Foreign travel ban over Chanuka Ratwatte loosened

Foreign travel ban over Chanuka Ratwatte loosened

2 December 2019 02:41 pm

The Colombo High Court has suspended the travel ban imposed on Chanuka Ratwatte who is accused of running a financial institute without approval of the Central Bank, until January 15, 2020.

This was when the case was taken up before Colombo High Court Justice Vikum Kaluarachchi today (02).

Lawyers appeared for Ratwatte requested before the Court to loosen the travel ban imposed on their client, as is in need to travel abroad. The Court accordingly has lifted the ban until January 15.  

Chanuka Ratwatte is the brother of State Minister of Highway Development Lohan Ratwatte. 

Five suspects including Chanuka Ratwatte were apprehended by Police Financial Crimes Investigation Division on September 14, 2016 in connection with a financial fraud of Rs. 420 crores belonging to Entrust Securities. The suspects were produced before Fort Magistrate Court and remanded. They were released on bail on October 21, 2016.

The Entrust was in a serious liquidity crisis and bankruptcy at the end of 2015, and therefore, the Central Bank removed its board of directors on January 4, 2016 and transferred the company's operations and management functions to the National Savings Bank to protect investors.

The Attorney General filed indictment over Chanuka Ratwatte an others on October 22, 2018, for allegedly establishing and operating Entrust Securities, a financial outlet without the permission of the Central Bank of Sri Lanka from January 01, 2015 to October 30, 2015.