Business Times

Depositors of failed Ceylinco firms seek MR Solution

By Bandula Sirimanna

Aggrieved depositors of Golden Key, F&G, and Ceylinco Shriram are to hand over a petition to President Mahinda Rajapaksa urging his intervention to expedite their repayment plans.

The President of GK Depositors Association Anusha Emmert told the Sunday Times FT that at least 1,000 depositors will participate in a peaceful march from Lipton Circus to Temple Trees tomorrow to hand over a petition containing their grievances to the president with a view of finding a redress to their problems.

She said that their association has written dozens of letters to the president requesting him to intervene in the long-awaited process of repaying Golden Key depositors but they have not received any reply during the past one year period.

Meanwhile the Central Bank has finalized arrangements to start the GK repayment process within the next two weeks, a senior official of the Central Bank said. The auditing of all deposits up to Rs. 1 million has been completed to start settling 75% of their value with a maximum payment of Rs.100,000.

He said that they have received details of 10,000 depositors of Golden Key and the authenticity of their certificate of deposits is being ascertained. The majority of deposits are believed to be in the 2.5 million rupees and 7 million rupees range. Central Bank Governor Ajith Nivard Cabraal had also asked officials handling the repayment process to ensure that relief is granted to suffering depositors as early as possible.

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