Golden Key deposit disbursements:

Chartered Accountants to prepare full list of assets

WASANTHA RAMANAYAKE

The Supreme Court yesterday appointed three chartered accountants to the Golden Key Committee, that would be ultimately responsible for the disbursement of deposits in the Golden Key Credit Card Company (GKCCC).

The three accountants are Lakshman R. Watawala, Nelson Nagasinghe and Mahendra Panditha. Two persons had been suggested by the Central Bank while one by the petitioners.

The members have expressed their willingness to be on the committee.

The committee would discharge their duties in consultation with the Director Banking Supervision of the Monetary Board of the Central Bank and the CB was directed to provide them with the necessary facilities.

The Court ordered that the committee to submit an interim report within two weeks setting out the method of operations. Based on the interim report of the committee, the Court would deliver the further orders.

The Court ordered the Director Supervision Non-Banking Institutions to investigate into the company profiles of Golden Key Holding Ltd., and Ceylinco Ltd., which were the major shareholders of the Golden Key Company.

Counsel for the petitioners' M.A. Bastiansz submitted that although the two companies were the major shareholders of GKCCC, their assets had not been disclosed.

The Counsel submitted that the shareholding of the Ceylinco Ltd., in the GKCCC was 839,000 while Golden Key Holding Ltd. had been 757,000 shares as stated in an affidavit filed Ceylinco Chairman Lalith Kotelawela.

The Court permitted Police to question Kotelawela on the profiles of the two companies.

According to the Court order, they would be responsible for the examination of the interim property list of the Golden Key Credit Card company prepared by the CB, compilation of a list of immediately perishable and disposable, medium term and long term realizable assets.

The Court also directed to prepare a list of deposits and property, and prepare a scheme of payment on the basis of the lowest to the highest depositors.

The Bench comprised Chief Justice Sarath N. Silva PC with Justice Shirani Thilakawardane and Justice K. Sripavan.

The petitioners, 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 Kotelawela, Khavan Perera, Sicille Kotelawela, the Ceylinco Consolidated (Pvt) Ltd. and the Attorney General.

Further hearing was put off for June 01.