Asset Realization

Dec 05, 2010 (LBO) – Sri Lanka’s Supreme Court which is hearing a case on liquidating assets of a failed financial firm has approved the sale of hotel to repay depositors, a media report said. Ceysands and Golden Key are in Sri Lanka’s Ceylinco group. Golden Key depositors are said to be owed between 13 to 26 billion rupees.

The Sunday Times newspaper said Softlogic Holdings, a Sri Lankan group with interest in consumer electronic sales and healthcare has been allowed to buy Hotel Ceysands, to repay depositors of Golden Key Credit Card Company, which failed in 2008.

The report said Ceysands hotel would be sold for 925 million rupees.