The bail application of former SLTB Chairman Shashi Welgama was rejected by Colombo Additional Magistrate Nishantha Peiris today.

Welgama and the other individual arrested for alleged financial fraud were remanded further till January 5.

The magistrate directed that there were no special circumstances to grant the suspects bail.

They are charged of the misappropriation of Rs 125 million in importing string leaves for the SLTB buses when Welgama was Chairman.