Golden Key to resume operations

The controversial and much talked about Golden Key Credit Card Company will restart operations from the 1st of next month with a new Board of Directors, the government information department said.
A former Deputy Governor of the Central Bank Priyantha Fernando has been appointed as the Chairman of the Company.  The other members of the Director Board include Mrs. Dushyanthi Hapugoda, Attorney at Law V.K. Choksy, Jehan Amarathunga, Aruna Lekamge and  Wasantha Gunathilaka.
The first meeting of the Board of Directors will be held at the Golden Key building at R.A.D. Mel Mawatha on the 24th of this month.
Mrs. Hapugoda, who is also the Chairperson of the Golden Key Depositors Association said that the company has a capital of Rs. 90 billion. In addition, the Golden Key Company owns assets of 16 other companies including the Golden Key Hospital at Cotta Road.
Mrs. Hapugoda said that measures are underway to return 41 percent of the funds deposited by the depositors, utilizing the capital, and the Supreme Court has granted legal permission in this regard.  She said that  distribution of shares among the depositors will also take place.
The former Chairman of the company Lalith Kothalawala, his wife Mrs. Cecelia Kotelawala and 10 others have been charged with financial fraud at the company. The estimated customer liabilities of the Company amounts to over Rs.78 billion.