GK seeks SC directive to go ahead with the 4th phase of re-payment plan
Revived Golden Key company (GKSPV) is to seek a Supreme Court directive to implement the fourth phase of the re-payment plan to settle 41 per cent of security deposits of 5,485 depositors by liquidating some identified assets of the company and its former directors including Lalith and Sicille Kotelawala, and its subsidiaries, Dushanthi Hapugoda, a director of the revived company (GK Special Purpose Vehicle) disclosed.
“We are compelled to wait till the 30th January, the next hearing day of the case to make an appeal to the Supreme Court to go ahead with the repayment process with the aim of alleviating the sufferings of depositors who have waited almost five years to get their hard earned money misappropriated by earlier GK directors,” she said.
A sum of Rs.2.848 billion is needed to start the fourth phase of the re-payment plan and the Task Force has already identified GK assets that are to be liquidated after obtaining the SC endorsement, Ms. Hapugoda added.
The GKSPV has already repaid Rs. 2.2 billion under the earlier three phases, the GKSPV director said.
Ms. Hapugoda noted that the Monetary Board of the Central Bank will identify and categorise the assets of the GK, former directors and subsidiaries for liquidation and the GKSPV and the Task Force had been vested with the task of seizing and selling of these assets with the consent of the Supreme Court.
The Supreme Court on Tuesday directed the Monetary Board to submit a report within one month regarding the GK assets under the categories of undisputed assets belonging to that company, its improperly acquired assets, and the assets of former directors and third parties.
A GK property situated at Kirimandala Mawatha, a house at Pelawatte, Battaramulla belonging to former GK MD Kavan Perera, former GK Director Ms Padmini Karunanayake’s house at Polhengoda, two half built houses at the Nature’s Way Housing Scheme- Athurugiriya, 60 acres of teak plantation in Puttalam, a quarry at Narammala, three floors of the Ceylinco House and a Hokandara property were the assets available for sale at present.