F and G Real Estate case:

Two directors remanded till Aug 18

Sarath MALALASEKERA

Five directors of the F and G Real Estate Private Limited were produced before Colombo Fort Magistrate and Additional District Judge Gihan Pilapitiya by the Criminal Investigation Department (CID) in connection with the misappropriation of depositors funds running into millions of rupees.

Two suspects were remanded till August 18 and three other directors were granted cash bail in a sum of Rs. 25,000 and a bond of Rs. 5 million with two sureties each.

Deputy Solicitor General Yasantha Kodagoda who appeared with the CI Weerasinghe of the CID for the prosecution submitted that the company had failed to register with the Monetary Board as a finance company and operated a financial business without obtaining the valid licence.

DSG Kodagoda objecting to granting bail for the two main suspects said that since December 2008 the company had failed to pay interest or capital to 387 depositors. A sum of Rs. 3.9 billion had not been paid to the depositors upto date.

DSG Kodagoda in his lengthy submissions submitted that if any of the suspects need any assistance to obtain or peruse any of the documents from their main office, the Prison officers will assist them.

Senior Defence Counsel Kalinga Indatissa moving for bail in respect of his two main suspects said that his clients are concerned in the entire issue and would work out a scheme to pay the depositors. Shanaka Ranasinghe who appeared for the Depositors Association objected to the suspects being released on bail as they had failed to pay their clients.

Senior Defence Counsel Kalinga Indatissa with Vijaya Hettiarachchi, Priyanath Dharmasiri, Dampath Mendis, Hemantha Gamage, Chandana Attapattu appeared for the company directors.

Shana Ranasinghe with N. Gamage, P. Padmasiri, Chanaka Ranasinghe appeared for the Depositors' Association.

The case will be called again on August 18.