No settlement plan yet; Golden Key case adjourned until 4 June

Tuesday, 19 May 2015 01:34 - - {{hitsCtrl.values.hits}}

By Charumini de Silva

The Supreme Court yesterday postponed the hearing of a Fundamental Rights petition, filed by Golden Key depositors, to 4 June since its respondent, the Central Bank, failed to produce a written settlement plan.

Speaking to Daily FT, GKCCL Director and Golden Key Depositors’ Association President Dushanthi Hapugoda said that as the respondent had failed to produce a written settlement plan the court adjourned until 4 June.

This happened despite Finance Minister Ravi Karunanayake last week promising to do so.

“We called for a legally-binding settlement plan approved by the Monetary Board which would be recorded in the Supreme Court. Chief Justice K. Sripavan also approved the same and informed petitioners not to withdraw their cases until the respondent produced a written repayment plan in court as there was no other way of settling this issue,” she said.

Deputy Solicitor General Viraj Dayaratne appeared on behalf of the Central Bank from the Attorney General’s Department, while Hijaz Hisbullah appeared on behalf of the petitioners.

She said that the Central Bank would appoint an audit firm to perform due diligence and that there was no objection from the petitioners.

A Rs. 26-billion scam caused the organisation to unravel in 2008, sending shockwaves across the Ceylinco Group, its parent company, and the entire Sri Lankan financial system.