The Colombo High Court Trial-at-Bar yesterday ordered to release 10 accused including former Finance Minister Ravi Karunanayake from the case filed over the irregularities that took place at the third Bond Auction held on March 31, 2016.
The order was issued when the case was yesterday taken up before the Colombo High Court Trial-at-Bar Bench comprising High Court judges Amal Ranaraja, Adithya Patabendige and Namal Balalle.
The Bench issued the order after considering the preliminary objections raised by the defence that it was not legally possible to proceed with the case filed by the Attorney General on 22 charges against the accused over the third Bond auction.
Announcing the order, the Bench panel ruled that 01 to 11 charges out of the 22 charges filed against the accused could not be pursued further and be removed from the indictment.
The panel of judges pointed out that although the accused were released from the first 11 charges, the Attorney General could continue to hear the case from the 12th to the 22nd charge, adding that the Attorney General has the power to appeal against the order on 11 charges and to file an amended indictment.
President’s Counsel Shavendra Fernando appearing for the defence informed Court that the case was depending on the first charge and that the prosecution could not proceed with the other charges from 12 to 22 as charges 1 to 11 had been dropped, adding that the Bond Commission report on which the case was based was just a report.
Additional Solicitor General Priyantha Navana appearing on behalf of the Attorney General requested the Court to adjourn the case as it needed time to take further action on the order.
ASG Navana said the case should also be considered as the defence has also filed objections to the second case filed against the same accused in connection with causing a loss of Rs. 36 billion to the Central Bank from the second bond issue on March 29, 2016.
Accordingly, the case was fixed for January 26 by the Colombo High Court Trial-at-Bar.
The Attorney General filed indictment against the 10 accused comprising 22 charges for misappropriation of Rs. 15 billion at the third Bond auction held on March 31, 2016.
The indictments were filed against ten accused in the Colombo High Court by the Attorney General.
They are; 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, Badugoda Hewa Indika Saman Kumara.
The case is proceeding in the absence of former Central Bank Governor Arjun Mahendran and former Perpetual Treasuries Director Ajahn Gardiye Punchihewa.
President’s Counsel Gamini Marapana, Naveen Marapana PC, Anuj Premarathne PC and Shavendra Fernando PC appeared for the defence.
Additional Solicitor General Priyantha Navana and Senior State Counsel Lakmini Girihagama appeared on behalf of the Attorney General.
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