Financial Times

Kotelawala transferred to Prison Hospital


Ceylinco Consolidated Chairman Lalith Kotelawala, in remand in connection with a fraud at Golden Key Credit Card Co, on Wednesday was transferred to the Prison Hospital, Colombo from the Merchant’s Ward of the Colombo National Hospital, official sources said.

Golden Key protestors

He has been in remand custody since late February this year. At last week’s hearing of the case in the Mount Lavinia Magistrate’s Court, the JMO Dr Ananda Samarasekera submitting a medical report on the condition of the remand prisoner has informed the Court that Kotelawala has an heart ailment since 2006 but that he could transferred to the Prison hospital because his condition is not critical. This was confirmed by other doctors who examined the well-known remand prisoner.

The Supreme Court on Monday directed the Attorney General appearing on behalf of the Monetary Board of the Central Bank to submit a list of assets and properties belonging to every present or past director, Chief Executive Officer, Manager, Employee and agent of (GK) and other Related & Relevant Parties' of the Golden Key Credit Card Company and others who have been ‘enriched through improper utilization of the assets of the company before the Court’ on May 11. The Court was also of the view that the District Court has the jurisdiction under the provisions of the Finance Act to issue an order to seize the property of the Golden Key Company and sell them to recover the money. If the Monetary Board did not file action before the District Court, the Supreme Court said it has the power to do so.

The Supreme Court Bench comprised Chief Justice Sarath N. Silva with Justice Ms. Shiranee Thilakawardane and Justice K. Sripavan. The order came based on a fundamental rights application filed by 23 depositors of the Golden Key Co. alleging that the failure by the Monetary Board of the Central Bank and other authorities to supervise and control the activities of the company was a violation of their fundamental rights.

Attorney General Mohan Pieris PC submitted that the investigations were in progress to ascertain the assets that come under the umbrella of the respondent company and asked for further time to submit a list of assets.

The Court observed that Golden Key is an unregistered company and it appears that there was an improper utilization of the deposits by this company. Attorney at Law M.A. Bastion appeared for the petitioners. Attorney General Mohan Pieris PC appeared for the Monetary Board and the Governor of the Central Bank.

Wijedasa Rajapaksa PC appeared for the Golden Key Co, its Chairman Lalith Kotelawela and some of its directors and the Ceylinco Consolidated Ltd.. The hearing was put off for May 11.

Top to the page  |  E-mail  |  views[1]
Other Financial Times Articles
> Invisible hand behind Tax Dept. changes
> Stocks seen rising, companies expect boom when war ends
> At least 50,000 workers lose jobs since January
> Finance companies- confidence yet to be restored
> IMF team in Colombo to discuss $1.9 bln loan
> GK depositors reveal hidden agenda of Ceylinco Consolidated
> Braille bills
> Tackling the recession - COMMENT
> Motor Insurance – What you need to know - IBSL
> Bakery entrepreneur's environmental initiative cuts costs in the business
> Global crisis could be blessing to corporate sector
> Keells Supermarkets offer purchases thro' Internet
> Bidding deadline for South Container Terminal project extended
> Coca-Cola launches Minute Maid Mango
> Banks deny claims of restricted lending
> AMW scholarships and long service awards
> Hameedia's upgrades factories, launches new products
> 17th Annual NCE Export Awards for 2008
> Kotelawala transferred to Prison Hospital
> Ceylinco Finance PLC to be strategically repositioned
> Controversy plagues Chillies again
> Sri Lanka Tourism gears up for post-conflict
> Companies given notice to re-register
> Ceylinco Savings Bank name changed to MBSL Savings Bank
> MBSL reviving failed F&G, interest payments being made
> Business executives to the fore in relief work
> War not affecting GSP+ prospects
> More FR petitions by Ceylinco Depositors
> Bribery Commission finalizing probe in LMS deal
> Mandatory offer gain at Rs 185 million for Eagle
> Tea pluckers earn only around Rs 3,500 per month
> Synergy teams up with Hemas for ‘Insight Out’
> Emirates SkyCargo supports relief effort in Sri Lanka
> IMF streamlines conditions for programmes
> Honda re-launches 'Wing Mark' in Colombo
> Symposium on global recession, options for employers


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2008 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution