July 16, 2015 (LBO) – Sri Lanka’s Finance Minister, Ravi Karunanayake said that all the Golden Key depositors will be paid on 24th of July 2015.
“We are paying the Golden Key depositors on 24th,” the Minister told reporters in Colombo, Thursday.
“The exact amount to be paid has not yet been decided yet,”
The Golden Key Credit Card Company collapsed with debts of 26 billion of which 12.7 billion is capital and 13.2 billion is interest according to initial findings of a Supreme Court appointed committee of chartered accountants.
The committee had said two sets of accounts were found and some assets have already been mortgaged to other parties, complicating a liquidation process.
Golden Key ran a ponzi-style high yield investment scheme which did not have enough revenue generating cash flows to sustain the high yields promised to investors.
Directors of the firm including Lalith Kotelawala were imprisoned and now are now out on bail and the whereabouts of Kotelawala’s wife is unknown.