Key Bail

Jan 17, 2010 (LBO) – Sri Lanka’s Supreme Court has granted bail to the chief executive and a director of the failed Golden Key Credit Card Company and ordered more asset seizers to repay depositors, a media report said. The Sunday Island newspaper said Kavan Perera, chief executive of Golden Key and Saradha Sumanasekera, director were released on cash bail of five million rupees, certified bail of 100 million and five sureties who were permanent residents of Sri Lanka.

The passports of the two, who were in remand for 11 months after the firm collapsed with 26 billion rupees in debt to customers, were impounded, the report said.

Golden Key, a part of Sri Lanka’s Ceylinco group was an unregulated financial firm that took public deposits.

The Sunday Island said Perera had agreed to give his property, two houses and a car to a fund set up to repay depositors. Court had also directed that assets of Sicille Kotelawala, wife of Ceylinco chairman Lalith Kotelawala also be seized.

Ceylinco chief Lalith Kotelawala was bailed out earlier.

A committee of court appointed chartered accountants had completed part payments to depositors who had put up to 2.5 million rupees in Golden Key, the repo