SC hearing of Golden Key case concludes

Wednesday, 5 August 2015 00:40 - - {{hitsCtrl.values.hits}}

The Supreme Court yesterday concluded the hearing of a petition filed by Golden Key depositors.

When the petition was taken before a bench of five Supreme Court judges presided over by the Chief Justice, the settlement mechanism proposed by the Government was allowed.

A group of Golden Key depositors filed this case seven years ago, citing that the company cheated their money.

Seventeen parties including the then Finance Minister and nine members of the Golden Key company Director Board were named as respondents in this case.

The petition also cited that Rs. 26,000 million deposited in the company by 9,127 persons had been embezzled by the Board of Directors of Golden Key Company.

The Central Bank Governor and the Finance Ministry informed the Supreme Court 41% of deposits would be repaid under three stages.