ETI directors arrested again on AG’s directive

Saturday, 9 January 2021 00:17 - - {{hitsCtrl.values.hits}}

Arrests come 2 days after the 4 directors were released on bail by Fort Magistrate

The four directors of the failed finance company Edirisinghe Trust investment (ETI) Finance Ltd. were arrested yesterday by the Criminal Investigation Department (CID), two days after they were released on bail by the Colombo Magistrate.

They were arrested on a fresh directive of Attorney General (AG) Dappula de Livera, AG State Counsel’s Coordinating Secretary Nishara Jayaratne said.

The four directors of ETI who were arrested are Jeewaka Edirisinghe, Nalaka Edirisinghe, Asanka Edirisinghe and Deepa Edirisinghe. They were arrested last Tuesday on the same charges but released on bail the next day.

Jayaratne said the AG had issued a fresh directive to the Inspector General of Police (IGP) Chandana Wickremaratne to arrest the suspects.

He had acted pursuant to the findings by the Commissions of Inquiry (COI) appointed by President Gotabaya Rajapaksa to inquire into alleged wrongdoings, irregularities, and malpractice in connection with ETI Finance Ltd.

She said the investigation found evidence of ETI undisclosed accounts valued at Rs. 13.7 billion. The suspects face charges of money laundering, criminal breach of trusts and criminal misappropriation.

ETI’s assets included Swarnamahal Financial Services PLC, EAP Broadcasting Company Ltd., with its subsidiaries: EAP Films and Theatres Ltd. (and its subsidiaries); Hotel Sapphire Ltd.; Swarnamahal Jewellers Ltd.; and other immoveable assets owned by ETI Finance PLC.