The government has taken all necessary measures to bring back former Central Bank Governor Arjuna Mahendran to stand trial over the Central Bank Bond Scam, Cabinet Spokesman Minister Nalinda Jatissa said. 

Addressing the post-Cabinet media briefing today, he said the authorities were facing some legal issues in bringing back Arjuna Mahendran to Sri Lanka.

Stating that the government was taking all measures to extradite him to Sri Lanka, Minister Jayatissa assured that the case against him would continue in his presence or absence. 

He added that, however, the government was continuously taking steps regarding bringing back Arjuna Mahendran to Sri Lanka.

Claiming that former President Ranil Wickremesinghe had previously said in Parliament that Arjuna Mahendran had left the country stating he was going to attend a wedding in Singapore, the minister said it was also the former President’s duty to ensure Mahendran’s return. 

Minister Nalinda Jayatissa made the remarks in response to questions raised by the media on the government’s actions regarding Arjuna Mahendran, pointing out that this February marks 10 years since the Central Bank Bond Scam. (Newswire)

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The Colombo Magistrate’s Court has ordered former Central Bank Governor Arjuna Mahendran to appear in court on 25 February 2025.

The court issued the order pertaining to the case related to the investigations into the 2015 Central Bank Bond Scam. 

The case had been filed by the Commission to Investigate Allegations of Bribery or Corruption. 

A presidential commission of inquiry found that former CBSL Governor Arjuna Mahendran had interfered in a bond auction and had leaked inside information to help Perpetual Treasuries, owned by his son-in-law Arjun Aloysius, to make billions of rupees in profits.

Despite the findings, the legal process could not proceed after Mahendran, a Singapore citizen, failed to appear before the courts after he left the country under the pretext of attending a wedding. (Newswire)

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Statements made by Cabinet Spokesman Minister Vijitha Herath on the legal proceedings related to the controversial bond scam are inaccurate, the former President’s Media Director General Dhanushka Ramanayake has said.

Minister Herath on October 1, in his first address to the media noted that legal proceedings on the controversial Central Bank bond transaction were not advanced due to presidential immunity the former President Ranil Wickremesinghe was entitled to.

Issuing a statement, Ramanayake said that these statements made by the Minister are erroneous, adding that the statement must be clarified to avoid misleading the public.

During the time of the controversial incident, then Prime Minister Ranil Wickremesinghe appointed a Parliamentary Committee on Public Enterprises to examine the facts on the bond transaction, which subsequently investigated the bond issuance carried out on February 27, 2015, the statement said.

Following this, a Presidential Commission of Inquiry, consisting of two current Supreme Court judges and a retired Deputy Auditor General, conducted an investigation, where many, including then-Prime Minister Hon. Ranil Wickremesinghe, testified.

It is important to highlight that although some investigations were conducted regarding secondary market transactions, the Central Bank retained Rs. 12 billion from the company, confirming that no financial loss was made to the Sri Lankan government.

The Commission itself exonerated former Prime Minister Ranil Wickremesinghe, confirming his non-involvement, Ramanayake said.

However, the Attorney General filed indictments against 10 individuals concerning the matter and the case was heard before a permanent three-member High Court comprising judges Chamath Morais (Chairman), Damith Thotawatte, and Namal Bandara Ballala. Ultimately, the three-member bench acquitted all defendants, the statement detailed.

The Attorney General filed an appeal with the Court of Appeal, which was rejected after due consideration.

Subsequently, an appeal was submitted to the Supreme Court, where it is currently pending and scheduled for review in January 2025, Ramanayake said.

In the original indictment filed by the Attorney General, 59 witnesses were listed to provide evidence against the defendants.

However, President Ranil Wickremesinghe is neither a witness nor a defendant in this case, Ramanayake stressed.

As such there was no necessity for former President Ranil Wickremesinghe to seek any form of immunity, Ramanayake said, adding that the former President has never sought any immunity, as alleged by Minister Herath.

As the judiciary’s independence is now well established, there is no barrier to justice prevailing in any incident, he added.

Ramanayake said, that presented with the above circumstances, Herath as a responsible Minister and Cabinet Spokesman, making inaccurate statements knowingly or unknowingly is highly inappropriate. (Newswire)

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Legal proceedings have been commenced regarding the Central Bank Treasury Bond Scam, Government Spokesperson Minister Vijitha Herath said. 

Addressing the media today, Minister Herath said preliminary measures have been initiated in this regard.

He further said that the case into the Bond Scam did not proceed earlier as it was prevented using the immunity awarded to Ranil Wickremesinghe as he was the President of the nation. 

“Ranil Wickremesinghe is no longer the President. He is not entitled to any Presidential immunity any more,” the minister pointed out. 

Minister Vijitha Herath said the new government now has the power to summon Ranil Wickremesinghe before the judiciary. 

Responding to a question on former Governor of the Central Bank Arjuna Mahendran leaving the country under the pretext of attending a wedding, the minister said steps will be taken to bring back Arjuna Mahendran, who is currently seeking refuge in Singapore. (Newswire)

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The charges filed against former Finance Minister Ravi Karunanayake in connection with two cases at the Colombo High Court over the Central Bank bond issuance were quashed by the Court of Appeal on Tuesday (28).

The order was issued by the Court of Appeal two-judge-bench comprising Justices Sobhitha Rajakaruna and Dhammika Ganepola.

The writ petitions filed by former Finance Minister Ravi Karunanayake challenging the Attorney General’s decision to file an indictment over Central Bank bond issuance were taken up for consideration yesterday.

In his petition, Karunanayake challenged the decision of the Attorney General to indict him at the Colombo High Court in connection with the second Central Bank bond issue that took place on 29th and 31st March 2016.

Stating that the Commission of Inquiry has alleged that he chaired a meeting held at the Ministry of Finance on 28th March 2016 attended by representatives of three State Banks and other officials, he pointed out that even though he was the Minister of Finance, neither the Central Bank of Sri Lanka nor the State Banks came under his purview. 

He further said in his petition that the Central Bank was at that time a subject gazetted under then Prime Minister Ranil Wickremesinghe and three State Banks were gazetted as a subject under the Ministry of State Enterprises under Kabir Hashim, and hence, Karunanayake was not vested with powers to provide legally binding instructions to the three State Banks or assurances on behalf of the Central Bank as alleged in the conclusions of the Commission of Inquiry.

Pointing out that the Commission of Inquiry has failed to consider the legal position, Karunanayake said the decision made by the Attorney General based on the information pertaining to the alleged meeting held on 28th March 2016 is ultra vires.

Former Finance Minister Ravi Karunanayake had named the Attorney General, the Registrar of Colombo High Court, the Member of the Commission of Inquiry and several others as respondents in the petition. (NewsWire)

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