Colombo HC grants bail to Ravi and others accused in Treasury Bond scam

• Court imposes foreign travel ban on seven accused
• Strict bail conditions, including revocation of bail for failure to appear in court and remand custody till end of the trial
• Next hearing on 29 April

Ravi Karunanayake

Former Minister Ravi Karunanayake and six others accused in the 2016 bond scam were granted bail by the Colombo High Court yesterday.

The case was taken up before the Trial-at-Bar appointed to hear the Central Bank Treasury Bond auctions held between 29-31 March 2016. The Bench comprises of Judges Amal Ranaraja, Namal Balalle and Aditya Patabendige .

The accused were released on cash bail of Rs. 1 million and two sureties of Rs. 10 million each.

The Bench also imposed a foreign travel ban on the accused. The Court ordered that steps be taken to notify airport authorities, including the Controller of Immigration and Emigration regarding the order.

Pointing out that it was essential for the accused to continue appearing in court, the Bench stated that if the accused failed to do so, bail would be revoked, and they would be held in remand custody till the end of the trial.

Judge Aditya Patabendige stated that the case against the accused is complex. Therefore, the accused are released on bail considering the defendants’ right to a fair trial as a special case.

Next hearing of the case is on 29 April. Meanwhile, Karunanayake and seven others were also granted bail by the Colombo High Court from another case filed pertaining to the 2016 Central Bank bond scam.

The accused, including Karunanayake, face charges including criminal misappropriation, market manipulation, cheating and insider dealing in relation to bond auctions held in 2015/2016.

They face charges under the Penal Code, Offences Against Public Property Act and the Registered Stock and Securities Ordinance.

The accused were remanded on 16 March.