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Task force to locate assets of Kotelawala

05 Apr 2013 - {{hitsCtrl.values.hits}}

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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Task force to locate assets of Kotelawala

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