Financial Times

29 GK-affiliated companies to be listed in the CSE

By Bandula Sirimanna

Twenty nine companies affiliated to the Golden Key (GK) Credit Card Company with an asset base of around Rs.13 billion are to be listed in the Colombo Stock Exchange. The aim is to separate these companies from Golden Key using it as an exit mechanism, according to a senior official of the Central Bank.

He said that this was conveyed to the Supreme Court by the 3-member committee of accountants entrusted with the task of evaluating assets and preparing a payment plan for depositors of the company.

The Chief Government Valuer and Auditors have been engaged in the valuation of assets declared as Rs 13 billion and its shares for disposal, enabling funds to be raised towards preparing a payment plan for GK depositors, he said.

The Committee is now in the process of issuing these shares to GK and has also decided to dispose the pharmaceutical stocks held by the GK Trading Company Ltd to Darley Butler and Co Ltd at a price of Rs.2.3 million and to credit this money to the GK dedicated account maintained at the Bank of Ceylon . Meanwhile, Commissioner General of Inland Revenue, Mahinda Medagoda told the Sunday Times FT that the department has received details of income of around 500 GK customers and it will be investigated on a case by case basis.

Tax will be levied on their interest income but depositors need not be unnecessary alarmed as officials will take into consideration their dire circumstances in arriving at a payment plan, he said. A separate unit headed by an assistant commissioner has been entrusted with the task of handling tax files of GK customers.

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