PTL Director released on bail

• Muthuraja Surendran released on two sureties of Rs. 10 m each
• Ravi Karunanayake, 7 other PTL Directors face arrest over bond scam

Perpetual Treasuries Ltd. (PTL) Director Muthuraja Surendran who was remand custody since 7 March over the Central Bank Treasury bond scam was released on bail yesterday by Colombo Fort Magistrate Ranga Dissanayake.

He was released on two sureties of Rs. 10 million each.

Surendran is one of the eight Directors of PTL against whom warrants were issued on 6 March by the Fort Magistrate and the only one to be taken into custody so far.

The other Directors as well as former Minister Ravi Karunanayake facing arrests over the bond scam have filed a Write Application in the Court of Appeal asking for the suspension of the arrest warrants issued against them.

Karunanayake and Directors of PTL are facing charges under the Penal Code of conspiracy by committing or abetting an offence with Perpetual Treasuries Ltd. and dishonest misappropriation of property under the Offences Against Public Property.

PTL and its owner Arjun Aloysius and its Directors are also facing charges under 56 (A) 1 (a) of the Registered Stock and Securities Ordinance for failing to comply with the provision of the Ordinance as well as acting in violation of the Code of Conduct issued for Primary Dealers by CBSL by engaging in insider dealing as well as market manipulation to win an unfair advantage at bond auctions.

The case will next be taken up on 25 March.