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Tax-payer bailout of Sri Lanka’s Golden Key to begin on July 24

ECONOMYNEXT – A bailout of the failed Golden Key Credit Card Company, an illegal shadow-banking Ponzi scheme with will begin with 544 million rupees of people’s money being given to investors who claimed less than 2.0 million rupees.

The Treasury or the tax payer will provide the funds, the finance ministry said.

Another 8.0 billion rupees will be given to investors who had made very large deposits, with 4.05 billion rupees going to depositors who held more than 2.0 million rupees.

The finance ministry is expecting collect some money by liquidating some remaining assets of Golden Key.

However according to available data, only 586 million rupees could be collected by liquidating assets of Golden Key.

Concerns have been raised that about 532 million rupees in assets identified from directors may also likely to be given back to them when ongoing court cases are stopped.

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