The Colombo High Court yesterday dismissed the revision application filed by Perpetual Treasuries Limited (PTL) beneficiary owner Arjun Aloysius and its CEO Kasun Palisena arrested and remanded in connection with the Central Bank Bond issue observing that the Colombo Fort Magistrate’s order of rejecting bail was correct in law.
While dismissing the revision petition, High Court Judge Sampath Wijeratne observed that the Colombo Fort Magistrate’s order of rejecting bail was correct in law.
Through this revision application, Aloysius and Palisena 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 had 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 since they had been charged under Public Property Act.
The suspects have been charged under the Public Property Act, Penal Code, Registered Stocks and Securities Ordinance and Code of Conduct for Primary Dealers for illegal insider trading.
President’s Counsel Gamini Marapana with Counsel Navin Marapana under the instruction of Sanath Wijewardena appeared for the petitioners.
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