Accused pays third installment of Rs. 5 Mn before Court

Popular English tutor Sakvithi Ranasinghe settled the third installment of Rs. 5 million before the Colombo High Court over the case filed against him and his wife for allegedly running an illegal financial institution without the approval of the Central Bank and accepting deposits of over Rs. 164 millions from the public.

Accordingly, he has paid Rs. 15 million out of the total amount due.

The case was taken up yesterday before Colombo High Court Judge Adithya Patabendige.

On a previous occasion, Ranasinghe and his wife pleaded guilty to the charges and agreed to repay the amount they illegally obtained in 20 equal installments.

Accordingly, they agreed to pay 60 percent of the total amount which was obtained from the depositors in 20 monthly installments of Rs. 5 million each. They also settled the first installment on that day.

The Attorney General had filed an indictment against Ranasinghe, his wife and 11 directors of Sakvithi Housing and Construction (Pvt) Ltd, and the Attorney General had previously decided to release the rest of the accused except Ranasinghe and his wife from the case.

This case was filed against the accused in 2015 alleging that they had committed a punishable offence under the Penal Code by accepting deposits of Rs.164,185,000 between November 01, 2006 and September 31, 2008.

The case will be taken up again on November 17.

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