Financial Times

Comprehensive GK repayment plan may get delayed

By Bandula Sirimanna

The comprehensive repayment plan of depositors of the failed Golden Key Credit Card Co (GK) is unlikely to be finalized before the 1-month deadline set by the Supreme Court as the 3-member committee appointed to assess the value of assets of GK and its Directors and set out guidelines is still in the process of identifying realizable assets, a senior Central Bank official told the Sunday Times FT.

The committee is meeting two or three times a week to work out this plan and to assess the GK assets, and an interim report on its progress is expected to be presented before the Supreme Court on July 13, the next date of the GK Fundamental Rights case.

He said some of the (GK) directors have not declared their total assets as required and some of them have transferred their assets to their children, relatives and friends. This matter will be brought to the notice of the Supreme Court with a view to take stringent action against those who failed to comply with the Court order, he added.

The GK Depositors Association, in the meantime, is planning to hold a protest demonstration on Thursday, June 18 opposite the Mount Lavinia Magistrates Court – when the case in that court comes up.

Association Treasurer Dushyanthi Hapugoda said they want to urge the authorities and the Central Bank to expedite the repayment plan as the majority of depositors are suffering without the monthly interest which is their only source of income.

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