By Darmitha-Kotte
Another protest was organised today at Navam Mawatha, Colombo 02, by aggrieved Golden Key depositors who demanded their money back. Pic by Pradeep Dilrukshana.
It is this eagerness to create a public image that pushed him into convincing VC of Sri Jayawardanepura University Mr. Ekwatte into conferring an Honorary Doctorate to him which the Chancellor at the time Ven. Sumanatissa Thero objected to on grounds that it was unethical to do so. Mysteriously, Ven.Sumanatissa was found dead inside the temple well not too long after the incident of the Honorary Doctorate. A similar fate befell Ven.Gangodawila Soma Thero due to his outspoken Dhamma sermons where he opened the eyes of Buddhists on the subject of religious conspiracies & it is a very well known fact that Dr. Kotelawela forbade employees from hanging yellow flags to mark Venerable Soma Thero’s death.”
We are indeed saddened to note that Ceylinco Group had to end 2008 on such a crisis note and hit a climax point just before the Christmas festivities. There is no doubt that Dr.Lalith Kotelawela as well as Dr.(Mrs) Sicille Kotelawela are not the happiest people today due to the build up and final expose’ of the Golden Key Credit Card Scam which shocked not only them but more so the Golden Key Credit Card Holders who had put implicit faith on Seylan Bank, Ceylinco Group and the Golden Credit Card by investing with them. To those unfortunate investors, the regular festive season has brought financial disaster but no bonuses to enjoy the new year.
The word “honest”(adjective) is explained in the Oxford Dictionary as 1. truthful and sincere 2. fairly earned and 3. simple and straightforward. The noun “honesty” has been described as “the quality of being honest.”
This is how Ceylinco Chairman was taken to Mt.Lavinia Court on 26th March 09.
These are the qualities that Dr.Lalith Kotelawela supposedly strived to live upto in the management of his business conglomerate but how much has actually been “honest” has now posed a major question mark to his reputation both at a personal level and as the corporate culture of his business operations.
Ceylinco Group Expansion:
It was through the perseverance of Dr.Kotelawela that Ceylinco grew in to what it is now known to be group of companies numbering over three hundred we hear. His Business Card is supposed to be a unique design in order to include all the names of companies which are under his purview-some say that one needs to “unfold “the Business Card is folded many times to accommodate the contact details of all the companies! No doubt, he was indeed a happy man once because he tried his hands at everything possible-the latest being the Diabetic Detection Centre, Bakery, Gramaen Banking and a number of others outside the Finance Companies, Real Estate Developments, Golden Key Credit Card Co.,Seylan Bank, Ceylinco Savings, Loan Schemes for Agricultural Small Holders, SOLO-U, Ceylinco-Gramaen Automobiles Private Ltd (through which “Ceygra” 4 stroke three wheelers are sold through a tie-up with PLC), Ceylinco Travels, Insurance, Leasing, Car Rentals, Employment Agencies, Security Services, Home-Nursing Services, Ceylinco Sarana Cattle Protection Centre – in other words it became a heavily diversified business operation. According to report in the Sunday Island, “Kotelawela who leads a business empire comprising over 300 companies is well knwn of his charitable and philanthrophic efforts to improve the conditions of the poor and marginalized in the country.”
It could very well have been this massive diversity that eventually caused the downfall of this “philanthrophic businessman” as Dr. Kotelawela became known as within the business community.
Personality Cult:
Golden Key employees staged a protest on 5th March demanding their Feb'09 salary before 10th March.(Photo courtesy: Daily Mirror)
Dr. Kotelawela if he had his wish, would very much like to be remembered as wonderfully humane person. This is quite obvious when one reads his biography which was written by an employee within the Ceylinco Group. Every thing of their boss was perfect to the T as it were-no flaws or shortcomings which in many ways is humanly impossible-however, this is how he would wish his employees to remember him as.
This is why he made page long advertisements immediately after the Golden Key Credit Card Scam came into the limelight assuring his clients continued services and repayment of investments as soon as possible which is ofcourse not good enough for those who lost their money.
It is this eagerness to create a public image that pushed him into convincing VC of Sri Jayawardanepura University Mr. Ekwatte into conferring an Honorary Doctorate to him which the Chancellor at the time Ven. Sumanatissa Thero objected to on grounds that it was unethical to do so. Mysteriously, Ven.Sumanatissa was found dead inside the temple well not too long after the incident of the Honorary Doctorate. A similar fate befell Ven.Gangodawila Soma Thero due to his outspoken Dhamma sermons where he opened the eyes of Buddhists on the subject of religious conspiracies & it is a very well known fact that Dr. Kotelawela forbade employees from hanging yellow flags to mark Venerable Soma Thero’s death.
Ceylinco - Shiram depositor's protest on 29th July'09 infront of Colombo Fort Magistrate court.
One weakness we saw very openly was an exhibition of arrogance during the last couple of years which already created black marks in his ever pleasant personality.
SOLO-U & Politics:
Irrespective of how we climb up the ladder in public, there are a couple of things we must always remember if we need to succeed. Of these humility & honesty are very important. One must also never do anything to hurt the feelings of one’s parents nor forget one’s past. In this respect, there is much that Dr. Kotelawela can learn from. Having been born into a highly respected Buddhist family after marriage he changed his religion(which is his personal prerogative and perfectly o.k) and became a Catholic which has definitely hurt the sentiments of his entire family. Having said that he is most certainly free to practise a religion of his own choice but he must be gracious enough to refrain from being antagonistic towards the religion of his birth. A religious philosophy of which his own sisters are still devout adherents.
Using SOLO-U Dr. Kotelawela was in the habit of conducting TV programmes through which he invariably expressed opinions antagonistic towards Buddhists and the sovereignty of Sri Lanka. When a person supports terrorists and gives financial aid to a terrorist movement, one is automatically being disloyal towards one’s own Motherland. It is on record that he gave an interview to Gulf News in which he openly supported the cause of terrorism by speaking for the LTTE on one of his trips to the Middle East.
In 2005 just prior to the Presidential Elections in which the current Executive President was a Presidential Candidate, he proved his religious bias when he together with Archbishop Oswald Gomis placed page long advertisements warning against voting for the incumbent President with his “Christians Awake!” warning stating that Mahinda Rajapakse represented Sinhala extremism.
However, once the elections were won and it became obvious that this President was there to stay, gradually the Catholic Bishops and Dr.Kotelawela began to patronize the current GOSL for their own survival and sneaked into the “Tharunyate Hetak” movement of Rajapakse Junior even sponsoring some of their programmes for his own political and business survival. Whether this is honest and sincere, is another question altogether? Today, Dr. Kotelawela who masterminded a boycott programme during the Presidential Elections is singing Hosannas
to President Mahinda Rajapakse & the “Mahinda Chinthanaya”!
It is this very same President and his GOSL and Central Bank that has come forward today, to save Golden Key Credit Card Scam and Seylan Bank & the Ceylinco Group from total collapse. Today, the Central Bank has arranged for Bank of Ceylon to take over operations of Seylan Bank.
Dubious Activities Within the Ceylinco Group of Companies:
During the post-Tsunami scenario Ceylinco Insurance made big business by promising to pay off for personal vehicle losses and damages and carried on a massive campaign as ” the champion of the grieved and helpless” but we know of many stories where the full amount of Insurance Claims were not honoured and these were even reported in some of the local newspapers.
Ceylinco Gramaen Bank also advertises vigorously about the wonderful conditions they offer for loans but when interest payments have to be paid back by debtors, they find that they are required to pay an interest of over 20% to the bank which was not made clear to them at the time of applying for the loans!
A big question comes into the minds of Sri Lankan citizens and that is” If the CEO of a company is absolutely honest in his dealings and has inculcated such values in his staff members, would it be possible for the Chief Executive Director of Golden Key Credit Card Company to misappropriate funds amounting to over Rs.20 billion single-handedly? At that level, there are bound to be others involved or through whom certain approvals were obtained before action was taken to implement so called misappropriations. With money, many seedy deals can be fixed and let us just hope that the named “guilty party” has not been bought over to accept guilt and end the story there.
To “save face” as the Chinese saying goes, Dr.Kotelawela placed advertisements in all newspapers and invited investors to come to BMICH to explain the situation on 23rd and 24th of December 2008. Contrary to his expectations, there were angry clients who supposedly had dared to manhandle Chairman Dr. Kotelawela & threw water on him as reported in the Sinhalanet website. The tea party he had planned as a peaceful parting between the grieved investors and the Chairman was hurriedly cancelled when it became obvious that people were not in a mood for pleasantries! One cannot expect pleasantries when investors have busted all their savings and assets in a Credit Card Company that has over- advertised its capabilities.
For a man who wishes to project a perfect image of himself in the eyes of the public, this was certainly not a perfect picture. As far as Chairman Dr. Kotelawela is concerned, there is no doubt that personally, he will not face a financial crunch given the fact that he has many investments and assets abroad but it is the local investors who trusted Golden Key Credit Card Company with their limited assets who face the full brunt of irresponsible corporate bungling.
Due to the angry reactions of investors(Colombo) on 23rd December, the meeting scheduled for 24th December targeting the “outstation clients” had to be cancelled.
Ultimate Solution To a Not So Nice Festive Christmas Season:
Having faced the wrath of angry clients, it became obvious to the “philanthropic” Chairman, that clients wanted a satisfactory solution here and now-not something fairytale many months from now, therefore he decided to sell Seylan shares as well as some other companies within the Ceylinco Group of Companies.
Magnanimously, the GOSL and Central Bank have come forward to salvage the situation and save Seylan Bank from collapse which will incur an additional burden on government coffers for unscrupulous and dishonest dealings of private companies.
