By Shehan Chamika Silva
A revision application had been filed in Colombo High Court against the bail order given by the Fort Magistrate releasing Chanuka Ratwatte and four others on bail over the case where they were accused of misappropriating Rs. 4.2 billion state funds.
The Attorney General filed the revision application on behalf of the FCID seeiking an order revising the bail order of Fort Magistrate.
When the application was taken up in court, Colombo High Court Judge Amal Ranaraja fixed March 29 to submit respondent’s objections.
The prosecution alleged that the suspects had misused the funds belonging to the four departments of the Central Bank and the Employees Provident Funds at the CEB while investing it in the Government Securities through an alleged company named as 'Entrust Securities Plc', which is headed by the suspects. The FCID said the suspects were member of the alleged company.
They told court that the government funds were never invested in the securities but it was revealed that some funds were transferred into the Entrust Ltd causing a huge financial lost to the government.
The suspects were charged under the section 5(3) and 8(3) of the Public Property Act and section 386 of the Penal Code over criminal breach of trust.
Other suspects were Dharmapriya Bandara Dasanayake (chairman of the Entrust Securities plc), Chanuka Ratwatte(Managing Director), Romesha Dushanthi Senarath Executive Director), Sanjeewa Dayaratne (Director)and Niloshan Romelo Mendis (Director).
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