Key Decisions

June 01, 2009 (LBO) – Sri Lanka’s Supreme Court has appointed a chief executive, an auctioneer and auditors to the collapsed Golden Key Credit Card Company to liquidate assets and pay back depositors, lawyers said.

In another development, Supreme Court has asked Finance and Guarantee Company, a regulated firm, and two related unregulated real estate firms to be considered together when depositors are repaid, lawyers said.

Depositors had submitted that F&G Properties and F&G Real Estate had taken deposits and given to the Finance and Guarantee Company.

Supreme Court has also stopped the commercial high from winding up the two real estate firms, lawyers said.

Depositors had said the two firms did not have assets to repay them as the money had been given to the ‘parent’ firm.

The depositors case was argued by lawyers M A Bastiansz and Sudath Jayasundara instructed by K Kaneshayogan. The chief executive would be an officer from Sri Lanka’s central bank. Golden Key Credit Card, a member of the Ceylinco group, was not originally a registered finance company.

The appointments were made on the recommendation of a committee that is overseeing the liquidation of assets and repayments to deposi