It is certainly no guarantee that other companies within the Ceylinco Group will also have to be sold off to pay off the Rs.20 odd billion debt to investors.
Conclusion:
Let us sincerely hope that Dr. Kotelawela even though he no longer believes in The Buddha word, there is a thing called “Ditta Dhamma Vedaneeya Karma”( retribution within this life) unlike in Christianity where a mere “confession” can cancel all one’s misdeeds.
Even as did Jesus Christ express loudly on the Crucifix “Eli, Eli, Lema, Sabachthani?” – My God! My God ! Why Hast Thou Forsaken Me? These words may be ringing in the ears of Dr. Kotelawela as well. Let us be merciful and hope that his drama will be resolved quickly- personal credibility & reputation is another issue altogether.
(“Sinhale Hot News” bears no responsibility for the ideas and opinion expressed by the writers as well as for the comments posted to the articles by numerous readers and viewers of this web site.)
Eye opening article, Darmitha. Thanks for that.
Now we heard Celinco Group senior director Ms.Padmini Karunanayake is missing. May be assuming that she will be arrested?
Do you all know how many apartments Ms.Padmini Karunanayake has? Same way all other Ceylinco directors having many apartments gifted to them by the company and spending luxury lives on our investments.
Yesterday, Mt.Lavinia Chief Magistrate ordered to to seize the passports of Lalith& his wife Cicilia.
Informed source at GKCCCL said that Lalith and his wife resigned from the board of GKCCCL in Oct’ 08 by knowing this crisis and now trying to put the blame on Chief Executive Director of the Golden Key Credit Card Co. Ltd, Khavan Perera.
We feel not only one or two directors but also the entire Ceylinco group directors are responsible for this fraud. If CID proved this is a willful fraud, all the directors should responsible to settle their depositors’ claims which is said to be well over Rs.28 billion even by selling their(directors) private properties.
Lalith was converted into Catholic only when he was granted a huge loan from a bank in Vatican. That was sponsored by a local Catholic Priest and embracing Catholism was one of the demands they put forwarded to him.
Hence, Lalith is a man who mortgaged his religion over money. Can that type of a person be a true gentleman?
Some said the money they collected through GKCCCL , have used to run the Ceylinco group with a show off. Though 300 to 400 companies are established under Ceylinco group, only very few companies are doing well. All other companies depend on money that pumped through GKCCCL. Since ordinary citizens of this country invested their hard earned money on GKCCCL, they all should get the credit for running Ceylinco group for the last few years.
Once the God came forward for a “conditional rescue’ of Lalith. But this time who will come forward to rescue Lalith? Better try on “Allah”, then you can become a Deshamanaya Dr. Lalith Kotalawela Mohamed……….
By: Customer on January 1, 2009
at 1:40 pm
Khavan perera and two others were remanded by Mt.Lavinia Judge today.
He is only a ” Haal Messa” and we hope the real ” Moraa” who is responsible for this fraud be remanded in near future.
By: Customer on January 6, 2009
at 1:27 pm
It is now learnt Ms. Sicilia Kotelawala has resigned from the board of Ceylinco Seylan Development Bank with effect from 2nd January.
May be to get rid of the responsibilities relating to above mismanagement. Is that legal? We hope all who are responsible for the above should bring before the court.
By: Saman on January 7, 2009
at 11:55 am
I have deposit my hard earn saving at one of the ceylico group nameley The finance & Gurantee
now i am patient and i have to undergo a surgery
wich is costing around 4 million i asked my deposit with the medical report. The lady AGM fixed deposit says
a) I need a letter from the doctor
B) They will pay to the hospital directley
c) Get the correct amount
d) THE CENTRL BANK HAS STOPED PRE
MATURE WITHDRWS
BY MAKING the deposit these are the facts that i ahve to undergo
By: sudar on January 7, 2009
at 3:54 pm
This is a joke. Whenever they accept our money as a FD, did they put forward any of these conditions?
Conditions for Pre-mature withdrawals can be vary from one financial institution to another. but there should be a way of withdrawing money in a situation like this, because you are the legal owner of your deposit and they are only custodians.
By: Samapth on January 7, 2009
at 9:02 pm
Hi everybody, When you cant catch Sakvithi, Danduwam Mudalali, and cannot take action against the corrupted famous well known MINISTERS and people in the Government you only chase people who appear in courts and follow proper legal procedures.
Let the final Report come out. Do not disgrace respected people who really worked and help poor people without any political advantage. Do you only want to talk bad since Honerable as appeared in courts and following the proper legal frame work.
Can anybody challenge the curruption of Ministers or culprit Sakvithi or Danduwam Mudalali.
Allow the Hon Ceylinco Chairman solve this problem . Think that he is a Minister please then what will happen?
Let him allow to treat our people rather than any others please. Do not be racial.
Treat honest people in a honest way.
We know all these closely.
Request him to built a Buddhist Temple, Yes he will give even his property.
By: lucky on January 7, 2009
at 10:39 pm
Mr.Lucky seems to sympathize with Dr. Kotelawela calling him an honest person.We are not sure whether Lucky is an employee?
Prestige, honesty are qualities one cannot buy using the hard earned money of citizens of this country.
If Dr. Kotelawela is such an honest person, how come Golden Key Credit Card Company is not even registered with the Central Bank? Every action of one’s company must speak for honest procedures if the owner is honest but unfortunately we do not see that with all the news coverage we have seen during the past week.
I don’t think the writer of this article was talking about politicians in this article and therefore Mr. Lucky should not deviate or digress from the topic under discussion-those politicians will have their day of reckoning some day & for sure, it will not be glorious.
In case Mr Lucky is not too familiar with Dr. Kotelawela let me state that Dr.Kotelawela’s appearing in Courts is not because of his honesty but as the owner of the Group of Companies, he naturally becomes a respondent answerable to the Courts- it is also because he is extremely concerned about his public image which is now totally shattered for permitting misappropriations within the companies that come under his purview.
I fully sympathize with Mr. Sudar’s comments and his predicament because I myself have faced a similar situation dealing with Ceylinco Insurance many years ago.
Their Sales Executives will promise the Sun and the Moon to get a person to become a client. The Salesman was bending over backwards until I agreed to sign an application form. He promised me many things but having signed the papers and paid the money, the Insurance Policy that I received stated much less facilities than had been promised. I visited their office and spoke to the Manager, who very dubiously tried to avoid the issue- he did not want to even show me the copy that was in their files! Having paid monthly instalments for a period of time, I gave up and decided to stop payment because I knew that if and when I would need to recover money from them, that it will be cut and chopped to suite their ends-not that of the client.
There is no sympathy for owners of such companies & let no one try to whitewash such personalities.
An honest selfless man as Mr. Lucky makes out of Dr.Kotelawela, should not have named a reservoir that he rehabilitated in the NCP as “Sicille Samudraya” a couple of years ago when CBK was in power!
By: Ramani on January 8, 2009
at 9:16 am
Lucky, I am sure that you are on a contract to safeguard Dr.Deshamannya Lalith Kothalawala against the allegations that come up in forums like this. It seems that you have tried it at your level best, but failed in your duty simply because we all know who is Lalith Kothalawala much better than you.
You talk about Sakvithi, Daduwam Mudalali and corrupted Ministers in the Govt. But I feel, as you said they all are NOT so respected and so generous people like your client. Therefore one can not match your client with them other than for the type of the incident they all involved for. Hence, matter relating to your client and matters relating to others should be discussed on two different platforms.
You said that your much respected client came before court & followed the legal procedures. But he did it, because
he never thought that the charges are so serious/ the public opinion too goes against him and
he is so worried about his so-called image which he said to be built for the last so many years.
Thereafter you said that he is a honest man. If he is such a honest man, will he cheat others? Until last October, he was the Chairman of Golden key Credit Card Company. Once he came to know that there will be a big issue, your honest client along with madam resigned from the company. Now he is trying to put the blame on Khavan Perera. I am not going to say that Perera is an innocent man. If Perera is responsible for it as the CEO, how come your client being the Chairman not responsible for same?
Do you know that your client as the Chairman of Ceylinco group always be at the final interview board when recruiting new comers to the entire group for all level. If he is so involved in such things how can we believe that these things were happened in his group without his knowledge/approval?
Also, you mentioned that he worked for the poor people without any political advantage. But it is a well known fact that he was about to contest for the last general election that held in 2004 representing NWP as a UNP candidate. However, he had to changed his mind at the last minute as the political environment built up in the whole country was not in his favour , specially due to the sudden death of Ven. Gangodawila Soma Thera.
It is true that he is doing some social works by using “Sarana” funds. Kindly note that it is not his personal fund and that fund is being fed by each & every Ceylinco group employees. Rs.100 will be deducted from every employee per month whether they willing or not and that is how “Sarana” fund is built up.
We also can become such philanthropists if we also have such fund built up by others. So, people who are deaf and blind only can call him as a great philanthropist, but for us he is non other than a Cheater.
Finally, you said if anyone ask him to build a Buddhist temple he will do it by using his own property. Lucky, please note the Buddhists temples which were built in the past were totally financed by the Buddhist philanthropist and even at present it is same. In the same way, don’t think we as Sinhala Buddhist are so bankrupt to go behind such people who mortgaged his religion on behalf of money.
Is there anything else to talk about the “religious harmony” of a man who even did not allow his employees to put up a yellow flag as a mark of respect to the late Ven. Gangodawila Soma Thera???
By: Nuwan on January 8, 2009
at 11:36 pm
In november I submitted the request for withdrawal of my account at GK ,but unfortunately this unexpected crisis occurred.I am now in a deep trouble cos I desperately need money for the treatment of my mother who is an advanced metasis breast cancer patient. As a buddhist I pray everynight that Mr Kotalawala would solve this chaos and give us back our money soon.I feel sorry for those who have invested in this company and fallen into trouble like me. As the Lord Buddha said ” thanhaya jayathi soko ” that is what happened to us going after big interest rates.
