The Colombo High Court today (24) ordered the acquittal of former Minister Udaya Gammanpila and businessman Sidney Jayasinghe, who were accused of misappropriating Rs. 21 million by selling shares of a company owned by an Australian businessman using a fake power of attorney.
The ruling was made by the Colombo High Court’s Presiding Judge Namal Bandara Balalle after a lengthy hearing.
The judge also stated that the defendants will be acquitted as the prosecution has failed to prove the charges against the defendant beyond reasonable doubt.
The Attorney General had filed this case against former Minister Udaya Gammanpila and businessman Sidney Jayasinghe during the previous Yahapalana government, alleging that between September 26, 1996 and September 25, 1997, they had fraudulently misappropriated Rs. 21 million by preparing a forged power of attorney and selling 21 million shares of a private bank that had been purchased by an Australian businessman named Brian Shaddick under the name Digital Nominees Private Limited.
In this case, a panel of lawyers led by President’s Counsel Shavindra Fernando appeared for the defendant Udaya Gammanpila, while a group of lawyers including President’s Counsel Nalinda Indatissa appeared for the defendant Sidney Jayasinghe. Deputy Solicitor General Yohan Abeywickrama appeared on behalf of the Attorney General.