GOLDEN KEY DEPOSITORS’ CASE: CB fails to submit re-payment plan again

8 July 2015 02:43 am - 0     - {{hitsCtrl.values.hits}}

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By Lakmal Sooriyagoda
The Central Bank Monetary Board yesterday failed to submit the re-payment plan for Golden Key depositors for a second consecutive date.  
The repayment plan was to be submitted based on the Cabinet memorandum to repay 41 percent of the funds deposited in the Golden Key Credit Card Company.

The submitting of the said plan was due to take place yesterday when the Fundamental Rights petition into the Golden Key Credit Card Company was heard before a five judge bench.

Deputy Solicitor General Viraj Dayaratna appearing on behalf of the Attorney General (AG) informed the five-judge bench of the Supreme Court that the Central Bank Monetary Board was yet to finalize the mode of payment based on the Cabinet memorandum and thereby sought a further date.

“The Central Bank’s Monetary Board has prepared the draft but are yet to finalise it,” said Dayaratne.  

Supreme Court’s five judge bench comprising Chief Justice K. Sripavan, Eva Wanasundara, Rohini Marasinghe, Sisira de Abrew and Buwaneka Aluvihare fixed further hearing for August 4. 

The AG on June 18 informed the Supreme Court that the Cabinet had given its approval to re-pay 41 percent of the deposits belonging to  depositors at Golden Key Credit Card Company and the relevant Cabinet memorandum along with the mode of re-payment would be presented to court prior to the next hearing. DSG Dayaratne had told Court that the Cabinet had received approval 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 of Golden Key Credit Card Company and this amount is to be reimbursed through the disposal of company assets.
 

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