By: Ruwantha on January 8, 2009
at 11:46 pm
Its good going. Allow the 30,000 employees plus the families of Ceylinco Group to take by Nuwan and ramani Group.
You talk one side about the Life Monthly premium. Please note dear we are the Market Leaders . You tell your problem to the correct place your problem will be solved within seconds. To not disgrace I have experienced. Later do n ot appolologize.
By: lucky on January 8, 2009
at 11:55 pm
Its good going. Allow the 30,000 employees plus the families of Ceylinco Group to take by Nuwan and ramani Group.
You talk one side about the Life Monthly premium. Please note dear Ceylinco are the Market Leaders . You tell your problem to the correct place your problem will be solved within seconds. To not disgrace I have experienced. Later do n ot appologize.
By: lucky on January 8, 2009
at 11:57 pm
The guess that Mr. Lucky is an employee of Ceylinco has finally come out through his own posting yesterday.
“Please note dear we are the Market Leaders . ”
(posting at 11.55pm)
“You talk one side about the Life Monthly premium. Please note dear Ceylinco are the Market Leaders .” —(posting at 11.57pm)
He slipped and identified himself as an employee and 2 minutes later he amends the sentence to read “……..Ceylinco are the Market Leaders” omitting the word ” we” in the earlier posting.
There is no further reason to discuss this matter with Mr. Lucky because we have to sympathize with him. If he earns his bread and butter from Ceylinco and Dr. Kotelawela- the least he can do is be grateful for small mercies!
By: Ramani on January 9, 2009
at 6:07 am
Thanks, Lucky for aacepting that you are an employee of Ceylinco Group. You as an employee has no other choice rather than white washing your boss in a situation like this.
We know that your boss has appointed several guys like you to deal with this situation.
But the reality can not be hidden from the public
forever.
Kindly note this is not a matter of one Insurance policy but it relates to many lives in the country. Therefore kindy stop praising people for petty gaining.
By: Nuwan on January 9, 2009
at 3:22 pm
Thanks for the forum . As a Journalist I wanted the views as an Employee too. Very Good everybody thought me too a fool like all of you. Puff good staff. Lets allow the time to know the real truth of this story . Lets talk now. Nuwan and Ramani God bless you.
By: lucky on January 9, 2009
at 4:39 pm
Kiribathgoda Ceylinco ASM Manoj Jayalath made billions and billions out of Golden key deposits. He is now running his own rent a car business with 15 lux. vehicles. That is how they played out our money.
By: Jayantha on January 9, 2009
at 7:26 pm
I have invested over 4 Million in Finance & Guarantee. I am not sure it will be safe. I work in another country and want to know if anyone deal with this company or they will approve premature refunds.
Any one to help?
By: nalaka on January 11, 2009
at 6:17 pm
Nalaka, feel sorry for you for investing such a huge amount with a cheater.
Anyway, just check the rules & regulations printed on the reverse of your FD certificate. If they have made any provision there, you can request for a premature withdrawal accordingly.
If they do not mention anything relating to premature withdrawals, that is fine. Because then you can dictate your own terms on such withdrawals.
GOOD LUCK!
By: JANAKA on January 11, 2009
at 8:53 pm
Whay are you’ll getting panic. Wait until the final decisions are announced. we are sad that no bady talk about sakviti and danduwam mudalali for money since its gone.
We have a confidence that Kotelawela will sort this matter in a very diplomatic way. Please allow the time solve .
By: Sumudu on January 12, 2009
at 12:09 am
Reading the comments of all it seems that Lucky and Sumudu are the only sympathizers of Dr. Kotelawela and his cheating.
A just and God fearing person like Dr.Kotelawela, it seems extremely strange why he permits this kind of misappropriations of other people’s money within his own group of companies?
Such an honourable man-why did he receive other people’s hard earned money into his Golden Key Credit Card Company without obtaining a legal approval certificate from The Central Bank of Sri Lanka?
When people want to withdraw their own investments, why do officers drag their feet to expedite refunds? Investors have every right to withdraw their investments no matter, for what ever reasons-it is their money.
The financial problems within Ceylinco Group did not start overnight please. It is because Dr. Kotelawela knew he was coming in for a hard time, that he began to align himself and his company towards Government programmes- to get sympathy and support from the government- a government and President that he and the Catholic Church opposed most vehemently from becoming the President of Sri Lanka in 2005.
Dr. Kotelawela is not such an innocent person as some on this forum try to make it out-sorry about blind faith!
By: Samanmalie on January 12, 2009
at 6:34 am
Sumudu, why should we wait until Kothalawala announce his final decision? If it is not in favour of the depositors, what is your next opinion? Do you want us to wait until whenever he pays us? Don’t you think that we as depositors have a right to take maximum steps to protect our deposits?
Please note that is our money we deposited there. Hence still we are the legal owners of such deposits and Kothalawala and/or his financial institutions can act ONLY as custodians/Trustees. Therefore either Kothalawala or his financial institutions have no any legal rights whatsoever to dictate new terms on our deposits, unless otherwise previously agreed.
Kindly refer the comments posted to this forum by Nuwan on 8th January 2008 and then you will realize why Kothalawala, Daduwam & Sakvithi are not in the same boat.
Do you know that some of those controversial financial companies managed by Kothalawala are still not registered under the Finance Act to accept public funds as deposits? Not only that, do you know GKCC did not deduct With holding Tax from the its eligible depositors and pay back to IRD?
If Kothalawala is so respected, so genuine, so concerned about his image, why he allowed such illegal practices to be taken place in his financial institutions?
Are you still asking us to believe him? Sorry, we are not believers.
By: Kumara on January 12, 2009
at 2:03 pm
In the Financial sector there are many companies have experienced ups and downs. We can feel the feelings of the depositors.
Why now only the real Authorities want to take serious action. It should have done long long ago. Who are the real culprits? Think positively. Sakvithies depositors ” Budu Saranai” others still you will get somethings according to my personal view.
Please pray. This is because “thanhawa” to earn more.
By: LAKSHMAN on January 12, 2009
at 10:31 pm
We are poor people . we dont have money to deposit in any of these companies to earn anything more. I just get my small salary, pay electricity just managed with my living expenses.
Therefore I curse of all these people who has tried to earn more money.
Help the security forces who are only from the Poor people. Others really enjoy the life.
Help the poor people . Forget all you have deposited to earn more.All are culprits. Still you live
By: Sumanapala on January 12, 2009
at 10:39 pm
A Philanthropist, one of the richest man in the Country, and a patriot of the country, Saviour of the nation! But very few people know he is a wolf covered with a goat skin.
This is to reveal himself, who he is, to the people who do not know the truth. The two incidences explain his indecency, and ungrateful attitude to the poor people.
Me, the writer of this article has been played out by so called “DESHAMANYA” in two different times. I am the Real Estate Broker who promote the selling of property “Ruskin Island at Bolgoda Lake, Moratuwa. One fine day I met “DESHAMANYA” at his office at Fort (in front of Hotel Continental) 3rd floor after a greatest difficulty and waiting in the list for one full month. And I submit the necessary site plan of “Ruskin Island” and other relevant details to consider of purchase. And we had a nice chat and he was kind enough to receive me in his office for a period of 15 minutes. One month after he sent me a letter saying that he has consulted in Managers and this island is suitable for a Hotel Project and therefore he is not interested in purchasing this property, which price has marked as one million Dollars (Equal to Rs 50 Million according to the foreign exchange rate at that time)
After some times I heard the “Ruskin Island” has been sold and I made my investigation and found Our “DESHAMANYA” has bought for Rs.25 Million from the seller. Normally it is not in practice in Sri Lanka to provide a whole list of customers who have been introduces any property. Specially someone issue a letter and mentioned that he is not interested and we would not submit his name or an identity to the owners of the respective property. Knowing all the factors I wrote a letter to So called “DESHAMANYA” and pleaded to looking to this matter and asked him to compensate my legitimate commission 3% which I could not claim from the seller’s due to the hidden transaction initiated by “DESHAMANY “ and the seller.
Now “so called “DESHAMANYA” should have inform me in time since I was the respective introducer to claim the commission which he never did it. When I inform him, his inability of informing me that I have to incurred a loss of Rs.750,000.00 and emphasize the his negligence of ethics of business, he sent me a reply saying that he has conclude the transaction with the sellers directly and since my name has not come up during the transaction and discussions he could not do any thing and he denied to pay anything or stated that he has finished the transaction and nothing can be done for this. Normally when his company buy a property they pay 1% of the total value. He didn’t let me receive my legitimate commission from the seller or even 1% which his company pays once they buy a property. And he was not kind enough to identify my efforts of selling the property and he left me on the lurch by transacting secretly. When I demand money his Attorney has send me a threatening letter saying that they will go to the law of court against me if I bother “DESHAMANYA” any more.
That is how he conducts real estate business with brokers.
Second incident was a Court Case.
I was working with a friend of mine called Mr. Adhikari from Athurugiriya and one of my clients wanted a property in a water front location around Cololmbo. One day there was an advertisement in the news paper and state a availability of property facing “Uyanwaththa Lake” @ Kotalawala Piliyandala. I spoke to the advertiser (The Finance Co., Ltd) and found the location went there and discussed about the terms & conditions. They promised us and to pay 3% of the total sale value and we offered My client Mr.Ishara Nanayakkara and he liked the place and wanted to purchase. The Company gave me a promising letter to pay 3% and I introduced Mr.Nanayakkara as purchaser. After that negotiations were going on and all over suddenly the transaction concluded secretly and sold it for Rs. 21 Million and neglected to pay our commission and we went to courts. And it took three and half years to get a verdict and we won the case and Company had to pay 3% commission , Interest for 3 ½ years, Court charges and Attorney’s charges respectively in District Court. NOW YOU WILL REALIZE WHO IS SO CALLED DESHAMANYA AND HIS CONGLOMERATE AND HOW THEY MINTING MONEY BY DEFAULTING POOR PEOPLE. THIS IS ONLY TWO INCIDENTS AND THERE ARE THOUSANDS DEFAULTS WHICH HAS NOT COME FORWARD AND MOST OF VICTIMS KEEP IT UNDISCLOSED! IN VAIN POOR PEOPLE!!
