Sixteen directors of Ceylinco Consolidated (Pvt) Ltd, which is made up of at least 96 (mostly defunct) companies both here and overseas, have been ordered to convene an immediate meeting on or before March 2nd to work out a payment plan for depositors of the failed Golden Key Credit Card Company (GK).
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| GK depositors protest |
This plan should be submitted on March 22, the next hearing date of the GK Fundamental Rights case, according to an order on Thursday issued by a 3-judge bench of Supreme Court headed by Chief Justice Shirani Bandaranayake.
The court also directed to re advertise the sale of the state-of-the-art ENT Hospital in Rajagiriya — one of the biggest assets of the GK company.
Earlier a Rs 750 million bid for the hospital was made by Richard Pieris & Company PLC, of which Prof. Lakshman R. Watawala, Chairman of the Committee of Chartered Accountants on GK, serves as a sitting director.
However, after the tender process closed on January 23, the Softlogic Group headed by Ashok Pathirage had tendered a higher bid of Rs. 780 million. Depositors have urged that the hospital bid be awarded to Softlogic Group the highest bidder, but the court directed the Watawala Committee to re-advertise the property, considering the suggestion made by the committee.
Anusha Emmert, President of the Golden Key Depositors Society and Ms. Dushyanthi Hapugoda, Chairperson of the GK All Depositors Association were reprimanded by the court for organizing protest demonstrations near court premises (on Thursday). Earlier on Wednesday, several depositors (some aged) gathered opposite Fort railway station and protested against the failure to repay their deposits over a period of more than three years.
The depositors also displayed a coffin symbolizing the plight of depositors chanting slogans against former Ceylinco Group Chairman, Lalith Kotelawala, and demanding that he repay their deposits without further delay. They urged the authorities to put him jail once again as he had violated the undertaking given to the Supreme Court as a bail condition.
While Golden Key depositors continue to suffer without their capital and interest for more than three years, there is dragging of the feet to dispose of the assets and repay investors, Ms. Emmert said.
The maximum amount that a section of depositors have received so far is two installments of Rs 100,000 each, Ms. Emmert said.
They have not been able to clear any deposits – even those up to Rs 1 million - in full so far, she said. "Even three years after, nothing substantial has been done to ease the suffering of poor depositors," she added. |
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