Central Bank Treasury Bond fraud: SC stops High Court from releasing 10 accused

The Supreme Court (SC) has stayed the Colombo High Court Trial-at-Bar’s order releasing 10 accused including Perpetual Treasuries Limited indicted over the Rs. 15 billion Central Bank Treasury Bond fraud. The SC also issued an interim order preventing the Colombo High Court Trial-atBar from hearing the case.

The SC issued the stay order as it gave leave to proceed for a special leave-to-appeal petition filed against the order given by the three-judge Trial-at-Bar of the Colombo High Court. The Trial-atBar had released all accused from the case after accepting the preliminary objection raised by the Defence that the Attorney General did not have the power to file a criminal case against Perpetual Treasuries Limited under the

Public Property Act.

In addition to its order to stay proceedings of the High Court Trial-at-Bar, the five-judge SC bench comprising Justices Murdu

Fernando, Preethi Padman Surasena, Dilip Nawaz, Shiran Gooneratne and Arjuna Obeyesekere issued another order staying the Court of Appeal from hearing a case on the matter.

When the case regarding the alleged Treasury Bond fraud that took place on March 31, 2016, was taken up before the High Court Trial-at-Bar comprising Amal Ranaraja, Namal Balalla and Aditya Patabendige, the defence raised a preliminary objection prior to the indictments being read out. The Court accepted this objection and released the accused on December 6, 2021.

After considering the facts presented by Senior Additional Solicitor General Priyantha Nawana on behalf of the petition filed by the Attorney General, the SC stayed the order given by the High Court Trial-at-Bar.

The Trial-at-Bar had released all accused from the case after accepting the preliminary objection raised by the Defence that the Attorney General did not have the power to file a criminal case against Perpetual Treasuries Limited under the Public Property Act