Now he is facing “DITTA DHAMMA VEDANEEYA KAMMA” according to the Buddhism and you all can see the collapse of So called Conglomerate in near future ! Ha Ha Ha !
By: Parakrama on January 13, 2009
at 12:54 pm
Sumanapala,
When I read your comment it is clear just because you have no excess money to invest, you curse for the people who do so. If you have any excess money, are you going to donate all that among the beggars on roads?
Sumanapala, you have no ethical rights to curse people simply because they are well ahead of you. That is their fate & this is yours. By cursing on such people, you will not gain anything other than “self-depress”.
If you need to be rich, you must give up cursing people who are above you and “try continuously” until you achieve your own goal. That is how many people became success in the world.
Also note most of the people who dump their money at Kothalawala’s companies are no so rich. They are very ordinary people of this country like you and I. So, they invested their hard earned money with Kothalawela not to climb up to Sun & Moon but to live in with somewhat comfortably.
Therefore, stop cursing on such people who invested with Kothalawela and if you wish, cruse on Kothelawala who looted their money while appearing as a gentlemen to the entire world.
By: Ranjan on January 13, 2009
at 12:57 pm
Another “buddy Kothalawala” disclosed at Seylan bank!
CID has arrested Upul Rohan Wijesinghe – an IT guy at Seylan Bank over defrauding the bank nearly 10 million through his wife’s credit card.
He was produced before Mt.Lavinia Chief Magistrate and remanded till 22nd January 2009.
By: Lal on January 14, 2009
at 7:07 am
We cannot see these kind of businesses popping up every time; even laws may not be able to avoid. It is those greedy people who go blind for high returns create these kind of people: Sakvithi or Danduwam.
How can one offer 30% to 72% interest on deposits, when an average businesses (for most of us are working for) cannot survive with even at 15% interest.
By: Citizen on January 14, 2009
at 12:44 pm
my investment is also as nalakars . Its at the finance and gurantee. Now they sy centralbank has ask them not to allow the premature withdrawls. i check with central bank and they say they havent tell anything like that
Any way we invets our hard eranin saving and now we cannot withdraw for our health condition
By: sudar on January 14, 2009
at 3:55 pm
Sudar, Please read the answer given by janaka to Nalaka.
As you said if CBSL didn’t issue any such order to F&G,
1. Ask F&G to produce any such written order,if they have.
2. If F&G fails to produce such written order in that connection, DEMAND for a pre-mature withdrawal.
Because I have that kind of experience with Seylan Bank few months back. I made a very small FD with one of the Seylan Bank branches for 3 months on a Saturday.
My deposit matured on a weekday and I went to the bank on very next Saturday in the same week and asked for the withdrawal of my deposit. They simply said on Saturdays they can not permit to withdraw deposits. Then I said it was not informed me at the time of accepting my deposit. Further I asked if you can accept any deposits on a Saturday why can’t I withdraw the same on another Saturday?
Thereafter, my case was referred to the Assistant Manager on duty and he told me that it was clearly mentioned on the rules & regulations to which I have agreed at the time of opening my FD. Then I asked him to show me that and he told those papers were already sent to their HO.
Finally I asked him to show me a fresh FD application where their rules & regulations are printed overleaf and he came up with many stories and finally agreed to pay back my deposit.
This is how the bank with a heart works!
By: kulathunghe on January 14, 2009
at 9:47 pm
All are in par with the Waves . All will get your money from Central Bank. Pls contact the relevant people.
But respect the and think who has been awarded before.
By: Sumanapala on January 14, 2009
at 9:58 pm
Dear all the investors
We have invested to get a better retunes for our money, but also with a risk which we all knew,
With the current global economic down turn many malty national companies in Europe and America is also in trouble,
let us give them some times to sort it out the issues
So pls be patient,
By: sudath on January 15, 2009
at 2:04 am
Sudath, Sumanapala & Laksman,
You all are seem to be sympathizers for Kothalawale.
It is true that there is a global economic crisis in the world and to a some extent it affected on us also. Up to now it badly affected on garment industry in SL.
However, it is too early to say that it already affected on our finance institutions too. Because none of our financial institutions directly or indirectly deal with US like SL garment industries. Nearly 70% – 85% of our garment exports directly goes to US market and due to the economic crisis in US it has come down drastically and in turn affected the garment industry. Cynotex garment factory run by Chinese management at Katunayake FTZ too closed yesterday and VRS were reportedly offered in Mass group.
When you talk about the financial institutions in SL, as stated above none of them deal with US directly or indirectly and therefore we couldn’t agree to the fact that “current crisis in Ceylinco” group is due to that.
If your argument is correct, many “name sake” financial institutions operating in SL should be collapsed very much before F&G and other financial institutions in Ceylinco group. Many of those financial institutions do not belong to a group of companies such as Ceylinco Group to back them whenever they are in trouble. But even then still they are functioning well.
Hence, the reason for the collapse of financial companies back by Ceylinco is none other than for mismanagement and malpractices that took place in their companies during the past.
If you need any further clarification, kindly read the comments posted by Lal on 14/1, Kumara on 12/1 and Samanmali on 12/1, Jayantha on 9/1 and Nuwan on 8/1. Also refer the comments posted by Kulathunghe on 14/1, Sudar on 14/1, Parakkrama on 13/1 and Nalaka on 11/1 to see how Ceylinco companies trying to cheat people.
Apart form all above it is said Dr.Boss has transferred billions and billions from Golden Key Co; to his personal accounts operating in overseas. Some millions gone to someone else’s mistress account in SL, informed sources revealed.
Sudath, Sumanapala & Lauksman ,
Just to cover up mismanagement and malpractices at Ceylinco group, don’t try to blame either depositors or the others.
Lakshman,
It is true all these due to “Thanhawa”. Until at least attain “So-wan”, one can not give up “Thanhawa”. But for that “praying” is not the solution!
By: Rukman on January 15, 2009
at 2:41 pm
Dear Customers Finance and Guarantee
Plz Vigilant, now F&G Management Escape ,Recl/Property all Ready down, this is now register in Central Bank
Mr. Kothalawala,
Your said your have funds for take out “ sakwithy “ Plzz now don’ put Sakwity Save your company
(Don’t tell lie ,we Remember Pramuka that time also your said same story .
What happen now ! your cant create marketing tool now)
By: Kumara on January 16, 2009
at 7:52 am
Hot news!
Ceylinco Chairman and the Golden Key Credit Card company board members were today named as “suspects” by the Mount Lavinia Magistrate court over the credit card scam and ordered to give statements to the CID on January 20.
By: Rukman on January 16, 2009
at 1:41 pm
RUKMAN
MY INVESTMENT WITH F & G, ANY NEWS ON THEM ??
By: sudath on January 16, 2009
at 2:21 pm
Yes Think that it has given to Sakvithi .
By: Lasantha on January 16, 2009
at 10:17 pm
Along with Khavan,Sarada & Manoj, GKC Internal Auditor Nallan Thuwan also remanded by Mt.Lavinia Chief Magistrate Harsha Sethunghe yesterday.
HOPE, DESHAMANNA ALSO GO IN ON NEXT CALLING DATE-20 JAN
By: kulathunghe on January 17, 2009
at 8:07 am
Does any body know of any depositor who has been refunded by GK ? pls let us know.
By: Ruwantha on January 19, 2009
at 3:35 pm
About F&G Properties I got to know from very reliable sources that they are in serious financial difficulties. They have housing schemes at Thalahena, Malabe and several other places. F&G haven’t pay the wages to the workers at Thalahena. I got to know that the cheques issues to their suppliers were returned. They are building a luxury house with a swimming pool in the Thalahena County Homes site for the vice chairman of F&G. There are rumours that the building costa are met by F&G. If this is true , no wonder why they can’t pay the poor workers.
By: Thilak on January 20, 2009
at 2:27 am
Ruwantha,
I also heard that GK is going to refund deposits which are below 1M. It is also learnt that this was announced at court by Lalith or by his lawyers.
Anyway, still we couldn’t find such a lucky depositor whose money was refunded.
By: Akalanka on January 20, 2009
at 11:04 am
The CID yesterday recorded statements of Ceylinco Consolidated Chairman Lalith Kotelawala and 10 other directors of the collapsed Golden Key Credit Card Company in connection with an alleged fraud at the company, police said.
Last week, the Mount Lavinia Chief Magistrate Harsha Setunga directed the CID to record their statements before January 20. Four persons including the company’s Deputy Chairman Khavan Perera are in remand prison over the alleged fraud.
By: Akalanka on January 21, 2009
at 9:07 am
yes kumara!
Mr Sakwith plz help Kotalawala ohhhhh my Dear
By: Nuwantha on January 23, 2009
at 12:08 am
We understand that Mr. Kotelawala has not let his customers down like Sakvithi . With the time people will know the reality.
Do not combine all other stories with this.
By: Dananajaya on January 25, 2009
at 3:48 pm
Latest news from Ceylinco Group
Fingara Cricket Academy which came under Ceylinco group was sold out. (Don’t know whether this sale was set off against the FD made by Sanga & Sana in GKC.)
