Warrants issued for the arrest of 04 ETI Directors; case will be taken up again on 08th Oct.

A case filed by three depositors of ETI was taken up again today in the presence of Colombo Additional Magistrate Priyantha Liyanage.

Warrants against 04 Directors of ETI who are also main suspects in the case were ordered to be issued since they failed to appear in court today. It was also ordered for them to be produced in court, following their arrest.

The case will be taken up again on the 8th of October.

ETI Finance was operating under the EAP Group and since ETI Finance was constantly suffering losses, the previous Government had sought to hand it over to an investor.

Accordingly, The Central Bank which agreed to sell 45% of the company's shares to a Singaporean company claimed 75 million USD would be invested in it.

Subsequently, a Singaporean company named Blue Summit Capital Management had invested in the EAP Group of Companies.

However, Blue Summit Capital Management which refused to invest in ETI Finance acquired only the profit-making companies operating under the EAP Group.

Minister Wimal Weerawansa who was representing the opposition at the time, said the EAP Group of companies was given for a minor bid to a company owned by the infamous owner of Lycamobile.

Weerawansa said however, they did not reveal the connection of Lycamobile to the Central Bank at first and said the Governor of the Central Bank should be held accountable for this transaction as well.

Claiming that the then Prime Minister played a direct role in it, Weerawansa said the Central Bank Governor aided in the acquisition of a Sri Lankan company through the funds of the LTTE diaspora.

A case is currently being examined in court regarding transactions that took place concerning ETI.

Further, a Presidential Commission is probing the matter.

The question that begs an answer is this:

Shouldn't the proceeds of the sale of ETI go towards the settling of dues of depositors, who placed their life savings with the fund?