CB, FinMin undertake to submit due diligence on Golden Key assets

19 May 2015 05:56 am - 0     - {{hitsCtrl.values.hits}}

A A A


By Lakmal Sooriyagoda
The Central Bank and Finance Ministry yesterday undertook to submit a due diligence report on Golden Key Credit Card Company in order to ascertain the assets and mode of repayment to the depositors.

 

"The Golden Key depositors welcomed the ‘endeavour’ of the Central Bank and Finance Minister to repay the depositors but urged them to submit a comprehensive plan in order to consider and agree to the settlement"





Deputy Solicitor General Viraj Dayarathne informed the court that there is a possibility of a ‘settlement’ and therefore said that as a preliminary measure of repayment, due diligence would be carried out.

The Golden Key depositors welcomed the ‘endeavour’ of the Central Bank and Finance Minister to repay the depositors but urged them to submit a comprehensive plan in order to consider and agree to the settlement.

When the matter was taken up before a five-judge bench headed by Chief Justice S. Sripavan, Deputy Solicitor General Viraj Dayarathne informed the court that the Central Bank and Finance Minister have agreed to repay the depositors within a set period and asked for the withdrawing of the case.

However, Hejaaz Hizbulla, representing the petitioner depositors, said that while they welcome the move they were not in a position to withdraw the Fundamental Rights application until a proper plan is submitted to them.

Chief Justice Sripavan said that in the event the petition is withdrawn, there would be no security for the depositors and as such said that a proposal must be submitted for consideration.

The Deputy Solicitor General told the court that due diligence would be carried out on the state and assets of the company as a preliminary step for repayment and a report of it would be submitted on June 4.

The petitioner said that they had no objection to the preliminary step being taken for a due diligence report in lieu of a settlement to the depositors.

Earlier, Finance Minister Ravi Karunanayake and Central Bank Governor Arjuna Mahendra promised repayment to the distraught depositors of the Golden Key fiasco, subject to the withdrawal of the pending cases filed by the depositors.

Hejaz Hizbulla appeared for the petitioner, while DSG Viraj Dayarathne appeared for the state. Romesh De Silva PC appeared for the Seventh Respondent - Lalith Kotelawala.
See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




“I don’t think Sri Lankans can be realistically ruled by force” -Ahimsa Wickrematunge

Twelve years after the assassination of Lasantha Wickrematunge, the founding

Decisions to be made in Sri Lanka’s hunt for the COVID-19 Vaccine

Around the world, governments are gearing up to roll out nationwide immunizat

“I am the Godfather of Russian tourists” - Udayanga Weeratunga

Former Sri Lankan Ambassador to Russia Udayanga Weeratunga is back in the sce

Sri Lankan migrant workers still in limbo

Sri Lanka’s migrant workers are a significant part of our economy, with the

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.