2016 Bond Scam defendants granted bail

Colombo (News 1st); 07 defendants charged with the 2016 March 31st Central Bank Treasury Bond Scam were released on bail by the Colombo Permanent High Court Trial-at-Bar on Thursday (01).

Each defendant was ordered by the court to place a cash bail of Rs. 01 Million and two personal bails of Rs. 10 Million each. The Colombo Permanent High Court Trial-at-Bar issued the order for bail rejecting the application made by the prosecution to have the defendants remanded until the end of the case. The case was called in the presence of Justices Amal Ranaraja, Namal Balalle & Adithya Patabandige. The bench pointed out that further remanding the defendants as requested by the prosecution would take away their personal freedom and their right to a fair trial. The Colombo Permanent High Court Trial-at-Bar however, barred the defendants from traveling overseas until the end of the case. The Attorney General filed indictments against 10 people including Arjun Aloysius and Kasun Palisena on 22 separate counts including the criminal misappropriation of Rs. 15 Billion at the Central Bank Treasury Bond auction, dated the 31st of March 2016. Perpetual Treasuries Limited was named as the first accused. Summons are yet to be served on fugitive Ex-Central Bank Governor Arjuna Mahendran and a Director of Perpetual Treasuries Limited Ajahn Gardiye Punchihewa, also named as defendants in the case, as they are currently overseas. The matter will be called up again on the 29th of April.