Monday, 18 May 2015 06:59 PM

    Did you read the article? He allegedly facilitated the transfer for Raj Ratram

    Joseph Monday, 18 May 2015 06:52 PM

    Every one knows that Ravi K is the biggest rogue in UNP. He is demanding commission from contractors to release their payments.

    pandithuma Monday, 18 May 2015 06:33 PM

    The Law is above everything else. What a wonderful example If UNP wants to win the next election PM should not try to cover up just like Arjun Mahendran or John A.

    siribiris Monday, 18 May 2015 05:24 PM

    Opposition should withdraw the no confidence motion to save face. .

    chandimani Monday, 18 May 2015 06:23 PM

    Pro LTTE money from Raj Rajaratnam received Ravi. He is kin US jail. Wow yaha palanaya.

    Riz Monday, 18 May 2015 06:18 PM

    A strong slap to siripala...Keep other side too for another slap. And it will continue for you.

    marusira Monday, 18 May 2015 06:13 PM

    The smile on his face says it all. This just goes to show that as much as the yahapalana types talk about independence of the judiciary, nothing much has changed. What a travesty!

    Yahapla Monday, 18 May 2015 06:13 PM

    You have not read the article properly. Read the last para. Can people keep trust in judiciary!

    Cyril n Monday, 18 May 2015 05:54 PM

    I knew Ravi K will be acquitted. He only brought money into the country but did not remit abroad on the sly as others did in the previous regime.

    onlooker Monday, 18 May 2015 05:54 PM

    Siripala is not after Ravi, he is simply trying to impress the people that he is more suitable than MR as next Prime Minister.

    Nishan Monday, 18 May 2015 05:50 PM

    and how did an accountant earn 300 million? gonpalanaya is becoming a joke by the day.

    Jimp Monday, 18 May 2015 05:49 PM

    wow yahapalanaya indeed.

    waru Monday, 18 May 2015 05:39 PM

    Who is in control of the Judiciary ?

    sri lankan Monday, 18 May 2015 05:31 PM

    Bad timing for the opposition..????

    Appuhamy Monday, 18 May 2015 05:26 PM

    Aiyo Siripala. .. what to do with the no confidence motion now ?


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