The four former Directors of Swarnamahal Jewellers were released on bail today.
Jeewaka, Asanka, Nalaka, and Deepa Edirisinghe were granted bail by the Fort Magistrate’s Court.
They were arrested on March 16 on the directions of Attorney General Dappula de Livera and were remanded.
Jeewaka Edirisinghe, Deepa Edirisinghe, Asanka Edirisinghe and Nalaka Edirisinghe were arrested on the charges of money laundering.
In February Attorney General Dappula de Livera had forwarded indictments against the former Directors of Swarnamahal Jewellers, who were also Directors of ETI Finance.
Indictments were filed under the Finance Business Act on charges of running a financial business without a valid license.
A Presidential Commission of Inquiry investigating irregularities concerning ETI Finance had 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. (Colombo Gazette)