PoliticsEconomyCrimeHOTMonday, June 1, 2026

Supreme Court Revives Prosecution in 2016 Bond Scam Case

TLDR

SC revives 2016 Bond Scam prosecution against Mahendran, Karunanayake.
11 charges under Public Property Act re-examined by SC.
Case involves Rs. 36.98 billion loss; High Court ruling overturned.

The Supreme Court today overturned a Colombo High Court ruling that had prevented charges under the Public Property Act from proceeding in the 2016 Central Bank bond issuance case. This decision allows the Attorney General to continue prosecution against Perpetual Treasuries Limited, former Central Bank Governor Arjuna Mahendran, former Minister Ravi Karunanayake, and others. The case pertains to allegations of state fund misappropriation during the March 2016 bond issuance. The High Court's earlier order had effectively halted these specific charges.

Story Update

Update #2\u00b7 Jun 2 · 9:16 AM

The Supreme Court has overturned a Colombo High Court decision, allowing 11 charges under the Public Property Act in the 2016 Bond Scam case to be re-examined. The High Court had previously ruled these charges could not proceed. The Supreme Court's directive, communicated on May 31st, 2026, revives the prosecution against individuals including former Finance Minister Ravi Karunanayake and Arjun Mahendran, concerning an alleged loss of Rs. 36.98 billion.

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