Hotel Sale

Oct 17, 2010 (LBO) - Depositors of Sri Lanka's failed Golden Key Credit Card Company, an unregulated finance firm, may get some cash when a part of the money from a hotel connected to the firm is sold, a media report said.

President Mahinda Rajapaksa is due to meet two Golden Key depositor associations on Monday, the report said.

The Sunday Island newspaper said 20 percent of the proceeds of the sale of Ceysands Hotel in Bentota in Sri Lanka South western coast will be used to repay depositors, citing an unnamed source.

The newspaper said if the hotel is sold for about billion rupees, Golden Key customer will get 200 million rupees.
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But to pay 100,000 rupees to each customer about 800 million rupees in needed, the report said.

The report said other real estate, a hospital, and three floors of Ceylinco House, may be put into an asset management company.