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Ravi Karunanayake released from both CBSL bond cases

The Court of Appeal has ruled against a continuation of the two cases against former finance minister Ravi Karunanayake over alleged misappropriation of more than Rs. 50 billion of state funds at two Central Bank (CBSL) bond sales.

Appellate court judges Sobhitha Rajakaruna and Dhammika Ganepola today (28) issued a writ order to the attorney general against proceeding with the cases filed in the Colombo high court.

They were taking up two writ petitions moved by Karunanayake in connection with the indictments served by the AG against him and 10 others with regard to the two bond sales on March 29 and 31, 2016.

They related to alleged misappropriations of Rs. 36.8 billion and Rs. 15 billion of state funds respectively.

Karunanayake, former CBSL governor Arjuna Mahendran, Perpetual Treasuries Ltd. and its directors Arjun Aloysius, Geoffrey Aloysius and others were indicted on 32 counts.

In March 2022, they were released from 13 of the charges on the basis that the cases cannot continue under the Public Property Act.

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