July 26, 2010 (LBO) – Depositors in a failed Sri Lankan finance company have been paid back part of their money in the first phase of a repayment scheme with assets of the firm to be sold to raise more funds, the regulator said. “The committee will decide on the next installment of payment to security deposit holders after submitting a report to the Supreme Court for approval at the next hearing on August 6.” The central bank said in a statement that by July 14, 2010, a total of 772.93 million rupees had been paid to 7,838 security deposit holders of The Golden Key Credit Card Company.
The repayment was arranged by a committee of Chartered Accountants appointed by the Supreme Court to help depositors of the failed finance company.
“All eligible security deposit holders have been paid on the basis of either 75 percent of the security deposit balances as at 31.12.2008 or 100,000 rupees, whichever is lower after verification by the auditors,” it said.
Security deposit holders who have not provided details about their deposits have been asked to submit details to the Secretariat to the committee of Chartered Accountants at the Central Bank.
The statement said the committee with the approval of the Supreme Court h