Court relaxes bail conditions on Kasun Palisena over bond scam case

The bail conditions imposed on Kasun Palisena - a main suspect in the central bank bond scam case, has been relaxed by the Colombo Magistrate's court today (Aug 20).

Palisena, the Chief Executive Officer (CEO) of Perpetual Treasuries Ltd. - a company alleged to have been involved in the massive scam, was ordered to appear before the Criminal Investigations Department (CID) on every Sunday.

However, following an appeal made by his lawyers, court had revised the bail condition today by ordering the accused to appear before the CID only on the last Sunday of every month.

During today's hearing, lawyers representing the accused had sought a court order to suspend the restriction on transferring the company's funds from its RTGS account in the Central Bank to a fixed deposit account.

In response, a central bank official told court that the decision to suspend such transfers had been imposed by the Central Bank.

Accordingly, the magistrate instructed the central bank official to make written submissions over this matter during the next hearing which would take place on October 28.