A second interim list of assets belonging to present and past directors of the failed Golden Key Credit Card (GK) group, and its subsidiaries was submitted to the Supreme Court on Friday aimed at selling these assets and returning the money to desperate depositors.
This presentation was made when the fundamental rights petition filed by 23 Golden Key (GK) depositors was taken up for hearing. Earlier on Monday, a first interim list had been submitted and Court had ordered the Attorney General (AG) Mohan Peiris to name a committee of experts that would examine and properly value these assets which was then valued at Rs 6 billion.
On Friday, Mr Peiris told the Court that the names of the committee of experts has not been finalized and would be ready by tomorrow. He also sought a directive from the Supreme Court to prevent the illegal encroachment of lands and property belonging to present and past directors of the GK group. The 3-judge bench comprising Justices Shirani Thilakawardane, K.Sripavan and P.A Ratnayake said the AG could inform the IGP to prevent such illegal encroachment.
On Monday, it was disclosed to court that only 36 of the 112 present and past directors had submitted their assets.
Among the 36, the assets of senior directors Ms Padmini Karunanayake and S. Jegasothy figured with their counsel saying the assets were not accrued entirely from GK. It was disclosed that Ms Karunanayake had cash and movable property worth Rs 126 million while in Mr Jegasothy’s case it was Rs 87 million.
It was also revealed that Khavan Perera, the former GK Deputy Chairman who is now in remand, had cash and movable property worth Rs 70 million. Mr Peiris told the court that Ceylinco Chief Lalith Kotelawela had requested two weeks time to furnish his assets. Citing an interim declaration tendered by Kotelawela, the AG noted that his immovable property included Hotel Ceysands and several other properties in Colombo. It was also revealed that credit dues of GK amounted to Rs 359 million and would have to be paid. GK employees had been given interest-free loans worth Rs 61 million, court was told.
Meanwhile the CID has unearthed details of ‘underhand’ land and property transactions of some of the directors with the aim of desisting from declaring their total assets to the Central Bank in accordance with the Supreme Court order.
CID investigators said that a senior director had transferred valuable land and properties in prime areas of Kollupitiya and Kirulapone to other parties on December 18, 2008, 2008, about the same time the company collapsed. The ownership of an apartment unit has also been transferred in a similar manner to conceal total assets.
Kotelawala and six directors had acquired land at Ruskin Island situated at Bolgoda Lake on 29-03-1999 by deeds of transfer and this was not mentioned in their assets declaration, investigators said. |
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