Ceylinco Shriram Developers case:

Suspects should commence paying back depositors to merit bail - Judge

Sarath Malalasekera

The Colombo Fort Magistrate and Additional District Judge Gihan Pilapitiya yesterday told the Senior Defence Counsel appearing for the suspects in the case of alleged misappropriation of Rs. 6.7 billion at Ceylinco Shriram Developers that, to consider bail for the suspects, they should commence re-payment to the depositors who are suffering for the last several months.

The Judge made these observations when Senior Defence Counsel submitted to court a formula to re-pay the depositors within 46 months with interest.

The suspects were refused bail and remanded till September 3.

On an application by the Defence Counsel Judge Pilapitiya directed an officer of the Central Bank to be present in Court on the next date to assist court in respect of the formula forwarded to court by the defence to settle depositors.

At the outset Deputy Solicitor General Wasantha Navaratne Bandara who appeared for the prosecution with the CID vehemently objected to the suspects being released on bail.

“If they are released on bail they would hamper the ongoing investigations and interfere with the prosecution witnesses, mainly the employees of the company,” he said.

DSG Bandara in his lengthy submissions told court said that investigations revealed that some of the suspects had purchased luxury buildings abroad including in the USA for a colossal amount.

Bandara said the re-payment suggested by the Senior Defence Counsel should be forwarded to the Central Bank Special Committee appointed to investigate into the case.

Senior Counsel for the Sixth suspect Kuvera de Zoysa submitted that the depositors have come to court to ascertain how they could obtain their money.

“We have prepared a formula to settle all dues with the depositors and obtained the assistance of the directors who are now in remand custody,” he said.

At this stage DSG Navaratne Bandara said that this is the biggest fraud in the country.

It is a criminal act, and the offenders should be punished accordingly, he said.

Several suspects through their counsel submitted their asset reports to court yesterday.

Attorney Ranjith Heellage appeared for the Depositors’ Association.

Attorney Dhammika Jayanetti appeared for the employees of the company.

The case will be called on September 3 at 1.30 p.m.