Former Securities and Exchange Commission Chairman Nalaka Godahewa and two other individuals, who are in remand custody on alleged financial fraud at the SEC, were further remanded till December 23 by Colombo Fort Magistrate Priyantha Liyanage.
The bail pleas by the three suspects were rejected by the Magistrate.
The lawyers representing the suspects argued that there were no substantial facts in the case to keep them in remand custody.
Godahewa was arrested on December 07 by the police Financial Crimes Investigation Division (FCID) after he arrived at the SEC to give a statement.
On December 4, Police arrested former Deputy Director General of the SEC Dhammika Manjira Perera, and another individual named Ronny Ibrahim, over an alleged financial irregularity which had occurred in 2013.
It is alleged that the money in question was transferred to an account of a company named Ceylon Premium Sport as payment for some American artists.
