Golden Key to be revived for the benefit of depositors
View(s):By Bandula Sirimanna
The Golden Key Credit Card Company (GK) is to be revived under a new board of directors with the aim of operating its business and to protect and recover all its assets.
Under the proposed plan of action, exclusively reported in the Business Times last week, the company will be operated with a new board of directors, the Supreme Court was informed this week.
They are Priyantha Fernando (former Deputy Governor of Central Bank), lawyer V.K. Choksy, Jehan Amaratunge, Aruna Lekamge, two persons nominated from depositors associations, and any other deposit holder nominated by the governor of the Central Bank (CB).
According to the action plan prepared by the CB on behalf of the Monetary Board, GK will be operated as a going concern, develop businesses, and repayment plans to provide relief to all stake holders of the company.
All efforts will be taken to settle the money of depositors as soon as possible, Chairperson of the All GK Depositors Association Dushyanthi Hapugoda told Business Times.
She noted that the company will generate money using the assets but it will not restart the credit card business.
One of the tasks of the board of directors would be to assess the viability of the GKCC group of companies and attempt to get some value out of these companies and to put such assets to productive use, she said.
A new CEO will also be appointed and the affairs of the company will be carried out in accordance with GK’s Memorandum and Articles of Association.
The Monetary Board will provide guidance towards the operating of the company in a proper manner.
After all security deposits have been settled, the GK will be allowed to operate as a normal business entity, Counsel for GK depositors, Prof. M. Suffrullah, Attorney at Law, told the Business Times.
He said that any investor or a company can buy the GK if it wishes to do so after the full settlement of the deposits according to the payment plan.
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