Golden Key depositors to be paid from Rs. 259 m account of Sicille Kotelawela

Wasantha Ramanayake

The Supreme Court directed the Monetary Board (MB) of the Central Bank (CB) to immediately seize and transfer to the dedicated account, Rs. 259 million from the accounts belonging to Sicille Kotelawela, when the rights application by some depositors were mentioned before the court yesterday.

The Court also ordered the MB to take steps immediately to start repaying the Golden Key Credit Card Company depositors in terms of the repayment plan suggested by the Attorney General.

The Bench comprised Justices Shirani Thilakawardane, Saleem Marsoof PC and K. Sripavan.

Attorney General Mohan Pieris PC appearing for the MB and CB submitted that the amount of money lying in the accounts of Sicille Kotelawela would be sufficient to start repaying the depositors.

President’s Counsel Romesh de Silva appearing for Ceylinco Group Chairman Lalith Kotelawela submitted that his client should be granted bail to facilitate the repayments.

On the last occasion the Attorney General suggested to Court a repayment plan.

According to the plan depositors who had deposited less than one million rupees will be paid 75 percent of the principal amount within three months.

Those who had deposited less than two million rupees would be paid 75 percent of their principal amounts within six months and those over two million would be paid within one year.

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 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.

M.A. Bastianz with Sudath Jayasundara appeared for the petitioners.

Attorney General Mohan Pieris PC appeared for the Monetary Board of the Central Bank. Romesh de Silva PC appeared for Lalith Kotelawela.

The case will be taken up on October 23.