On initiative of President:
New company to help Golden Key depositors
*To be run as a viable
*Supreme Court to
The Golden Key company depositors agreed to the formation of a new
company under the Companies Act when they met President Mahinda
Rajapaksa at Temple Trees yesterday. The depositorsí problems will be
solved through the formation of this new company GKCG Special Purpose
Vehicle (Pvt) Ltd (GKCGSPV) which will run as a viable business venture
under the close supervision of Board of Directors and an advisory
The Board of Directors and the advisory council will include members
representing the Golden Key depositors too.
The representatives of the Golden Key Depositorsí Association paid
special focus on the key problems faced by them during their meeting
with President Mahinda Rajapaksa. The depositors will be made
shareholders of this new company GKCGSPV and all assets and liabilities
of the Golden Key Company are to be transferred to this new company.
The GKCGSPV will issues shares to Golden Key depositors in proportion
to the amount outstanding for each depositor in Golden Key Company.
All activities of the company would be carried out under the close
supervision of the Board of Directors and the advisory council.
The blueprint of the proposed company will be presented to the
Supreme Court in due course.
Meanwhile, Central Bank Governor Ajith Nivard Cabraal yesterday told
the Daily News that the proposal to set a holding company was made by
the Central Bank as a part of the repayment plan for the Golden Key
Secretary to the President Lalith Weeratunga, Attorney General Mohan
Peiris PC and Central Bank Governor Ajith Nivard Cabraal were present.