Sri Lanka, Aug. 20 -- A businessman and four private bank officials who were remanded in connection with the alleged illegal transfer of more than USD 1 billion out of Sri Lanka under the guise of importing goods have been further remanded until September 3.

The Colombo Chief Magistrate, Asanga S. Bodaragama ordered the suspects be further remanded after considering submissions made by the Police Financial Crimes Investigation Division (FCID) and the lawyers representing the suspects.

The court also rejected the bail applications submitted on behalf of the four bank officials, Ada Derana reporter stated.

The suspects are being investigated over allegations of illegally transferring more than USD 1 billion out of the country, purportedl...