GK company repayment plan runs into stormy waters
View(s):The Golden Key Credit Card Company Ltd (GK) plan to complete the payment of Rs. 7,233 million which is 41 per cent of the capital of disgruntled depositors has run into stormy waters due to the activities of a group of saboteurs, Dushanthi Hapugoda, Director of the company alleged
She noted that these payments were due to be made following the court orders for taking over/approving to sell assets for which the necessary documentation has already been presented to the Supreme Court under the case bearing number SC/FR/191/2009, being received in favour of the Golden Key depositors.
This process has been disrupted by a group of depositors who filed motions to delay the court proceedings, she said adding that the recovery and selling assets will be derailed if the orders of seizure and the sale are made in the District Court.
Filing a motion, she has urged the Supreme Court to continue the adjudication of seizure and the sale of assets for the repayment of depositors in accordance with action plan of the monetary board or in alternative refer the matter to the Chief Justice and hear the case before a bench of five or more judges of the Supreme Court. She revealed that the payment under phase three of the repayment plan has been completed.