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Relief for Golden Key depositors from President

Oct 18, 2010 12:09:35 PM - itnnews.lk

President Rajapaksa issues instructions to grant relief to investors by vesting the assets of the Golden Key Company with a new Firm.

Representatives of the Golden Key Depositor Associations met the President at Temple Trees today. The current position of the Company’s management was broached at this meeting. It was agreed at this discussion to launch a new Public Company under the Companies Act vest the assets of the Golden Key Company in it. Thereafter, shares of the new Company will be issued to Golden Key depositors based on the balance of the depositors of the old company.

The plan of the new Public Company will be submitted to the judiciary, while the Central Bank will serve as the facilitator of the process. Decisions were arrived at today’s discussion direction attention at depth of the problems confronted by the Golden Key depositors. President’s Secretary Lalith Weeratunge, Attorney General Mohan Peiris and Central Bank Governor Ajith Nivard Cabral were among those present at the meeting.