The Supreme Court has overturned a 2021 ruling by a Colombo Trial-at-Bar that had blocked the continuation of charges under the Public Property Act in the Central Bank bond scam case.
Delivering the judgment, the Court held that there is no legal obstacle to proceeding with Public Property Act charges against Perpetual Treasuries Ltd and the other accused individuals.
The case relates to the Treasury bond auction held on March 31, 2016, involving several accused, including former Finance Minister Ravi Karunanayake, former Central Bank Governor Arjuna Mahendran, and businessmen Arjun Aloysius and Geoffrey Aloysius.
The Supreme Court ruled that a company can be considered a “person” under the law for the purposes of prosecution, allowing the disputed charges to proceed.
The judgment also directed the Trial-at-Bar to continue hearing the case as expeditiously as possible, effectively reviving the Public Property Act charges that had been dismissed in 2021 and clearing the way for the long-delayed trial to move forward.
