GK depositors’ FR petition: AG seek further date to submit Cabinet memo, repayment mode

26 June 2015 03:18 am - 0     - {{hitsCtrl.values.hits}}

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By Lakmal Sooriyagoda
The Attorney General yesterday sought a further date to submit the cabinet memorandum and the mode of re-payment plan to settle 41 percent of the deposited money of Golden Key (GK) depositors, when the fundamental rights petitions filed by depositors were taken up in the Supreme Court.

These two documents were not presented in court yesterday as agreed during the previous hearing. Therefore, Deputy Solicitor General Viraj Dayaratna appearing on behalf of the AG, sought a further date and hearing into the matter that was postponed for July 7.

The AG on June 18 informed Supreme Court that the cabinet has given its approval to re-pay 41 percent of the deposits of the distressed depositors at Golden Key Credit Card Company, and the relevant Cabinet memorandum along with the mode of re-payment plan to be presented before court on next hearing date.

The fundamental rights petition filed by Golden Key Credit Card Company depositors came up before Supreme Court’s five-judge-bench comprising Chief Justice K. Sripavan, Eva Wanasundara, Rohini Marasinghe, Sisira de Abrew and Buwaneka Aluvihare. 

 DSG Dayaratne had told court that the Cabinet approval has been received in this regard, following a proposal submitted by Finance Minister Ravi Karunanayake. 

Accordingly, the Treasury would allocate a sum of Rs.8.5 billion to re-pay 41 percent of the deposits of the depositors at Golden Key Credit Card Company and this amount is to be reimbursed from the assets of the company.

 DSG Dayaratna further stated that according to the proposal, those who have deposited Rs.2 million or less than that would receive 41 percent of their deposits within a period of one month. 

Those who had deposited from Rs.2 million to Rs.10 million would receive 41 percent of deposits within two months and to those who had deposited over Rs.10 million, within a period of one year.

The fundamental rights petition filed by Golden Key Credit Card Company depositors had cited Central Bank’s Monetary Board, Finance Minister, Ministry Secretary, Central Bank Governor, Golden Key Credit Card Company, Lalith Kotelawala, Khavan Perera, Sicille Kotelawala, seven others and the Attorney General as respondents.
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