Sri Lanka’s General Treasury lends Rs544.9mn to pay Golden Key depositors tomorrow

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July 23, 2015 (LBO) – Sri Lanka’s government will provide 544.3 million rupees of tax payers money as the first tranche to start paying the much talked of “Golden Key Depositors” who invested in a ponzi scheme to get a bigger share of the failed Golden Key Credit Card Company from tomorrow (24), a statement said.

The cabinet of ministers approved the payment schedule proposed by the Finance Minister,Ravi Karunanayake in order to solve the long standing issues faced by the golden key depositors.

Accordingly, the depositors who have had an account balance of up to two million rupees will be paid within one month from July 24th.

The General Treasury will provide 544.3 million rupees needed for this first tranche and the recovery of this fund will be made through the liquidation of the assets of the Golden Key Company with the permission of the Supreme Court where a petition in this regard is being heard.

The Supreme Court had earlier given a ruling to pay 41 percent of the account balance to the depositors.

Earlier in January this year, all depositors of the company were given an interim payment up to 300,000 rupees irrespective of their account balance.

The depositors who had below 10 million rupees will be paid within the next two months and those of above 10 million rupees within one year.

To pay those depositors, a further sum of over 7000 million rupees is needed, the statement said.

Karunanayake has proposed that funds for these payments could be recovered from liquidation of the assets of the Golden Key and the profits transferred from the Central Bank.