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Colombo High Court judge Iranganie Perera released Tilakaratne, who appeared in court through legal counsel, on a cash bail of Rs. 400,000 and two sureties.
Tilakaratne, who as the president of Hicorp International and the British Borneo Defence, is accused of earning profits from the arms procurement deals of the Army which were awarded to him by former Army Commander Fonseka during the war with the LTTE.
He has been evading arrest since 2010.