The Colombo Fort Magistrate today further remanded Chanuka Ratwatte and four other board members of Entrust Securities till October 7 for misappropriating funds amounting to Rs. 4.2 billion which belonged to over 350 investors. Meanwhile, the lawyers of Ratwatta and the four other board members have also filed written bail applications.
Chanuka
Apart from Ratwatte, the other four board members who were further remanded were Dharmapriya Bandara Dasanayake, Romesha Dushanthi Senarath, Sanjeewa Dayaratne and Niroshan Mendis. They have been charged under Sections 5(3) and 8(3) of the Public Property Act and Section 386 of the Penal Code.
Ratwatte and the four others were arrested by the Financial Crimes Investigation Division on September 14 for allegedly swindling billions of rupees. Initial investigations estimated that they had played out as much as Rs. 12 billion.
Chanuka Ratwatte, who was the Group Managing Director of Entrust Securities PLC, is the son of the one-time powerful Anuruddha Ratwatte, who held several top ministerial portfolio’s during former President Chandrika Bandaranaike Kumaratunga term.
Jagath Fernando / September 30, 2016
Good to see the case moving forward.
How come all directors of Entrust group from 2010 to date not taken in? It doesn’t matter whether they are executive or non executive directors since Co Act makes no difference between directors.
The scandal came out due to Rs 3 bn from CEB provident fund going missing. How is that CEB directors are not questioned?
Also being a listed company and being a primary dealer, SEC and CBSL have a role to play.
I am made to understand that a former chairman of CEB was a director at Entrust some years ago.
Also this is former Ceylinco Shriram and some old skeletons are now coming out!!
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renu / October 3, 2016
Anurudha amassed a lot of money during his time , He avoided jail because he died, when the case was on. but the son has no escape it appears, he might do his father’s term as well I guess
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