*Ceylinco chairman remanded further*

The Magistrate Courts of the Colombo Fort today adjourned the decision of
bail for the four directors of the troubled Ceylinco Group including its
chairman Lalith Kothalawela.

When the case related to the financial fraud at Ceylinco Shriram, Ceylinco
Capital Management and Ceylinco Investment and Asset Management was heard
this afternoon the Chief Magistrate Gihan Pilapitiya adjourned his decision
until August 10. The chairman of the Ceylinco Group, Lalith Kothalawela,
directors S.K De SIlva, P.K Karunanayaka, and A.D Jegadeesan were expected
to be bailed out from the Court this afternoon.

When the case was heard the deputy Solicitor General Wasantha Bandara
submitted his objections over the bail out of the four Ceylinco directors.
Additionally, the Court ordered an audit of Ceylinco Shriram, Ceylinco
Capital Management and Ceylinco Investment and Asset Management and also
asked the CID to record a fresh statement from the Ceylinco group Chairman
Lalith Kothalawela.

Meanwhile, the depositors also staged a protest campaign outside the court
complex this afternoon.