July 11, 2011 (LBO) – Directors of an unregulated finance company in Sri Lanka’s Ceylinco group including its chairman Lalith Kothelawala have been charged following a two and a half year probe, media reports said. Separately, Sri Lanka’s Supreme Court has earlier issued orders on the Golden Key after depositors sought repayment.

The Sunday Island newspaper said directors of the firm and its financial controller has been charged with 91 counts in connection with the collapsed Golden Key Credit Card Company by the state Attorney General.

Under Sri Lanka’s law finance companies that take public deposits and give loans are regulated by the Central Bank.

Reports said it was the biggest failure of a financial firm in the country. At the time reports said depositors claimed 26 billion rupees from the firm.