Relief

Jan 08, 2010 (LBO) – Sri Lanka’s Central Bank said it will make another part-payment to depositors of Golden Key Credit Card Company, subject to a maximum of 100,000 rupees. A Central Bank statement said arrangements had been made to make part payment of security deposits of 2,506 Golden Key cardholders whose balances are between one million and 2.5 million rupees.

The repayments had been arranged by a three member Committee of Chartered Accountants appointed by the Supreme Court to oversee repayments.

The cheques in settlement of the refunds will be dispatched by registered post, the Central Bank said.

It had arranged to make part-refunds in October 2009 of security deposits of cardholders of Golden Key Credit Card Company whose balances were a million rupees or below.

The collapse of Golden Key affected the credibility of its parent, Ceylinco Group, and caused a run on other finance companies, forcing the banking regulator to step in and place several firms under its supervision.

The Committee of Chartered Accountants was appointed by the court following litigation to examine the assets and liabilities of Golden Key Credit Card Company and to prepar