Bailout of Sri Lanka’s Golden Key Credit to cost Rs8bn to Treasury
COLOMBO (EconomyNext) – A planned 8.5 billion rupee bailout of the collapsed Golden Key Credit Card Company would be funded by the Treasury court was told, with all depositors expected to be settled within a year.
Deputy Solicitor General Viraj Dayaratna had told court depositors with less than two million rupees would receive their cash within a month under the plan where 41 percent of their holding will be given.
Cabinet of ministers had approved a plan for the Treasury to fund an 8.5 billion rupee bailout with proceeds of any asset sales going to the Treasury.
About 586 million rupees of assets have been identified. Sri Lanka’s Central Bank will provide the cash to bailout Golden Key, depositors were told.