Order reserved for 13 June in Forex violation case against Ravi Karunanayake

Saturday, 9 June 2012 02:22 - - {{hitsCtrl.values.hits}}

By T. Farook Thajudeen

Colombo High Court reserved its order for 13 June to decide whether to continue with the cross examination of the prosecution witness on the available photo-stat copies of the purported original documents or not in the alleged foreign exchange violation case against Parliamentarian Ravi Karunanayake and two others.

When the case was taken up for inquiry before High Court Judge Sunil Rajapaksa yesterday for the second day, Defence Counsel Riernzie Arsekularatne PC objected to cross examine the retired Additional Exchange Controller Kumara Perera without the original documents that were in nine briefs, stating that the witness cannot be cross examined without the originals.

Since the defence objected to cross examine, Judge Sunil Rajapaksa reserved his order on the issued for 13 June.

The Attorney General indicted Nexia Corporation, Linton Sirisoma and Ravi Karunanayake for alleged money laundering by violating the regulations of the Central Bank and Exchange Control Act by depositing three million US dollars in an account of Standard Chartered Bank that was sent to purchase shares in the Union Bank and allegedly intending for money laundering.

It was alleged that on 22 December, 2006 Ravi Karunanayake had aided and abetted a non resident of Sri Lanka Ray Rajaratnam of Galion Investments International Master Prime Establishment to deposit US $ three million at the Standard Charted Bank Kirillopane without the authority of the Central Bank.

The other accused Nexia Corporation Services Limited and Linton Sirisoma were alleged that they without following the usual procedure of transacting the money via the Seara account had deposited the money in the Standard Chartered Bank instead of depositing it in the Union Bank by violating the regulations of the Central Bank by violating the Exchange Control Act.

Counsel Ananda Wijesekera PC with Sudath Jayasundera instructed by K. Ganshayogan, Anil Silva PC, with Rasika Balasuriya and Shan Senanayake instructed by G.G Arul Pragasam and Rienzie Arsekularatna PC with Wasantha Batagoda appeared for the defence.