Treasury to release further funds to settle Golden Key depositor dues

The cabinet gave the green light on Wednesday to repay security deposit holders of Golden Key Credit Card Company Limited (GKCCCL) who have deposited less than Rs.2 million, Cabinet Spokesman Health and Nutrition Minister Dr. Rajitha Senaratne said yesterday.

He said the repayment schedule prepared by the Central Bank for resolving the difficulties faced by GKCCCL deposit holders, has already been approved by the Cabinet. 
avi Karunanayaka to release an advance of Rs.3945.6 million from the Treasury to the Central Bank for the repayment of  the second stage for depositors holding deposits from Rs.2 – 10 million and to reimburse the said amount to the Treasury by liquidation of assets of the GKCCCL was approved by the cabinet. 

The Supreme Court that heard the Fundamental Rights (FR) application filed by a group of Golden Key depositors had ordered that the deposits be settled under a scheme starting with the lowest value.

The re-payment of the first installment of 3,863 Golden Key depositors worth Rs.351 million had already been paid and cheques and had been dispatched by registered post by the Central Bank. 

The second phase of the re-payment plan will begin for the benefit of 2,500 depositors and the total amount will be approximately Rs. 250 million, as the Supreme Court has appointed a committee for the settlement and repayment of deposits and the repayments are made possible on the recommendations of that committee chaired by Lakshman Watawala. 

“As its first step, the General Treasury has granted an advance of Rs. 544.3 million for the repayment to deposit holders who have deposits worth less than Rs. 2 million,” he added.