Hayleys MGT fraud prime suspects further remanded

The two prime suspects in the Hayley’s MGT Knitting Mills fraud case, were yesterday further remanded for a week by the Matugama Magistrate’s Court when the case came up for hearing.

The Matugama Magistrate refused to grant bail to the two suspects Bandula Weerasinghe, who was the former joint managing director and Roshan Gunaratne. Previously when the case was first heard on 30 May they were placed in remand custody until 13 June.  A final ruling is likely when the case comes up next Monday.                                             

Weerasinghe was arrested by the Criminal Investigations Department (CID) on 30 May and produced before the Matugama Magistrate along with the former General Manager of Stores Gunaratne. In the B-Report presented to the Matugama Magistrate the CID revealed that extensive evidence had been found to implicate the chief suspect in the fraud.

Extensive evidence gathered thus far was reported as amounting to over Rs.350 million by the CID who cited Weerasinghe as the chief suspect responsible for and masterminding an unprecedented fraud in the fabric industry of Sri Lanka. It was reported to the Matugama Magistrate that vast quantities of fabric were unaccounted for, had been sold illegally, that accounts had been falsified and numerous other allegations were currently being investigated into at present.

Since December 2010, the preliminary investigations pertaining to the fraud and the forensic audit were conducted under the direct guidance and supervision of Jeevantha Jayatilake (attorney-at-law) and his legal team on behalf of Hayley’s MGT and the gathered evidence was thereafter handed over to the Commercial Crimes Division of the CID, who recorded numerous witness statements and gathered more evidence which was produced before the Matugama Magistrate.

Sgt. Mahroof of the CID was supported in his prosecution by President’s Counsel Tilak Marapana with Jeevantha Jayatilake (attorney-at-law) and Janaka Marapana and Tazio Ratnayeke (attorneys-at-law) who appeared on behalf of the Hayley’s Group of Companies. Tilak Marapana P.C. laid emphasis that this is a defrauding of a public quoted company and that extensive and detailed investigations had been conducted over a period of six months, into every aspect since the initial stock loss was discovered by the Hayley MGT Board.