SC prohibits sale of Golden Key property

Wasantha Ramanayake

The Supreme Court on Monday issued a Stay Order preventing the Golden Key credit card company from selling or disposing of any of its property or assets in a right application filed by some of the depositors.

The Court also issued an Order preventing the company or its directors from operating or closing any foreign accounts held by the company.

The Bench comprised Chief Justice Sarath N. Silva PC and Justice Shirani Thilakawardane and Justice K. Sri Pavan.

The petitioners, some of the depositors of the Golden Key company cited 17 respondents including the Monetary Board of the Central Bank, the Governor of the Central Bank, the Secretary to the Treasury, Golden Key company, Lalith Kothalawale, Khavan Perera, Sicille Kothalawale, the Ceylinco Consolidated Pvt. Ltd. and the Attorney General.

The petitioners complained that the respondent company first stopped the payment of interest on deposits and then the depositors were not allowed to withdraw their deposits, without giving any reason.

They stated that they have learnt that the company directors had been involved in numerous illegal activities using the money of the depositors. They pointed out that the company had misappropriated around 26 billion rupees of the depositors.

The petitioners stated that the failure of the Monetary Board to supervise and control the activities of the respondent company were in violation of their rights.

Attorney-at-Law M.A. Bastion appeared for the petitioners.

The hearing was fixed for March 30.