Clawback

Apr 07, 2013 (LBO) – A high powered task force will be appointed following a court order to identify assets of directors of Golden Key Credit Card Company, an unregulated financial firm that collapsed five years ago, a media report said. The Sunday Island newspaper said the team will also identify assets the directors have alienated, sold, transferred or gifted on or after June 30, 2008, about six months before the final collapse of the Ceylinco group firm.

Assets of Lalith Kotelawala, Sicille Kotelawala, S K M Perera, J L N Fernando, D G Sarada Sumanasekara, A D Jegasothy, Padmini K Karunanayake, S T Karunaratne and Bandula M. Ranaweera, will be probed.

Court has also ordered a revival of the business, under a new board of directors, the report said.

The task force will be headed by deputy inspector general of police to be appointed by the police chief and two central bank officers with knowledge of financial intelligence.

An intelligence officer from the military and senior officer from the Urban Development Authority will be nominated by the defence secretary.

A senior state counsel will be nominated by the attorney general. The task force will not be given fees as they will be seconded by the agencies