Payment Plan

Mar 12, (LBO) – Prosecutors, customers and officials of Sri Lanka’s failed Golden Key Credit Card Company of the Ceylinco group are to discuss a trust arrangement to sell assets to generate cash, after court ordered a halt to assets sales of the company and subsidiaries. Bail

He wanted Kotelawala to be released on bail to negotiate the sale of Ceylinco group assets with ˜foreign and local parties’.

Depositors’ lawyers opposed bail to Kotelawala.

Asset sale discussions can go ahead without coming out of remand, trusts can also be agreed and signed, said lawyer Nigel Hatch.

Kotelawala and Golden Key officials are in remand over fraud charges relating to over 26 billion rupees in deposits the company took as ˜security payments’ to issue credit cards.

The Mount Lavinia magistrate Harsha Sethunga also denied bail to Kotelawala Wednesday on grounds it was under consideration in a pending High Court case. Bail for several other Golden Key officials were also denied.

The magistrate ordered a report on Kotelawala’s health condition from the judicial medical officer on March 26, the next court hearing, as he didn’t appear in court due to an illness.

Court said an arrest warrant on Kotelawala’s wife and