News
Bond scam: SC stays order of High Court
The Supreme Court (SC) has stayed the order given by the Colombo High Court Trial-at-Bar discharging 11 accused including former Finance Minister Ravi Karunanayake and former Central Bank Governor Arjuna Mahendran over the Central Bank bond scam perpetrated in 2016.
The accused had been charged with defrauding Rs 15 billion during the Treasury Bond auction held on March 31, 2016.
A three-judge SC bench comprising Justices Vijith Malalgoda, Dilip Nawaz and Janak de Silva stayed the High Court’s order till May 2 after considering a revision application filed by the Attorney General. The application will be taken for further consideration on that date and the accused
have also been summoned before court.
The accused had been charged under the Public Property Act. In addition to Mr Karunanayake and Mr Mahendran, charges were also filed against Perpetual Treasuries Private Ltd (PTL) owner Arjun Aloysius, PTL Chief dealer Kasun Palisena, PTL Chairman Jeffrey Joseph Aloysius, Chitta Ranjan Hulugalle, Muthuraja Surendran, Gardiye Punchihewa and Badugoda Hewa Indika
Saman Kumara.
The AG had earlier filed a revision application with the Court of Appeal (CA) regarding the case but the CA had rejected it on the grounds that it did not have power to issue a stay order on the matter. The AG had thereafter appealed to the SC.
Senior Additional Solicitor General Priyantha Nawana, PC, Additional Solicitor General Nerin Pulle, PC, and State Counsel Udara Karunaratne appeared for the AG.
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