F&G Company to take over by a foreign buyer from EU.
Kothalawela is now forcing his personal customers to withdraw all their deposits from Seylan Bank expecting a sudden down fall of the bank. ( Since he was removed from the bank, this is his way of taking revenge.)
Dananjaya do you know all these things? Can you expect fairness from such a dirty fellow?
By: Suraj on January 25, 2009
at 8:36 pm
When a person like Dr. Kotelawela who supported the horrible murderers of the LTTE forgot to keep his feet firmly on the ground and began to cheat innocent gullible customers who sincerely hoped that he was “God’s Angel” who would grant them that extra bonus in the form of high interest rates, Dr. Kotelawela little realized that God had had enough of his pranks & decided to punish him for being a disgrace to God himself!
By: Samanmalie on January 28, 2009
at 4:46 pm
Happy to note the commence by Suraj. Cant you’ll understand that atleast he is taking action to settle this issue .
Do not bind all stories to this issue. In the near future when all these settled I do not think you will even write this website.
Think independentky and make your commence rather than influenced by any one or any story.
Are you in a position to make any commence about Sakvithi????
By: Dananajaya on January 28, 2009
at 10:10 pm
It is very sad indeed to read all these comments. I wonder why you all invested your money in companies which are not registered by the Central Bank? It was published in media as to what companies are registered to accept public monies in order to warn the public. As many people have commented, since Dr Kotalawala is a well known person in the society, at least you’ll can hope to get the money recovered, unlike Sakvithi and Danduwam Mudalali.
By: Nethma on January 29, 2009
at 9:06 am
The news about Fingara is wrong and has not been sold. I do not know why Suraj is commenting without proper background work which aggreviates the panic situation that is prevailing at present. May be you guys dont know that by giving these false information to the public, not only the Ceylinco group will suffer, but all the other finance companies also will.
This panic situationt has salready started to affect the whole industry even now, which will definitely effect the whole economy of the country. It is prudent for all of us to try and recover what we lost rather than creating more issues.
Even if F&G sells Fingara, we should be thankful to them since they are doing it for the purpose of infusing capital to the business, which in turn can be used to repay the depositors.
By: Derrik on January 29, 2009
at 10:32 am
Agree with Derrik that false speculation is bad. However, may be you have heard of the saying in Sinhala ” gini penellen batakawame, kala mediri eliyatath baya wenawa”
The most ideal & principled thing for Golden Key and Dr.Kotelawela to have done in the first place was:
1. To have registered Golden Key with the Central Bank before they began to collect money from innocent people;
2. Not to have broken the trust that people placed in the company by busting up other people’s money.
Please do not try to white wash other people’s sins. It is easy to say, that Ceylinco will repay every body- the prize question is “when?” It must be available when the investor needs it, not when the company decides on when they will pay!
Paying back in 2-3 or even 5 years is not the solution when it comes to playing around with other people’s money.
By: Samanmalie on January 29, 2009
at 1:53 pm
Nethma, you asked why people dumped their hard earned money with unregistered financial companies. In the same tone, if I ask you why Kothalawala accepted public funds as Fixed Deposits without getting registered his financial companies for that purpose under finance act, what would be your answer?
As you said Kothalawala is a well known person( If you read Parakkrama’s comment, you will realize exactly who he is) people have dumped their money expecting a higher return. For that you can not blame them because that is the nature.
Anyhow, Kothalawala being a well reputed and well recognized man has no right whatsoever to cheat people who kept faith on him. If he really wants to protect his so-called “image” which said to be built up by him during the last so many years among the people of this country he shouldn’t have cheated people like this.
By knowing the law much better than any of us, Kothalawala should have registered his finance companies under finance act before accepting public funds. But your much reputed, much respected & well known Dr.Deshamannya did not do it. That means deliberately he has a will to cheat people, whenever it is possible.
Nethma, you cannot compare Kothalawala with Sakvithi and/or Daduwam. Because they are not so respected, so reputed and well known character like Kothalawala in this country.
By: Kamal on January 29, 2009
at 2:27 pm
Kamal, i cannot fully agree with you on your comment, cos it is up to the depositor to see that their money is well protected. High returns will many a time will come through high risks. Would you go and invest with an un-registered company just cos you are promised high returns?
It will always be at your risk. What i meant was the investors also should take a part of the blame for losing thier money. They cannot be fully excused saying its “nature”
The fact that GK was accepting public money was no secret, and if the Govt interviened in this matter earlier (some of the high ranking govt officials also had been investors!) , things wouldn’t be so bad as it is now.
By: Nethma on January 29, 2009
at 3:56 pm
All u Guys Tmmr is 30th Jan day for all Directors to go to MC Mt Lavina Court lets see what happens, what more promises LK and his lawyers specially CR Desilva gives. Then we comment further.
By: Suraj on January 29, 2009
at 5:31 pm
Nethma, you said you can not fully agree with me- that means partly agreed with me. Good!
Yes, if you can’t take a risk, you will never be able to do business. As you said earlier, depositors may have dumped their money with Kothalawala because of the “so-called image” that he said to be built among the citizens of this country- well reputed, well respected & well known likewise.
So, the depositors may have thought that Kothalawala is a genuine person. When compare with Sakvithi and Danduwam, Kothalawala is much ahead of both of them in that aspect and therefore depositors went to Kothalawala assuming that their investments with a person like Kothalawala is much safer than with Sakvithi & Danduwam.
But my point is Kothalawala being a such a person should not cheat people like this.
By: Kamal on January 30, 2009
at 4:41 pm
Khavan, Manoj, Sarada & Thuwan remanded till 15th February.
Dep.Solicitor Gen. Sarath Jayamanne said today in Mount Lavinia court that total deposits at GKC is about Rs.26 billion. Out of that Rs.6 billion transferred to other companies within the Ceylinco group and Rs.14 billion misused by the management. He further said 1 billion rupees spent illegally and balance Rs.5 billion not accounted for.
This how Dr.Kothalawela play out public funds.
By: Lawyer on January 30, 2009
at 10:09 pm
“Deshamanya Dr. Lalith Kotelawela”( very pompous name) thought that the public will buy his story about Mr. Kavan Perera being the sole culprit in this scandal- he probably promised the heaven and earth to Mr. Kavan for him to own up the mistake on the promise that Dr. Kotelawela will “look after him” once everything was settled.
Little did Dr. Kotelawela realise, that no one in his right mind, would believe that 01 single Executive Director( Kavan Perera) has absolutel authority to move company funds as and when he wanted without obtaining approval from his bosses!
Immediately after the whole episode got exposed and the defaulted amount was quoted as being Rs.26 billion-this Dr. Kotelawela was reported in the newspapers to have told the media that the amount was exagerated and it was actually less that half of that amount?
Yesterday in the Mt.Lavinia Courts, it has been revealed that it is actually Rs.26 billion that has been defaulted!
According to what “Lawyer” states above on what was revealed in the Courts on 30th January:
(quote) “Dep.Solicitor Gen. Sarath Jayamanne said today in Mount Lavinia court that total deposits at GKC is about Rs.26 billion. Out of that Rs.6 billion transferred to other companies within the Ceylinco group and Rs.14 billion misused by the management. He further said 1 billion rupees spent illegally and balance Rs.5 billion not accounted for.”(end quote)
Honorary Consuls representing foreign countries( both Drs. Lalith and Sicille Kotelawela are holding those titles), those that hold Honorary Doctorates and those who hold National Honorary titles like “Deshamanya……” have insulted all those titles as well as the governments & institutions that have been fooled into conferring such titles on national crooks who have swindled innocent investors!
It would be very wise for above organisations and countries to think a million times before conferring Honorary Titles to people who are questionable or else the value of such titles will made a joke in public circles.
By: Samanmalie on January 31, 2009
at 11:31 am
F&G .DC .jayasinghe Planing to move Sri Lanka
By: Nuwantha on February 3, 2009
at 8:37 am
Nuwantha ur mgs “Jayasinghe planing to move Sri Lanka” , not clear can u plse explain more ?
By: Suraj on February 3, 2009
at 1:11 pm
yes he now planing to move sl
By: Nuwantha on February 3, 2009
at 1:40 pm
Nuwantha,
As suraj said, your idea is not clear. Who is Jayasinghe? What is his position at F&G?
DO YOU MEAN THAT HE IS LEAVING THE COUNTRY ? Please reply
By: Kamal on February 3, 2009
at 1:56 pm
Deputy Chairman Mr. D. Mervyn Jayasinghe
your can see please Log this link
http://fandggroup.com/profile.php
By: Nuwantha on February 5, 2009
at 9:40 pm
F&G Real Estate Director General Manager Mr. Chalaka Perera already leaving in Sri Lanka. He now at Singapore. What the action Central Bank , for F&G?
By: Jeseeka on February 6, 2009
at 10:40 am
Thanks for the Info, Nuwantha/Jeseeka.
The thing is, as I was informed the case is against GKC and not against F&G.
Therefore, I think until the F&G Customers file a case against F&G management, none can take any action against their movements.
By: Kamal on February 6, 2009
at 12:34 pm
I got to know that Mervyn Jayasinghe is in Nawaloka Hospital. This was about two weeks ago.
I do not know whether is illness is real or whether he is pretending.
By: Thilak on February 8, 2009
at 3:36 am
Latest news from Golden Key Credit company.
Khavan Perera was brought in handcuffs to GKC office by CID recently and removed several files and documents from his office room.
A group of depositors met Kothalawela last week and Kothalawela promissed all of them to submit a repayment plan to court when the case come up for hearing on 13/2/2009 as to how GKC settle its depositors.
While a group of depositors had formed an association in order to protect their investments, Golden Key employees have also formed a trade union to avoid possible attempts of terminating their services.
