CB urged to freeze hidden assets of local and foreign Ceylinco companies with links to GK
View(s):Welcoming the Central Bank’s (CB) intervention to acquire the management of Golden Key Credit Card Company (GK), disgruntled GK depositors urged the authorities to fast track the repayment process by freezing hidden assets of 55 affiliated firms including nine foreign based companies and its 64 former directors as well as the Sarana fund
They have requested the CB and the Finance Ministry to seek a Supreme Court order to freeze those assets and GK affiliated firms both here and overseas.Several Ceylinco consolidated companies which had links to GK are now operating under new names and it was a contempt of court issue, depositors alleged.
They noted that billions of rupees from the GK had been transferred to Ceylinco GK Corporation Pvt Ltd in Bangladesh, GK Australia Pvt Ltd, Dial GK Pvt Ltd, Male, GK Banking Solutions Ltd London, Ceylinco and SLATS Developments Pvt Ltd in Queensland.Foreign exchange earned by overseas companies of Ceylinco Consolidated was deposited in the off shore banking account maintained in a Mauritius Bank under the name of “Associated Global Investments”, they allege.
In a letter to Finance Minister Ravi Karunanayake ,a group of depositors noted that 75 per cent of over 8,000 GK depositors were below the range of Rs.3 million and most of them are senior citizens.
Therefore they suggested the government to settle the money of depositors initially with security deposits of less than Rs.10 million.