Finance Minister Ravi Karunanayake was acquitted from all charges based on violation of Exchange control act by the Colombo High Court.

The Attorney General indicted Nexia Corporation, Linton Sirisoma and Ravi Karunanayake for allegedly facilitating money laundering in violation of Central Bank regulations and the Exchange Control Act by depositing Rs. 390 million in a Standard Chartered bank account, which had been later used to purchase shares of the Union Bank.

The transfer had been made by Sri Lankan American billionaire and hedge fund dealer Raj Rajarathnam.

During the hearings it was alleged that Karunanayake was directly involved in the fraud and that he intervened to collect the funds once the money was deposited in Sri Lanka.

This court ruling comes just hours after a no-confidence motion was handed over against Ravi Karunanayake by the opposition.