Swarnamahal directors on bail re-arrested on different charges

AG refers to loss of Rs 6.4 bn as a result of criminal misappropriation, cheating and money laundering

By Shamindra Ferdinando

The police yesterday (8) re-arrested Directors of now defunct ETF Finance Ltd soon after Attorney General Dappula de Livera, PC, ordered the CID to take them into custody on charges of criminal misappropriation, cheating, money laundering and other offences.

The AG’s Department Spokesperson State Counsel Nishara Jayaratne said that the total amount referred to in the above mentioned cases was approximately Rs 6.48 bn.

Police spokesman DIG Ajith Rohana confirmed the arrests.

The AG issued instructions close on the heels of the four directors namely Nalaka Premal Edirisinghe, Jeewaka Edirisinghe, Anjali Deepa Edirisinghe and Asanka Edirisinghe being granted bail by the Fort Magistrate on Wednesday (6).

Responding to a query, State Counsel Jayaratne told The Island that the CID earlier produced the suspects before the Fort Magistrate in connection with the Swarnamahal Jewellers case. Both State Counsel Jayaratne and DIG Rohana said that they were re-arrested in connection with the ETI Finance case.

Nalaka Premal Edirisinghe is the Director and Managing Director of ETI Finance. Nalaka Premal Edirisinghe surrendered to the CID on Wednesday whereas the others were taken into custody on the previous day. In connection with the offenses relating to Swarnamahal Jewellers, the police spokesman on Wednesday estimated embezzlement at Rs 7.2 bn.

Nalaka Premal Edirisinghe is also the Executive Director of Swarnamahal Financial Services, PLC, a member of Sri Lanka Gem Traders Association and a director of 14 companies.

DIG Rohana said that on the basis of investigations conducted by the CID on the instructions of the Attorney General Dappula de Livera, PC, the suspects were allegedly responsible for cheating, criminal breach of trust and criminal misappropriation.

Depositors who lost money as a result of the embezzlement called a media briefing in Colombo where they demanded the government take tangible measures to compensate them. They vowed to step up protests until justice was done. They alleged those responsible for ensuring transparency and stability allowed some finance companies to manipulate the process at the expense of the hapless public.