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Sakvithi agrees to repay Rs.1,628 mn to depositors

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English teacher Sakvithi Ranasinghe and his wife pleaded guilty to the charges and agreed to pay the obtained amount in 20 equal installments before the Colombo High Court over the case filed against them for allegedly

running an illegal financial institution without the approval of the Central Bank of Sri Lanka and accepting deposits over Rs.1, 628 million from the people.

When the case was taken up before Colombo High Court Judge Adithya Patabendige, the amended charge sheet was presented before Court and it was read out to the accused in open Court.

The accused then admitted and pleaded guilty to the charges. They also agreed to pay 60% of the total amount which was obtained from the depositors in 20 monthly installments of Rs.5 Mn each. The defence also informed Court that they intend to settle the first installment yesterday and they settled it.

The Attorney General had filed an indictment against Sakvithi Ranasinghe, his wife and eleven board directors of Sakvithi House Construction Financial Institution, 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.1,628 milllion between November 1, 2006 and September 31, 2008.

State Counsel Damithini de Silva appeared on behalf of the Attorney General and Attorney Raveendra Senerath appeared for the defence.

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