Ravi Karunanayake granted bail

The former Minister Ravi Karunanayake and 06 other suspects have been granted bail by the Colombo High Court over the 2016 Bond Scam.

The seven suspects had been placed under remand custody over accusations of criminal misappropriation of bonds valued at Rs. 15 billion during Central Bank’s 2016 bond auction.

The case was taken up today (April 01) before the Trial-at-Bar - Judges Amal Ranaraja, Namal Balalle, and Aditya Patabendige - hearing the legal matters on Central Bank Treasury Bond auctions held between March 29 and March 31, 2016.

The Trial-at-Bar ordered for the accused to be released on cash bails of Rs 01 million and two sureties of Rs 10 million each.

The bench also imposed a foreign travel ban on the accused. It was 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 fail to appear before the court, their bail would be revoked and would be remanded till the end of the trial.

Declaring the ruling, 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, he stated.

The case is set to return to court on the 29th of April.