ECONOMYNEXT – Sri Lanka’s finance ministry is to release Rs4 billinn to pay depositors of the failed Golden Key Credit Card Company and take sell off its assets without further delay, a government spokesman said.
The Cabinet of Ministers this week approved a proposal by Minister of Finance Ravi Karunanayake to release Rs4,055.1 million as its last tranche to the Central Bank of Sri Lanka to pay security deposit holders of the firm.
It will also take “swift action” to dispose of the assets of Golden Key Credit Card Company and its subsidiaries and to credit the proceeds to the General Treasury, according to the proposal.
Under a scheme approved by the Supreme Court, Rs544.3 million and Rs3,945.6 million had been released as the first and second tranches by the General Treasury to pay the depositors.
(COLOMBO, October 27, 2016)