Sri Lanka, Dec. 15 -- Former Chairman of the Ceylon Petroleum Corporation (CEYPETCO), Dhammika Ranatunga, who was arrested earlier today (15) by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC), has been granted bail by the Colombo Chief Magistrate. Sri Lanka travel

Colombo Chief Magistrate Asanga S. Bodaragama ordered Ranatunga's release on bail after considering submissions from both the Bribery Commission officials and the suspect's lawyers.

Ranatunga's arrest relates to allegations of causing a loss of nearly Rs. 800 million to CEYPETCO by cancelling three long-term fuel tenders scheduled for 2017-2018 and instead implementing spot tenders at higher prices.

The Bribery Commission also informed the court t...