Two suspects, accused of arranging two fake sureties to secure bail for former Chief Executive Officer of SriLankan Airlines, the late Kapila Chandrasena, have been further remanded.

The Colombo Magistrate’s Court ordered that the two individuals, along with the person who introduced them to Chandrasena’s legal team, be further remanded until 20 May.

The order was issued by the Colombo Additional Magistrate, consequent to a request made by the Keselwatta Police.

Political sources said that a thorough investigation was required to ascertain the circumstances under which the court registrar accepted two unknown sureties without consulting the relevant Magistrate. Sources said that arranging fake sureties had been going on, not only in Colombo, but all over the country, regardless of some efforts made to arrest the situation.

SJB MP Dr. Harsha de Silva yesterday said that he would remain in politics until he got an opportunity to lead what he described as the Centre-right camp.

Alleging that there were some interested parties trying to push him out of the Centre-right camp, the one-time UNPer, in a statement issued yesterday (13), vowed to remain in the SJB, regardless of such attempts.

MP de Silva represents a blend of conservative and liberal policies, advocating a market-based economy with limited government intervention, personal freedom, fiscal conservatism, and moderate social reforms.

Declaring that the ruling NPP had failed, he said that attempts were being made to cause trouble in the SJB. Assuring that he would campaign against the government, MP de Silva said that he wouldn’t hesitate to commend whatever good things done by the government. (SF)

Governor of the Central Bank (CB), Dr. Nandalal Weerasinghe, yesterday refrained from giving any indication on the future direction of interest rates while addressing a public seminar held at the CB, keeping markets and businesses guessing ahead of the next monetary policy review.

Dr. Weerasinghe said the CB was yet to fully assess the prevailing and emerging economic conditions before considering the next course of monetary policy action.

The CB has maintained the Overnight Policy Rate at 7.75% in recent policy reviews amid a gradual recovery in economic activity and improving private sector credit growth. However, inflationary pressures have shown signs of re-emerging in recent months, particularly following the increase in electricity tariffs and higher utility-related costs, raising concerns over the future path of consumer prices.

Policymakers have continued to stress the need to ensure price stability while supporting the country’s fragile economic recovery under the IMF-backed reform programme.

Independent economic analysts expect the CB to maintain its current policy stance at the upcoming review, citing rising domestic cost pressures, lingering global uncertainties and external sector risks.

Analysts say the recent acceleration in inflation could prompt the Central Bank to adopt a more cautious approach before considering any rate cuts later this year.

For further insights into the Central Bank’s clarifications, readers may also refer to The Island Financial Review report on the CBSL’s response to the controversial USD 2.5 million sovereign debt repayment allegedly siphoned off by a cybercriminal.

By Sanath Nanayakkare