GK Case

Mar 31, 2009 (LBO) – Sri Lanka’s Supreme Court has asked Golden Key Credit Card Company, a collapsed financial firm, and its directors to declare assets and for the island’s banking regulator to probe the firm, lawyers said. Depositors also asked the passports of directors to be impounded, saying one director has already left the country after the Supreme Court took up the case.

Court asked the attorney general to take steps in this regard.

The Supreme Court rejected a payment plan put forward at a lower court on the intervention of Sri Lanka’s attorney general Monday, lawyers said, after some depositors went to the island’s highest court for relief, saying the firm should have been regulated under the country’s finance company law.

The Supreme Court had earlier ordered the Central Bank, which regulates deposit taking financial institutions in the country to probe Golden Key, a member of Sri Lanka’s Ceylinco group,

At Monday’s hearing court questioned why central bank has not yet probed the case and taken steps as ordered, lawyers said.

Attorney general Mohan Pieris, who was personally present, said the order was received only on Friday, and he would ensure that it was carried out expeditiously.

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