Bailed

Oct 29, 2009 (LBO) – Chairman of Sri Lanka’s troubled Ceylinco group, Lalith Kotelawala was released on bail by the island’s Supreme Court after nine months after he was remanded over the collapse of an unregulated financial firm, a media report said. He had also undertaken to fully disclose his assets including Ceysands Hotel and any other assets in Sri Lanka or abroad within two weeks, the report said. Kotelawala was remanded on February 26, the report said after Golden Key Credit Card Company, a unit of the group, defaulted on debts of 26 billion rupees to customers late last year.

Lower courts also remanded him in cases over the defaults in several other group companies, but he was allowed bail in those cases over the past few weeks.

The Daily Mirror newspaper said he was released on a deposit of five million rupees of cash bail and 100 million certified bail.

Kotelawala had also given an affidavit to the Supreme Court, promising not to travel outside Sri Lanka and undertook not to travel outside the island’s Western province without permission of the state attorney general.

The report said three properties, at 9-11/1, Hyde Park Corner, Colombo 02, 12 and 12A Ward Place Colombo 07 and a holiday bungalow in Panadura, the