On initiative of President:

New company to help Golden Key depositors

Chaminda Perera

*To be run as a viable business

*Supreme Court to receive blueprint

The Golden Key company depositors agreed to the formation of a new company under the Companies Act when they met President Mahinda Rajapaksa at Temple Trees yesterday. The depositors’ problems will be solved through the formation of this new company GKCG Special Purpose Vehicle (Pvt) Ltd (GKCGSPV) which will run as a viable business venture under the close supervision of Board of Directors and an advisory council.

The Board of Directors and the advisory council will include members representing the Golden Key depositors too.

The representatives of the Golden Key Depositors’ Association paid special focus on the key problems faced by them during their meeting with President Mahinda Rajapaksa. The depositors will be made shareholders of this new company GKCGSPV and all assets and liabilities of the Golden Key Company are to be transferred to this new company.

The GKCGSPV will issues shares to Golden Key depositors in proportion to the amount outstanding for each depositor in Golden Key Company.

All activities of the company would be carried out under the close supervision of the Board of Directors and the advisory council.

The blueprint of the proposed company will be presented to the Supreme Court in due course.

Meanwhile, Central Bank Governor Ajith Nivard Cabraal yesterday told the Daily News that the proposal to set a holding company was made by the Central Bank as a part of the repayment plan for the Golden Key depositors.

Secretary to the President Lalith Weeratunga, Attorney General Mohan Peiris PC and Central Bank Governor Ajith Nivard Cabraal were present.