It is also said that the official vehicles provided for GKC executives have already been withdrawn and most of them have been served with ‘termination of service’ notices.
By: Reporter on February 8, 2009
at 2:46 pm
I met Mr. Jayasinghe & other Directors regarding my investment. It is true that this is the worst period in Ceylinco History. They are not hiding. They are facing the situation at their best to settle customer’s Interest & Maturity Refunds.
F&G is waiting for a BIG foreign fund & a Government Bailout package to come in this month. They promised me to settle my dues once it realized.. Don’t worry crisis is everywhere in the world…Big blue chip companies are also collapsing. Be patient..
If worst comes to worst they will liquidate all the assets and pay customers.. as I know them very well for past 10 years and they never get their names (specially F&G and Ceylinco) tarnished.
By: Sam(Investor) on February 10, 2009
at 12:45 pm
How to trust this word . how can meet mr. jayasinhe ? How can play there with our money? F&g How TO sell properties. With out central bank approval. Mr. jayasinhe all ready play with investors. There plane to takeover F&G Feb 17th 2009. F&G’s all customers’ please be vigilant in this case. Please don’t be silent because this is your money.
Same (investor) don’t protect F&G Directors, because there planning to run away in country
By: Nuwantha on February 10, 2009
at 8:43 pm
Sam, though you said you are an investor- I do not think so.
Hope, you may have met Jayasinghe at Nawaloka Hospital. (Because, Thilak said on 8/2 that he has been admitted to Nawaloka).
And you have mentioned that F&G is waiting for a BIG foreign investor as well as a Govt. bailout package.
Can you remember when Sakvithi scam revealed, Dr.Deshamannya Kotalawala came forward with a bailout package? If he can come out with such a bailout package for someone else, why can’t he settle his own issue without waiting for someone else assistant?
Further you tried to show the current crisis at Ceylinco group is due to global economic crisis. Please read the comment of Rukman written to this forum on 15/1/09 and then you will realize global economic crisis has nothing to do with this.
When you refer the comments posted by Lawyer on 30/1/2009 you will see how Dr.Deshamannya Kotalawala and his gang played our public funds and it is the main reason behind collapsing Ceylinco.
Not only that, read the comments made by Thilak on 20/1/2009 to see the real situation of F&G. If you go through the comments made by Lal & Kulathungha on 14/1, Jayantha on 9/1, you might be able to see what is really happening at Ceylinco group.
In other words, Ceylinco group crisis is purely and totally due to corruptions and mal-administration that took place within the group.
By: Kamal on February 11, 2009
at 3:21 pm
Like Sam, I am an investor at F&G and I also had many meetings with Mr. Jayasinghe and others, my views are very different, F&G is in deep deep trouble, they are waiting for a some miracle to happen to bail them out…you can not trust anything the directors say.. as for their so called assets , this is a myth, they have already sold/mortgaged off most of their assets, Fingara is also mortgage…
If they have so many assets ask them sell them off and pay the depositors…..
F&G situation has no relation to the international down turn, this is due to illicit practices ….
You have to fight for your money… these people have no excuses for keeping our hard earned money.. I have also heard that lot of our money has been sent overseas (Australia/Singapore)….
I dont really see a happy picture with F&G and other Ceylinco finance companies …
By: Peter on February 11, 2009
at 7:42 pm
Sam, Kindly read the comments made by Peter.
Peter, Thanks for the information/comments which are very much similar to mine.
One Suraj making comments to this forum on 25/1 said “Fingara” was sold. You said it was mortgaged. But on 29/1, Derrik said it was not sold. Which is correct?
What I feel is, it is necessary to have a “bailout” for depositors while “lock up” the top management of F&G.
By: Kamal on February 12, 2009
at 10:28 am
Sam, please do not day dream and try to hoodwink people who invested with Golden Key Credit Card Company by stating lies about how the top manangement of Ceylinco is trying to help the investors.
As Kamal states in his comments of 11/2 if Lalith Kothelawela was so magnanimous to promise victims of the Sakvithi scam to solve their problems- how come he couldn’t solve the problem created by himself, his wife and the top directorate of the Ceylinco Group?
A person can mismanage his or her own finances but, he has a bounden duty and responsibility not to play around with other people’s money!
A person like Lalith Kotelawela who swears by God, who prays profusely and on a daily basis, who attributes his success to God’s will, then it must be God’s will that he has now been disgraced like no other human being?
Honesty- is the key word in business and having 300 companies under one’s purview is not complementary if a man is a crook- this is what everything boils down to. The boss is a crook & so have his subordinates been playing grand with the savings of innocent investors.
There is a saying ” you can fool some of the people all the time, all the people some of the time but not all the people all the time!”
People writing to this forum should not try to whitewash crooks -they themselves will fall into the same category as their bosses for whom they are trying to cover up.
A sin is a sin, and there is no way Lalith Kothelawela can wash off his sins in this great scandal- no matter how many times a day he prays to God- it seems God has turned his back on this faithful follower
By: Samanmalie on February 12, 2009
at 10:11 pm
I am in full agreement with Samanmalie, well said!
I feel that the Central Bank(CB) has to react NOW! instead of turning a blind eye to all the issues..
CB must ensure the responsible directors of F&G and other companies are not allowed to leave the country.
Kamal – Fingara, far as I know remains unsold, some talk of an offer of Rs500m!!!
I also know that cheques given by F&G are bouncing !
By: Peter on February 12, 2009
at 10:49 pm
GKC case is to be taken up for hearing today at Mt.Lavinia court. Deshamannya has to submit a proposal today in court as to how GKC settle the deposits.
By: Kamal on February 13, 2009
at 10:29 am
Two more GKC directors, Niranjan Fernando & S.Karunaratne have been remanded today by the Mt. Lavinia District Judge until 26th.
By: Lawyer on February 13, 2009
at 4:53 pm
They also gave a list of 7200 odd depositors further reducing the list can any one explain? Why was the re payment plan not given?
By: setcard on February 13, 2009
at 10:01 pm
This is what “Daily Mirror – Financial Times” said about yesterday’s court procedings
In the latest court proceedings on Sri Lanka’s largest ever financial debacle over the Golden Key Credit Card company, the Mount Lavinia Chief Magistrate Harsha Sethunga was formally informed by Deputy Solicitor General (DSG), Sarath Jayamanna that this is one of the ‘White Collar Crimes’ that happened in the country. Based on the facts revealed by CID investigations, DSG Jayamanna representing the Attorney General’s Department stated that they needed more time to analyse and investigate the many corporate associations of the Founder Chairman of the Golden Key Credit Card Co. Ltd. with a view to arresting him. “Though we have certain facts to arrest Chairman, Golden Key Credit Card Co. Ltd, Dr. Lalith Kotelawala, we need to investigate Golden Key’s money outflow which has been used by Chairman for personal reasons and many other donation activities.”
Corporate
Responsibility
He went on to questioning the technical know-how of a businessman who was unable to take any action being a Chairman of GKCCCL and its subsidiaries until that company accumulated a liability of Rs.26 billion on behalf of its depositors. “If we request to arrest Kotelawala now, then the depositors will say that they will not be repaid since the AG has directed the court to arrest him” DSG Jayamanna stated. He added that Chief Executive Officer, Golden Key Software Mr. Suramya Karunarathna (Director of GKCCCL), had used US $ 5000 from the funds of Golden Key to open another company called Golden Key Australia (in Australia) with assistance of Dr. Lalith Kotelawala. Mr. Karunarathna was one of two new executives who were to be remanded now.
Slow discussions
Counsel C.R. De Silva and Romesh De Silva appearing behalf of Dr. Lalith Kotelawala agreed to meet on February 19th at 2:30 p.m. and February 25th 3:30 p.m. with AG’s department officials to discuss the critical and long outstanding issue of a repayment plan for the depositors since earlier meetings planned for this task had not been successful.
Since the Golden Key crisis erupted around December 22nd – two months ago, no precise pronouncements on repayment elaborating amounts and repayment dates have been made by any senior member of Ceylinco despite the multiple involvements and statements of the Central Bank and various government institutions.
Depositors therefore continue to wait with great anxiety.
DSG Jayamanna also questioned the non-appearance in court of Mrs. Sicille Kotelawala who is now in Bangkok (also a Director of GKCCCL). Daily Mirror FT learns that Sicille Kotelawala had resigned from several listed companies from Ceylinco Consolidated as far back as on October 31st 2008, according to Colombo Stock Exchange reports.
Moves to repay depositors?
A document titled ‘X 2′ has been handed over to AG’s Department on Thursday which hopefully starts the process of asset sale to settle liabilities – a long affair to be sure. According to the payment plan suggested by Ceylinco Consolidated to repay Golden Key depositors, the document highlights that there are 7,181 ’security deposit card holders’ as per their records. Furthermore, it says that 5,379 (75% of card holders) are persons who have deposits of Rs.2 million (Capital only) or less. The document says that the total of the said security deposits (Capital only) is Rs.13,660,734,146 (Rs 13.6 billion) as per the statement which has been submitted to the AG’s Department. And the total attributed to the 5,379 card holders is Rs. 3,773,543,663 (Capital only).
The Golden Key Company, on the other hand, has submitted a list of assets totalling to (-upon Ceylinco Consolidated’s estimation) Rs.13,312,300,000 (Rs 13.3 billion) in which some assets are ear marked to be sold in order to repay debts. It has been stated in the document that as at January 29th 2009, a sum of Rs. 95,686,207.83 (Rs. 95.6 million) has been paid back to depositors – no further details were available readily to Daily FT. Additionally it says that in the meantime, a sum of Rs.50 million per month would be paid to depositors by Ceylinco Consolidated in any manner stipulated by the Attorney General’s Department. These are welcome signs by the Ceylinco group and would help release some of the pent up frustrations and worries hitherto undergone by depositors.
