Home / Front Page/ Five remanded over bond scam

Five remanded over bond scam

Comments / {{hitsCtrl.values.hits}} Views / Tuesday, 26 March 2019 00:12


  • Former Central Bank Deputy Governor among arrested 
  • Chairman of PTL and three directors also remanded 

By Manopriya Gunasekara

Former Central Bank Deputy Governor P. Samarasiri and four members of the Board of Directors of Perpetual Treasuries Limited (PTL), who were arrested in connection with the Central Bank bond scam, were remanded till 5 April by Colombo Fort Magistrate. 

PTL Chairman Geoffrey Aloysius, and directors Pushpamitra Gunawardena, Chithra Ranjan Hulugalle, and Muthuraja Surendran, were arrested by the Criminal Investigation Department (CID), along with former Deputy Governor of the Central Bank P. Samarasiri, in connection with the Central Bank bond scam. The CID was not able to arrest the fourth director, who is currently abroad. 

Colombo Magistrate Lanka Jayaratne refused bail for the five persons, noting that although bail could be granted for the offence under which the suspects were arrested, doing so may lead to a serious public outcry, as it has caused serious financial losses to the state. 

The arrests were made in connection with the CID investigation carried out following a complaint made by Central Bank Governor Dr. Indrajit Coomaraswamy in 2016, requesting to inquire into a possible insider trading case in the bond issuance by the Central Bank in February 2015. The suspects were arrested under the Securities and Exchange act Article 56A1, the DIG Piyasena Ampawila informed Court, presenting a detailed report on the investigation. 

Senior Deputy Solicitor General Haripriya Jayasundara, appearing for the Prosecution, told Court that former Deputy Governor Samarasiri, as the head of the tender board that oversaw the issuance of the relevant bonds on 27 February 2015, has committed insider trading, while the other four suspects have functioned as directors of PTL during the same time. 

An appeal by Defence counsel, led by President’s Counsel Nalin Ladduwahetty and Lawyer Upul Jayasuriya, to grant bail under suitable bail conditions, noting that the suspects have cooperated with the CID in investigations, was rejected by the Magistrate. 


Share This Article

Facebook Twitter


1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.


Today's Columnists

Expand employer-backed childcare to close the gender gap in Sri Lanka

Friday, 19 July 2019

In Sri Lanka, women’s formal workforce participation is at only 36%, compared with 75% for men. Sri Lanka could raise its gross domestic product by as much as 20% in the long-run by closing the gender gap in the workforce, according to one estimate

Who should be our next president?

Friday, 19 July 2019

After the recent terrorist attacks and the subsequent violence unleashed against innocent Muslims by racists, Sri Lankans are searching for a leader who can save the country. Many have lost faith in the leaders, due to the breakdown in the security a

The messed-up lives

Friday, 19 July 2019

It can be seen that there is a serious mess-up not only in the State and the social system in Sri Lanka, but also in the lives of the people. People of Sri Lanka are having smiling faces, yet those who live happily are very rare. You will find that u

Reimagining our reality: the last best hope for us?

Friday, 19 July 2019

Imagination can be a powerful tool for shaping everyday reality. We use it to construct everything from the mundane to the mystic. A down-to-earth example would be our subscription to the idea of the intrinsic value and worth of every human being. I

Columnists More