Former Directors of Swarnamahal granted bail

Former Directors of Swarnamahal Jewellers, Jeewaka Edirisinghe, Nalaka Edirisinghe, Anjalee Edirisinghe and Asanka Edirisinghe, were granted bail by court today.

The former Directors, who were arrested by the Criminal Investigations Department (CID) and produced before the Colombo Fort Magistrate today, were granted bail.

Jeewaka Edirisinghe, Anjalee Edirisinghe and Asanka Edirisinghe were arrested yesterday while Nalaka Edirisinghe surrendered to the CID today.

They were arrested on the instructions issued by Attorney General (AG) Dappula de Livera.

Attorney General Dappula de Livera had directed Inspector General of Police (IGP) Chandana Wickramaratne to conduct a criminal investigation against the Directors of Edirisinghe Trust Investments (ETI) and Swarnamahal Jewellers.

The Directors were accused of unauthorized acceptance of deposits of 13.7 billion, misappropriation of funds and money laundering.

The Attorney General had also decided to forward indictments against the Directors of Swarnamahal Jewellers for conducting an unauthorized finance business.

Last July the Directors of Edirisinghe Trust Investments were questioned by the Criminal Investigations Department for several hours.

Jeevaka Edirisinghe, Nalaka Edirisinghe, Asanka Edirisinghe and Deepa Edirisinghe were questioned for approximately 8 hours.

A Presidential Commission of Inquiry investigating irregularities concerning ETI Finance found that ETI Investments had not followed the proper procedures in their conduct from its inception.

It had invested its assets in other institutes and at the same time it had not been supervised by the Central Bank.

The Central Bank of Sri Lanka had last year suspended the business activities of Swarnamahal Financial Services PLC and ETI Investments Ltd

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