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Task force to locate assets of Kotelawala

5 April 2013 09:23 pm - 19     - {{hitsCtrl.values.hits}}

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The Supreme Court has ordered that a special task force be set up to ascertain the assets of the Golden Key Credit Card Company’s former Board of Directors including its Chairman Lalith Kotelawala.

The Supreme Court Bench comprising Chief Justice Mohan Peiris, Justices P.A. Ratnayake and Priyasath Dept made this order sequent to accepting a plan submitted by the Central Bank to repay the Golden Key Credit Card Company depositors on behalf of the Monetary Board according to the SC order of March 4.

The SC also ordered that a new Board of Directors be appointed to the Golden Key Credit Card Company.

The task force to ascertain the assets of the former GKCC Board of Directors will comprise:

1.    A senior police officer in the rank of DIG appointed by the IGP will act as the chairman.

2.    Two senior officers with knowledge of financial intelligence named by the Central Bank Governor

3.    An Army intelligence officer named by the Secretary Defence.

4.    A senior State Counsel named by the Attorney General

5.    A senior officer named by the UDA  

The Task Force has to identify the assets sold or signed as gifts by the nine directors of the company six months prior to the collapse of the Golden Key Credit Company. The Task Force is to ascertain the assets of the Directors and submit report to Court once in every three months.

The new Director Board of GKCC will be made up of:

1.    Priyantha Fernando (former Deputy Governor of the Central Bank)

2.    Attorney at Law V.K. Choksy or any other lawyer named by the Central Bank.

3.    Chartered Accountant Jehan Amaratunga or any other Chartered Accountant named by the Central Bank

4.    Aruna Lekamge or any other businessman named by the  Central Bank

5.    Two persons named by the Depositors’ Association

6.    Any other depositor named by the Central Bank Governor.

The plan states that a new Board of Directors shall be appointed to takes control of the GKC Company Ltd with a mandate to operate its business and safeguard and recover all its assets.

The Court also ordered that the Committee of Chartered Accountants appointed earlier to ascertain the assets of the company be discontinued and all documents in their possession be handed over to the new Board of Directors.

It said until the value of the balance securing depositors outstanding of up Rs.300,000 is settled, all security deposit holders shall be entitled to receive an equal distribution of their respective balances.

The Court directed the Central Bank to expeditiously realise the personal assets including the shares belonging to the Key Directors of the Golden Key Credit Card Company Ltd., since they had violated Court bail conditions, stipulated by the Supreme Court and High Court orders, whereby they agreed to contribute their personal assets towards the settlement of the security deposit balances.

The SC granted leave to proceed to the petitions filed by 23 depositors of the Golden Key Credit Card Company Ltd. on the alleged infringement of their fundamental rights.

Professor M. Suffrullah and M.A. Bastianz with Sudath Jayasundara instructed by K. Ganeshayogan appeared for the Petitioners while Senior State Counsel Janak Silva appeared for the State. (S.S. Selvanayagam)

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  Comments - 19

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  • Kit udugama Saturday, 06 April 2013 04:19 AM

    Why not try Trillium Condominium owners' list
    Its on Base line Road near the Over seas school !!!

    Kit udugama Sunday, 07 April 2013 06:50 AM

    How about the fake loan given to that fake computer company went bust in one year LOOK IN TO IT and Its Directors ha ha ha

    Janaki Kalansuriya Saturday, 06 April 2013 02:54 PM

    you mean like KP's Dollars and Gold????

    sss Saturday, 06 April 2013 11:14 AM

    He will face no judge. He laid the necessary ground work by letting influential depositors like Mrs. R withdraw their money with bogus interests before the collapse

    C.Seneveratne Saturday, 06 April 2013 07:14 AM

    All in all a very good move but how long will it take?

    Nihal Amarasekera Saturday, 06 April 2013 06:53 AM

    I have a feeling that this time something will happen; Depositers deserve at least gratuity for their part in CJ affair.

    PRASANNAJIT Saturday, 06 April 2013 05:46 AM

    It is very clear that these depositors are taken for another ride. Good for them.

    PRASANNAJIT Saturday, 06 April 2013 05:45 AM

    Why a person from UDA should be there.? Very questionable.

    John Saturday, 06 April 2013 05:23 AM

    Will you also investigate the heavy withdrawals in the previous 3 months which may have caused the collapse of the system, naming actual account holders/proxies?

    Shantha Saturday, 06 April 2013 04:50 AM

    When can this process can be completed.

    sss Friday, 05 April 2013 10:20 PM

    look at houses of the influences like Mrs. Rajapakshe. The fraudster was smart enough to let the people that matter withdraw money before the collapse - hence the long arm of law does not reach him

    Kit udugama Saturday, 06 April 2013 04:17 AM

    Will there be dried Kotala Himbutu also

    Lokka Saturday, 06 April 2013 02:52 AM

    what about an officer from the Inand Revenue Dept ?

    MagodisThuma Saturday, 06 April 2013 02:31 AM

    OMG.... after a very serious investigation.... the whole value of the assets of Kotelawala is less than one million rupees !

    MagodisThuma Saturday, 06 April 2013 02:22 AM

    New Year Sale...Laabaai...Laabaai...Laabaaaai...Kotelawala's Assets..... !.
    OMG...! Politicos are coming in the queue !

    Cobra Saturday, 06 April 2013 02:21 AM

    Once these so called assets are located will the benefit go to the poor depositors or to the pockets of politicians?

    MagodisThuma Saturday, 06 April 2013 02:18 AM

    Nariyata Bokka Sudda Karanna Dunna Wagei !

    Suq Madique Saturday, 06 April 2013 01:58 AM

    LK and wife are still living a luxury life while thousands who trusted him with their life savings are destitute. Every penny they own should be taken away and paid to the depositors.

    Janaki Kalansuriya Friday, 05 April 2013 11:22 PM

    Assigned to "Close the stable doors", more like it.


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