Ex-ETI directors enlarged on bail
By Hansi Nanayakara
The four ex-Directors of Edirisinghe Trust Investments (ETI) Finance Limited were enlarged on bail by Colombo Chief Magistrate Mohammad Mihal on Friday (15).
Former Directors of ETI Finance – Nalaka Edirisinghe, Jeewaka Edirisinghe, Deepa Edirisinghe and Asanka Edirisinghe were released on bail after being produced in Court.
Bail was set at Rs 1 million in cash each and two sureties in Rs 5 million each. Imposing bail conditions, the Chief Magistrate prohibited the defendants from leaving the country and ordered the Court Registrar to inform the decision of the Court to the Controller General of Immigration and Emigration. He also ordered them to appear before the CID on the last Sunday of each month.
Elaborating on his decision to release the suspects on bail the Magistrate stated that it will not lead to any form of public riots here and that it will also not lead to the intimidation or exertion of pressure on witnesses.
Further proceedings were fixed for 20 May. The former ETI Finance directors were arrested on 8 January, based on a directive from the AG, on charges of criminal misappropriation, cheating, money laundering, and other offenses.
On 5 January, the AG had directed the IGP to conduct a criminal investigation against them over their involvement in operating an unauthorised finance business.
Investigations are being carried out over the unauthorised acceptance of deposits worth Rs 13.7 billion, misappropriation, and money laundering.