July 13, 2006 (LBO) – The controversial marketing firm GoldQuest has gone to the Court of Appeal in Sri Lanka asking for an opportunity to explain its position to the country’s central bank. They also asked court to direct the Central Bank to determine if GoldQuest’s marketing plan is against Sri Lanka’s Banking Laws, following the hearing.
The Central Bank has arrested several GoldQuest activists under an anti-pyramiding clause in the Banking Act after the law was passed in parliament.
GoldQuest has filed the petition under the name of Questnet International citing the Governor, the other members of the Monetary Board, senior officials of the Bank’s special investigation unit and Sri Lanka’s Inspector General of Police as respondents.
The firm has also asked for a writ preventing the bank from prosecuting persons connected with GoldQuest until a determination is made regarding the legality of its marketing plan. Questnet also asked for interim relief preventing the Central Bank from prosecuting or seizing its products until the appeal hearing is concluded.