Another document has been submitted by Ceylinco Consolidated titled ‘X 1′ also listing the detailed value of assets which could be disposable in order to refund the depositors of Golden Key. It has further defined several notes for the listed entities. A statement says that the diversification of Seylan Bank shares of Ceylinco Consolidated will be needed to repay the some of the depositors. “Right now majority shares of these shares are held by public quoted companies. Therefore, if we sell these shares with the management right/controlling interest as a big parcel, we may command a premium prices on these shares. “That premium component of the selling price only will be transferred to Golden Key Credit Card Co. Ltd. by those respective shareholding companies,” Ceylinco says in the statement.
What price assets?
Furthermore it says that the pricing of assets have been decided by the ‘Working Directors’ and the Executive Directors/CEOs who are in charge of GKCCCL subsidiaries. It also says that if they try to sell equipment in piecemeal fashion, some of the big assets such as GK ENT Hospital, Teak Plantations, Ceycom Global Communications Ltd. etc. will not generate suitable sales proceeds. “Therefore, we are in the process of issuing shares of these companies to Golden Key Credit Card Co. Ltd. and will take every effort to list all these companies in the Colombo Stock Exchange and that will be used as an exit mechanism for Golden key Credit Card Co. Ltd.” said Ceylinco Consolidated in the statement.
Hundreds of Golden Key depositors thronged the Mount Lavinia Court premises to hear the prospective rulings on yesterday afternoon. The Court ordered to remand Golden Key Group Director, Niranjan Fernando and Chief Executive Officer, Golden Key Software Suramya Karunarathne in addition to Former Deputy Chairman of Golden Key Group, Khavan Perera, Director Finance Saradha Sumanasekara and Manoj Chaminda Jayalath of Ceylinco Insurance who were remanded earlier in the court rulings.
The next hearing is scheduled on February 26th at 2:00 p.m. in the Mount Lavinia Court by which time it is hoped that parties to these discussions would have discussed details of the repayment plan more fully.
By: Reporter on February 14, 2009
at 4:00 pm
Kindly refer the aricle published on http://www.sinhala.net on 15th Feb, under ‘These innocent people are crying helplessly’ – Unfair to deprive Golden Key depositors of their capital plus due interest – Ven. Uduwe Dhammaloka thero”
By: Reporter on February 15, 2009
at 8:57 pm
Vipaka( or punishment if we translate to English) is something that will follow a person whether we like it or not.
As an adult, Dr Kotelawela changing his religion from Buddhism to Catholicism is o.k. if he changed through conviction. However, one must never insult other religions merely because he/she has converted to another religion outside the religion of his birth.
I was shocked to hear a story 2 days ago of how a person who applied for a job at Ceylinco was interviews a couple of times and finally selected for the job. The letter or appointment was handed over to this candidate and she was asked to swear an oath as a kind of initiation ceremony before starting on the job.
The place where this future employee had to stand there was a slightly elevated position on the floor and while standing, she felt uneasy about something that might be under the carpet so she stepped down and looked under the carpet to see THE DHAMMAPADA WAS WHAT SHE HAD BEEN STANDING ON! So Buddhists when they take employment with Ceylinco are expected to trample the Dhammapada before starting work with Deshamanya Dr. Lalith Kotelawela!
This particular person was horrified and had thrown the letter of appointment immediately and left without accepting the job.
Can we see how Vipaka, has taken its toll on this Deshamanya for insulting the religion of his birth? It does not matter what or how much assets one has or how many(300 in this case) companies one owns- basic terms of decency must be practised if one is an “exemplary personality”- sadly we see where he went wrong.
By: Darmitha on February 17, 2009
at 4:55 am
Hi,
Do you know any deposites who got paid or money back?
By: Jay on February 17, 2009
at 2:43 pm
To read the suggestions made by Samanmalie and Sapumal , log on to following URL;
http://sinhale.wordpress.com/2008/06/27/sampath-bank-of-sri-lanka-appoints-a-new-chairman/
By: Reporter on February 18, 2009
at 10:54 am
How can any person “……….with a heart” be happy when you see how many victims of this scam are spending their time to attract attention and action from the great Deshamanya sitting on the doorsteps or standing opposite the De Fonseka Place-Duplication Road Junction almost daily, hoping against hope that their ordeal will be over & their investments will be paid back soon.
According to news reports after the last court hearing, it seems that the Ceylinco group (thinking that they are smart) are attempting to mark time without submitting the realistic proposals that the courts have requested them to supply!
By: Darmitha on February 19, 2009
at 5:44 am
He is proposing in reducing all interest paid for last 3years and then refunding the balance. If average Interest were 25% PA, you would sacrifise 75% of your capital to DESHMANYA and get only 25% Back!! He is saying it was a rebate from a security deposit that he gave hence no interest!! Will our courts allow this?
By: setcard on February 21, 2009
at 10:21 pm
Is there a Central Bank in Sri Lanka capable of checking transfer of funds out of the country as past experience of corporate crooks of this nature have resorted to such tactics. There are many in this den of thieves still walking free and have sold their soul to the devil as Kothalawela has done. Beware of the Catholic force, Money Laundering, Prohibitive practices including Terrorist funding that other Ceylinco Group companies have already done or may resort to as a way of buying themselves out. We are a global economy today and Kotalawala has always had a reputation for wanting to take money out of the country, a well-known fact among international financiers. All so-called deputy chairmen and chairpersons should be kept under close watch because just as Kavan and Karunanayake, there is a long list of accomplices doomed to hell such as Renganathen, Sabaratnam, Jayasinghe, Goonewardhana, Ranasinghe, Senanayaka, Ranaweera….on and on who are repugnant body-parts of the man at the helm who has been no more than a rotting corpse with so many skeletons in his cupboard. Hope the authorities will do the right thing to bring justice to the innocent and honest people of your beautiful country who have been taken for a ride by these sub humans who are shamelessly among us.
Fortunately as a Buddhist I know this too will come to past and hope it is not too late for the wrong-doers to mend their mistakes and do justice to the people who have trusted them with their hard-earned life savings and May the Noble Tripple Gem light their path during this dark and difficult times.
Neil-USA
By: Neil on February 24, 2009
at 3:17 am
In an article which appeared in the Lakbima today ( 24th Feb 2009) under the title ” 5 cases filed by a private company against Ceylinco Group Chairman and the Board of Directors”
reporter Ishara Rathnakara states that EAP Property Developers Private Ltd has filed 5 cases against Chairman Ceylinco Group & Chairman Ceylinco Land Exchange Company Deshamanya Lalith Kotelawela and Board of Directors in the Magistrate’s Courts for not honouring repayment of promisory notes to the value of Rs.6o million which have neither been paid back nor the profits accrued as well as for issuing dud cheques which bounced.
The petitioners have sited Chairman Lalith Kotelawela of Ceylinco Land Exchanges Company & its Directors Sicille Kotelawela, Bandu Ranaweera,Bhathiya Samarasinghe, Nimal Bandara, Wasantha Kumara Galaboda, Krishantha Joe S.Fernando, Chandrasiri Kodagoda Gamage, Ajith Rohan Gunawardane, Nirmal de Silva as respondents! The above names have been certified as being Chairman and Directors of the said company by Registrar of Companies and submitted to courts by lawyer Sisira Kumara Siriwardane on behalf of the petitioners. The accused have been ordered to appear in courts on 6th March in this case.
This certainly seems to be a typical case of
” Power corrupts and absolute power corrupts absolutely!” –
Dabbling in big money and playing around with other people’s wealth seems to have been the corporate culture of the Ceylinco Group & the sweet smiling Chairman ” with a heart”- Lalith Kotelawela.
We are also aware from information received from insiders, that Deshamanya( disgraceful to even use this title) Lalith Kotelawela has been siphoning foreign exchange out of Sri Lanka for many many years on the pretext & guise of “payment of employees salaries” of a non-existent company abroad where the money has gone to a confidante of his who has deposited such moneys in the name of another person to play safe with the authorities of that company.
Can we try to understand why he was keen to become an Honorary Consul for Singapore and his wife Sicille Honorary Consul of Cyprus? With this disgraceful scandal, these countries must strip their Honorary Consul status because they are using the Diplomatic immunity enjoyed by such people to carry on their nefarious activities.
In another report which appeared also in the Lakbima of 22nd February 2009 titled ” Inland Revenue Officials Have Also become Multi-millionaires Due to The Golden Key Credit Card Scam” in which reporter Gayan Kumara Weerasinghe states that it has been revealed that Rs.6 billion of the 26 billion of the Golden Key Credit Card Company has been utilized to commence affiliated companies of Golden Key Credit Card Company which totals to 49 such affiliated companies! Officials of Inland Revenue seems to have received “grand bonuses” for helping Lalith Kotelawela.
None other than Lalith Kotelawela & his wife Sicille who is overseas from the time this scam exploded in the news media (who supposedly went abroad for “medical purposes”) but actually doing the balancing act from abroad MUST BE TAKEN INTO CUSTODY for that massive fraud that they have masterminded through the years.
On no account must the Central Bank be sympathetic towards such crooks no matter how sweet their smile is, or how pathetic a picture they try to portray by stating that they are making every attempt to sell of their assets to pay off the investors- which is only a glorified way of marking time.
By: Samanmalie on February 24, 2009
at 2:44 pm
25-2-2009 Lakbima carries another article “Lalith Kothelawela Summoned to Courts-Notice Has also Been Issued to Board of Directors”
Ishara Rathnakara reporting on this Finance & Guarantee Property Developers Private Ltd, a subsidiary company of the Ceylinco Group has failed to pay back Rs.7million deposited with them and had kept on postponing the repayment for which a case has been filed in the Colombo Additional Magistrate’s Courts where the Additional Magistrate Mr.Gihan Ranawake has ordered that Chairman Deshamanya Lalith Kothelawela and Board of Directors to appear in Courts on 13th March and issued Notice.
