COLOMBO, June 2 -- The Supreme Court on Monday (June 1) overturned a lower court order that released former finance minister Ravi Karunanayake, former Central Bank Governor Arjuna Mahendran and several other accused persons in the Central Bank bond scam case without a full trial, ruling that the prosecution may proceed under the Public Property Act.

In what is considered a landmark judgment, the Supreme Court held that held three-judge High Court Trial-at-Bar had erred in determining that the case could not proceed under the Public Property Act.

Court ruled that the case filed by the Attorney General against those accused of causing losses to public property through the controversial 2015 Treasury Bond issuance by the Central Bank of Sr...