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Ceylinco Shiram case
Kotelawala, others refused bail

Fort Magistrate Gihan Pilapitiya yesterday refused bail to the ten suspects, including the Chairman of Ceylinco Consolidated Deshamanya Dr. Lalith Kotelawala now in remand in connection with the seven-billion-rupee Ceylinco Shiram criminal misappropriation case and re-remanded them till November 8.

However, the Magistrate observed that the bail applications of the suspects could be considered if the repayment plan formulated to pay depositors funds was approved by the Supreme Court.

The repayment plan itself was not subject to objection either by Deputy Solicitor General Wasantha Bandara or the Attorneys at Law appearing for the suspects. However, the point of contention was the actual amount to be paid to the depositors.

Attorney at Law Sumudu Hewage, representing depositors’ interests called for an audit report of the respondents’ assets.

Attorneys representing depositors expressed belief that such a report would also reveal any hidden assets of the respondents. They submitted that assets had been dispersed in such entities viz. Multi Finance, cross border, inter company transactions etc.

Magistrate: Complain to the CID. If a plan to repay the depositors is formulated after discussions with the Central Bank, bail applications could be reviewed for consideration.

DSG: I am against granting bail, as investigations are still in progress. According to the ruling of the fundamental rights case by the Supreme Court, assets could not be disposed. The Supreme Court has proposed a single repayment mechanism to be set up in respect of three responding entities of the Ceylinco Group.

Attorney at Law A. Kurera appearing for the defence: Various Counsel appear on various dates objecting to the repayment procedures already in place. They have not submitted any alternate plan. This exercise gives rise to suspicion that funds are collected in the temples in the name of depositors. Attorney at law Asela Rakewa submitted that media advertisements are also used for this purpose.

Attorney at Law Rienzi Arsakularatne PC and Attorney at Law Shiraz Noordeen appeared for the first suspect.

SI Sumudu Fernando represented the CID.

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