Court Action

Jan 06, 2008 (LBO) – A Sri Lankan court has remanded three persons connected with Golden Key Credit Card Company, a crashed financial firm of the Ceylinco group, a reporter said. Seylan was put under the state-run Bank of Ceylon and its board of directors replaced by Sri Lanka’s central banks after depositors started to withdraw money.

The company is under police criminal investigation department (CID) probe after it failed to repay customers and group chairman Lalith Kotelawala said the firm had been mis-managed.

Magistrate’s court has remanded chief executive Khavan Perera, finance director Saradha Sumanasekara and another Ceylinco employee, Manoj Chaminda.

Eleven others were released on personal bail but asked not to leave the country, including Kotelawala, a reporter said.

Kotelawala has promised to repay depositors and has said he would sell a stake in Seylan Bank, a listed commercial bank in the group, to raise part of the money.

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