Home / Front Page/ Golden Key depositors want CJ’s advice to reopen case

Golden Key depositors want CJ’s advice to reopen case


Comments / {{hitsCtrl.values.hits}} Views / Thursday, 12 November 2015 00:05

Facebook

  • Saysgovt. deadline not met, demands company be closed as overheads a waste

 

By Charumini de Silva

The Golden Key Depositors Association will appeal to the Chief Justice to reopen their case against the company after the Government failed to meet its October deadline for the second round of repayments.

The association insists apart from the first tranche which disbursed Rs.556 million among 2,536 depositors in August (below Rs.2 million deposits), the Government has failed to continue payment to depositors thereafter.“We were supposed to get the second tranche of Rs. 4.2 billion on 4 October for deposits worth of Rs. 2 million to Rs. 10 million, but we have not received anything thus far,” Golden Key Depositors Association President Dushanthi Hapugoda told the Daily FT.

According to the settlement plan, the Government was to pay deposits below Rs. 10 million by October and those above Rs. 10 million by August 2016.

Golden...

She said when the association members met Finance Minister Ravi Karunanayake last Wednesday (4), he had told them that the Government was unable to make any payments until end December or early January.

“This is clearly not the response we expected from a responsible Government official and clearly not what we fought for in the past seven years. We trusted the Minister and Central Bank Governor Arjuna Mahendran for the assurance they provided with the settlement plan. We are now in great trouble with no case to fight back with,” she stressed.

She went on to say that this was the very reason why they did not want to withdraw their case until the Government pays the last depositor. 

“This was just a ‘public stunt’. The Government created a sudden rush about the whole case of Golden Key and set free the culprits of the case especially Lalith Kotelawala,” she charged.

Therefore, she said that they will now seeking the CJ’s approval to reopen the case as soon as possible, until every depositor is paid according to the Government endorsed settlement plan.

Hapugoda also said that they were seeking permission from the Supreme Court to close down the Golden Key Company, alleging it incurs heavy operating costs, which in actual terms is not doing anything beneficial for its depositors. 

“Earlier on in the negotiations it was said that the Central Bank would take the company under its purview, but it never happened. The company is spending around Rs.2 million monthly just on salaries,” she said.


Share This Article

Facebook Twitter


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Soaring heights of NPLs in banking

Thursday, 27 June 2019

Capital inadequacy, political interference, abuse of power, wasteful and unproductive expenditure, corrupt deals, circumventions of regulatory directions, unscrupulous lending operations, imposed IMF and WB conditions for reforms, and window-dressed


New Land Policy: Ideal alternate development strategy, but accompanying policies needed

Thursday, 27 June 2019

It is reported that the Government has prepared a law to grant freehold possession of farm land held under lease from the Government. This may be a revision of the Land Development Ordinance (LDO) of 1935. This article proposes to discuss the pros a


Need for an education revolution: Future of our kids and the nation is at risk – Part II

Thursday, 27 June 2019

A journalist of New York Times requested Hideki Shirakawa, a Nobel laureate, to describe Japanese culture. He said, “Fundamentally, Japanese culture is based on rice farming. Rice cultivation requires a lot of water, and water must be shared evenly


Country’s reconciliation with English and Moragahakanda

Thursday, 27 June 2019

When the country received independence from British, it was blessed with an efficient administration, a high standard in education, and also sound foreign exchange reserves; the country was admired by other countries. The three major and several mino


Columnists More