Five F and G directors released on bail

Sarath MALALASEKERA

Colombo Fort Magistrate and Additional District Judge Gihan Pilapitiya on Wednesday released on bail five directors of the F and G Real Estate Private Limited who had been remanded in connection with the misappropriation of depositors funds running into several millions.

Judge Pilapitiya directed the five directors to furnish cash bail in a sum of Rs. 175,000 and two bonds Rs. 5 million each with two sureties. The Chairman of the Company Lalith Kotalawela was remanded till September 28.

The Criminal Investigation Department (CID) earlier produced eight directors in connection with the misappropriation of depositors funds. Earlier, three other directors were granted cash bail.

On an application by Deputy Solicitor General Yasantha Kodagoda who appeared with Chief Inspector Weerasinghe of the CID, Judge Pilapitiya directed the directors of the company to appoint auditors to peruse all the documents and obtain a report and submit it to court on the next date.

President's Counsel Reinzie Arasacularatne, Senior Defence Counsel moving for bail in respect of suspect directors said that his clients are concerned in the entire issue and would work out a scheme to pay the depositors.

Senior Attorney Kuvera de Zoysa said his client is willing to assist and appoint auditors to go into the accounts of the company and prepare a report to court on the next date.

The court also ordered that the passports of the directors be impounded. The case will be called again on September 28.