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First bond scam case: Arjuna Mahendran et al acquitted from charges under Public Property Act, but case to continue

Pre-trial conference on Dec 16

Colombo Permanent High Court Trial-at-Bar yesterday (11) acquitted 10 suspects, including former Governor of the Central Bank Singaporean Arjuna Mahendran (Jan 2015-June 2016) charged over the first Treasury bond scam perpetrated in Feb 2015 on the basis they couldn’t be prosecuted in terms of the Public Property Act.

The bench comprising Chamath Morais, Damith Thotawatta and Namal Balalle was divided over the ruling.

Gamini Marapana, PC, counsel for the respondents told the court that the case couldn’t be maintained as action couldn’t be filed against Perpetual Treasuries Limited (PTL) in terms of the Public Property Act. The Counsel for respondents said that as others named as suspects were directors of the PTL charges couldn’t be maintained under the Public Property Act.

The court announced the pre-trial conference would be held on Dec 16, 2022 and the case conducted without charges under the Public Property Act.

The AG has moved court against them for causing a loss of Rs 688 mn as a result of the Treasury bond scam perpetrated on Feb 27, 2015.

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