New entity to solve Golden Key depositors’ woes

A decision has been reached to set up a new company which is to acquire the assets of the Golden Key Credit Card Company and distribute its shares among those who had lost their deposits when the company went bankrupt.

This decision had been arrived at when President Mahinda Rajapaksa met members of the Golden Key Depositors Association at Temple Trees today (Oct. 18).

The company is to be named GKCG Special Purpose Vehicle (Pvt) Ltd (GKCGSPV) and will offer a proportionate number of shares according to the deposits of each person at the former company. The new company is to engage in commercial ventures while being supervised by a board of directors and an advisory panel appointed from among the depositors of the now defunct Golden Key Credit Card Company.

The Central Bank of Sri Lanka is to be the facilitator of this venture which aims to solve the numerous problems faced by the depositors of the Golden Key Credit Card Company.

Legal opinion is to be sought regarding the formation of this new company.

President Mahinda Rajapaksa,Secretary to the President Lalith Weeratunga and Central Bank Governor Ajith Nivarad Cabraal were also present during the discussion. - (Pic by Sudath Silva)