How Mervyn acquired assets worth crores during his time as minister is revealed - Rs. 180 million in the Pan Asia account

The case filed by the Commission to Investigate Allegations of Bribery or Corruption against former Minister Mervyn Silva regarding assets exceeding Rs. 600 million, allegedly amassed illegally during his tenure as Minister of Labour and Public Relations, is scheduled to be heard on August 20 before Colombo High Court Judge Mohamed Mihail. According to information presented to the court by investigating officers, officials from several leading banks are expected to give evidence during this court session, and extensive details regarding bank accounts, fixed deposits, land, and luxury vehicles owned by the defendant and his close family members are expected to be revealed.

This case, led by Ms. Ama Wijesinghe, Assistant Director of the Commission to Investigate Allegations of Bribery or Corruption, alleges that during the two-year period from March 31, 2010, to March 31, 2012, Mr. Mervyn Silva amassed a massive wealth of approximately Rs. 485 million that cannot be justified by his legitimate sources of income. The indictment has revealed details of numerous assets acquired by the former minister and his family members using political power during that short period in office.

According to court documents, the total of 10 fixed deposits maintained in the former minister's name at the Kollupitiya branch of Pan Asia Bank alone exceeds Rs. 182.3 million (Rs. 18.23 crore). Among these deposits, one fixed deposit alone is valued at Rs. 6 crore, and it also includes three other large deposits of Rs. 36.6 million, Rs. 36.5 million, and Rs. 22.5 million. In addition, five other fixed deposit accounts, each exceeding Rs. 3.3 million (Rs. 33 lakhs), were maintained at the same bank branch.

Investigations have revealed that the former minister also maintained joint and individual deposits with various financial institutions along with his family members. A joint account with his wife, former Member of Parliament Mrs. J.A. Mary Lucida Silva, at Pan Asia Bank had a balance of Rs. 2.14 million (Rs. 2,140,199.36) by 2010, while an account with his son Malaka Manojith Silva at Sampath Bank had Rs. 2.68 million (Rs. 2,687,852.25) deposited. Furthermore, two deposits of Rs. 15 million and Rs. 35 million were maintained in Malaka Silva's name at Vallibel Finance, deposits of Rs. 15 million each in the names of his daughter Sandeepani Malika Silva and son-in-law M.C. Agulugamuwa, and a deposit of Rs. 14 million in Mr. Mervyn Silva's name.

In addition, by 2012, current accounts maintained in three banks held over Rs. 4.7 million (Rs. 47 lakhs), and a deposit of Rs. 32.5 million was maintained at Hatton National Bank, along with a deposit of Rs. 6.8 million at DFCC Vardhana Bank.

Investigations into property purchases reveal that he acquired immovable properties in high-value areas of Colombo. Accordingly, a land worth Rs. 71.3 million was purchased from Ernest de Silva Mawatha, Colombo 07, a land worth Rs. 39.2 million from Nawala Road, Rajagiriya, and a land worth Rs. 13 million from Dalupitiya, Kadawatha. Furthermore, it was revealed that a government land belonging to the Victoria Project, located in Nilagama, Kundasale, had been leased for a very small rent of Rs. 1,600 since 1994.

It is noteworthy that he purchased 7 luxury vehicles within very short periods during his two-year tenure as minister. Accordingly, a Porsche was purchased on April 10, 2010, followed three months later in July by a Range Rover Sport Petrol V8 worth Rs. 28.8 million for his son Malaka Silva, and a Mercedes Benz worth Rs. 32.3 million in October 2010. Additionally, a Land Rover worth Rs. 2 million (Rs. 20 lakhs), a Hyundai Jeep worth Rs. 9 million, and two lorries worth Rs. 5.8 million (Rs. 58 lakhs) each were also purchased during this period.

Court documents state that the former minister's daily expenditure pattern was also very high, with goods and services worth over Rs. 4.2 million (Rs. 42 lakhs) obtained over two years using two credit cards from Sampath and Seylan Banks. Furthermore, a massive loan of Rs. 34.7 million from undisclosed sources was repaid, and an amount of Rs. 240,000 was given to a person named Rithu Akarsha. Although the defendant did not obtain a life insurance policy for himself, he maintained 6 insurance policies for his wife and children, paying annual premiums of approximately Rs. 1.3 million (Rs. 13 lakhs), with 4 of these policies maintained for Malaka Silva.