Sri Lanka’s Fin Min to release Rs4bn for Golden Key depositors

Oct 27, 2016 (LBO) –Sri Lanka’s cabinet has approved a proposal to release an advance of 4.05 billion rupees to the Central Bank in order to pay the eligible depositors of Golden Key Credit Card Company. According to the repayment plan for the security deposit holders of Golden Key approved by the Supreme Court, the third and the final tranche amounts to 4,055.1 million rupees. Cabinet approval has also sought to take early steps to dispose the assets of Golden Key and its subsidiaries in terms of law and to credit the proceeds of the disposed assets to the treasury.
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The treasury through the Ministry of National Policies and Economic Affairs earlier allocated 544.3 million rupees to pay the first tranche and allocated 3,945.6 million rupees to pay the second tranche as per the Supreme Court decision. The third tranche had to be paid on or before 03 August 2016; but the government says it has not been able to pay this so far, due to cash related issues with the treasury. The assets of Golden Key and its group of companies have not yet been liquidated as per the cabinet decisions taken last year on this matter. Depositors recently charged the government’s failure to fulfill their repayment pledges on time raising concerns over the current repayment process.