Greater relief finally for Golden Key depositors

The Government yesterday began the disbursement of payments to deposit holders of the defunct Golden Key Credit Card Company Ltd. 

This is following the Cabinet of Ministers approving last week for the payment schedule proposed by the Finance Minister in order to solve the longstanding issues faced by the GK depositors. Accordingly, the depositors who have had their account balance up to Rs. 2 million are to be paid within one month from 24 July.

Given the importance of the relief scheme, the ceremony to handover payment was attended by both President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe along with Finance Minister Ravi Karunanayake.

The General Treasury has provided Rs. 544.3 million needed for this first tranche and the recovery of this fund will be made through the liquidation of the assets of GK with the permission of the Supreme Court where a petition in this regard is being heard. 

The Supreme Court had earlier given a ruling to pay 41% of the account balance to the depositors. Earlier in January this year, all depositors of GK were given an interim payment up to Rs. 300,000 irrespective of their account balance.

The Government has also decided to settle the dues of those who have deposits below Rs. 10 million within the next two months and those of above Rs. 10 million within one year. Accordingly, a further sum of over Rs. 7,000 million is needed and Minister Karunanayake has proposed that funds for these payments could be recovered from liquidation of the assets of Golden Key and the profits transferred from the Central Bank.