Perpetual Treasuries Limited (PTL) beneficiary owner Arjun Aloysius arrested and remanded in connection with the controversial Central Bank Bond issuance, yesterday sought bail from Colombo High Court through a revision application.
Through this revision application, Aloysius sought an order against the Colombo Fort Magistrate’s Court’s refusal to grant bail on February 16. The petitioner is also seeking an order to release him on bail.
On February 16, Arjun Aloysius and PTL Chief Executive Officer Kasun Palisena were ordered to be further remanded till March 2 by the Colombo Fort Magistrate’s Court.
In this application, the petitioner had cited the OIC of CID (Unit 3), the Director of CID and the Attorney General as respondents. Magistrate Lanka Jayaratne yesterday refused to release two suspects on bail citing that reasons given by defence are not sufficient enough to consider releasing the suspects on bail under exceptional circumstances.
The suspects have been charged under Public Property Act, Penal Code, Registered Stocks and Securities Ordinance and Code of Conduct for Primary Dealers for illegal insider trading.
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