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.
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.