This case was heard based on examining a case filed by Dinesh Gangadharan, a stock broker agent operating at the Colombo Stock Exchange located at World Trade Centre Building in Colombo.
Witnesses in this case sited are Deshamanya Lalith Kothelawela, D.Mervyn Jayasinghe, Mala Sabharatnam, K.A.S.Jayasinghe, Yasmin Mohamed, Mohan Perera and Samanthika Jayasekera.
Seems to be that the rotten businesses that Ceylinco has been conducting are all oozing out gradually!
By: Samanmalie on February 25, 2009
at 1:01 pm
I feel saddened and depressed to hear the plight of the innocent depositors. However the irony of all this is that scapegoats are being put forward but the king ping remains out of hot water. LKis powerful and has all the money in the world to manipulate the situation even if it means buying out the legal system. If not how can any right thinking legal system can keep LK out of remand while the other little lambs are being sent to slaughter. Think for a moment….. in SL a lot can be done with power and influence and LK has both that (unfortunately)….. i hope the depositors will be payed fast for the sake of humanity!!!
By: Disgusted on February 25, 2009
at 2:27 pm
Golden Key case will be taken up for further hearing today at 2.00 pm at Mt. Lavinia DC. As ordered by the judge Kothalawela should come with a exact re-payment schedule of deposits today.
DSG Jayamaha once said that they are exploring the possibilities of obtaining a court order to arrest Kothalawala on this issue. If they still can not find a suitable/valid reason for it, Kothalawela can now be arrested over the “criminal” charges leveled against him by EAP Property Developers (pvt) Limited by filling 5 cases recently.
According to EAP sources, they sued Kothalawela and co; for not honouring repayment of promissory notes to the value of Rs.6o million which have neither been paid back nor the profits accrued as well as for issuing dud cheques which bounced.
Issuing a cheque to another party without having sufficient funds in the issuer’s bank account is “non other than cheating” and it is a
“serious offence” under the “criminal act”.
DSG , what else do you need to request from court to obtain an order to arrest Kothalaweala at least on 6th March when EAP cases come up for hearing ?
By: Lawyer on February 26, 2009
at 8:51 am
HA HA HA LOL he is remanded!! At Last his story of deducting interest and paying has been thrown to the dustbin!! Now Lalith bring in the bucks from ofshore accounts in Singapora and Malaysia!! 30 000 Jobs of Ceylinco are in danger, sell every thing to save those jobs. You claimed to be a Catholic and shamed our religion, dont ever bring in your faith to redicule other religions and prospor your business.
By: setcard on February 26, 2009
at 7:16 pm
Dr.Deshmannya Kotalawala and another director Padma Nandanikumar were remanded till 11th March 2009.
By: Reporter on February 26, 2009
at 7:18 pm
Retribution comes in many ways. First he tried to put the entire blame on Kavan Perera and pushed him into accepting guilt & got him arrested with a couple of other loyal servants of Lalith Kothelawela; then he and who ever advises him on legal matters tried to hoodwink the District Court Judge by supplying false information about the number of victims who needed to settled; then he gave a press conference and stated quite openly that the amount defrauded was not Rs.26 billion but less than half that amount; then his stooges apparently attempted bribing Inland Revenue Officials; then he & his wife also used their diplomatic status of Honorary Consuls of Singapore and Cyprus to siphon out money from Sri Lanka to ofshore accounts; then they thought they were smart and gave vague plans about settling their victims with an intention of willfully prolonging the settlement process; on the pretext of paying salaries to bogus companies overseas siphoned money out of this country to their confidante contact overseas to be deposited in an overseas bank/banks under names that cannot be linked to him or his wife-again intentional cheating of all authorities both here and abroad; last but least his absolute contempt for Buddhism and the way he has been showing it openly have all added up his massive Karma Vipaka which dropped him hard of the floor to return to reality that Ditta Dhamma Vedhaniya Karma takes it’s toll in this life for everyone to see- result though sad for this egoistic “philanthropist with a heart” was that he was remanded today until 11th March.
May be that this punishment will open his eyes to the humiliation he schemed and brought on his own loyal staff whom he used as pawns in this game & also that he must follow the teachings of the Bible ” do unto others what you would have others do unto thee!”
If the counties that still consider these two husband and wife combination of Honorary Consuls for Singapore and Cyprus they had better consider seriously what will happen to the reputation of these two countries by continuing to keep them in those positions?
We sincerely do not hope that the good names of other countries should be misused by crooks such as these and again, let us hope that all Sri Lankans will not be judged by the same yard sticks used on the Kothelawelas to judge genuine citizens of this country.
Money can buy materlialistic comforts but it cannot buy respect and dignity- these have to be earned sincerely!!
By: Darmitha on February 26, 2009
at 9:57 pm
Lalith Kotelawala has been admitted to the prison hospital today.
By: Reporter on February 27, 2009
at 4:27 pm
Now to the more comfortable Merchent Ward at general Hospital….. still no signs of activity of fund trnasfers from abroad. His office was also closed.
By: setcard on February 27, 2009
at 10:52 pm
There was a sale of 228Mnworth of Ceylinco Ins Shares. There is also news that Ajith G of Ceylinco Ins is refusing to give or sell more out in order to have some thing left over. Even his Chief legal officer “Wellampitiya Lady” is still of the view that this could be fought out in higher courts and they could get away by paying a pittance. They know that the Ceylinco name is gone and just want the pickings even at the cost of their beloved Chairman. What a shame……..
By: setcard on February 28, 2009
at 6:53 pm
Sometime back I wrote an article “Insurance Schemes or Insurance Scams.”
My concern was the frauds perpetrated by Insurance companies. The worst of the Life Insurance Companies, that make a hue and cry as to their reaching billion rupee mark in life insurance is Ceylinco Insurance. Once they know the policy holder, has no punch, political, wealth or otherwise, the poor policyholder has to suffer the consequences of all the technicalities that an Insurance company could muster to stop paying the claim.
The worst is Ceylinco Life Insurance headed by R. Renganathan who seems to be living on the miseries of the poor.
It would not be
By: M.Z.M.Nazim on March 1, 2009
at 11:07 am
Continuing ..
The government or any authority who has the power should look into this institution under the Ceylinco Group as well.
Moreover, they have opened up among others, two other institutions, The Ceylinco Profit Sharing and the Ceylinco Global Profit Sharing Investments Ltd.,
Why the Central Bank look into their finances as well.
By: M.Z.M.Nazim on March 1, 2009
at 11:10 am
I got to know that Mervyn Jayasinghe is in Nawaloka Hospital
By: Nuwantha on March 1, 2009
at 9:58 pm
Dear Mr.Nazim,
I think you are the former Director/GM of HIS Ltd. It is glad to hear some comments from a much respected/reputed giant in the insurance field.
I can still remember your article on “Insurance Schemes or Insurance Scams.” which was published on “Sunday Times” on 17th September 2006.Your opinion on the above and the issues raised by you are very much relevant to the current crisis of the insurance field in SL.
We all know that there is an insurance governing body in SL by the name of IBSL. But I doubt very much whether at least IBSL realized what you mentioned on that article. If they realized, they would have taken prompt actions to avoid these types of things happening in future.
Even on the finance companies, situation is same. Once the rouges like Sakvithi, Daduwam, Golden Key, F&G, played out public funds only CBSL realizes that there are many such institutions running in this country with out having proper approval and the registration under the Finance act.
My question is why CBSL and/or any such governing body wait until some thing happening to open up their mouths and eyes?
Because I still believe, “Prevention is better than cure”.
Would you agree with me, Mr.Nazim?
By: Lucas on March 2, 2009
at 12:18 pm
Nuwantha, it is better to have a full medical checkup before being put him into cell like his boss.
By: Reporter on March 2, 2009
at 12:22 pm
I heard that the prison officials have not cuffed him to the bed. Is this against regulations? Can we take actions against this? His office says that now they can not give a repayment plan b cos the depositors put him in Jail!
It is a big joke, its the law that put him there cos he stole money from GK so Chairmans office get your words correct. Call 0112 550 800 Laliths office to here this version.
By: setcard on March 3, 2009
at 8:47 pm
I recently heard that The FinanceCo Ltd turned down many requests from their savings and FD account holders to withdraw money from their respective accounts.
Furthermore, the ATM cards provided for their account holders to withdraw cash were inactivated by TFC.
GKC, F&G and now TFC account holders are in deep trouble.
Ceylinco Ins. Policy holders get ready to be in the same boat!
By: Kamal on March 3, 2009
at 10:08 pm
Yes, Kamal your information is correct.
This is the latest at TFC – LOLC will take over TFC very soon.
LK is loosing one after the other!
By: Chulani on March 4, 2009
at 1:08 pm
In the past, Ceylinco owner “Dr. Deshamanya” had the audacity to get his stooges to call newspaper editorial staff as well as the TNL and threaten them that if they broadcast or print any articles which “would harm the good name of Ceylinco” that Ceylinco will not give any more business to such media orgs, TV channels or newspapers.
Therefore, journalists were afraid to write and publish any unfavourable articles against the Ceylinco group because their bosses would pull them up if they did so!
Had journalists written about information they received, they might have been able to avert the massive destruction which is self inflicted by top executives of the Ceylinco to their own organisations!
What is deposited in a bank by an account holder must & should be available any time such investors need to withdraw of moneys they deposited in their accounts- this is simple logic. It is grossly unfair that these unsuspecting people are made to go on their knees to plead to recover what they themselves deposited to be used for a rainy day!!!!!!!!!!
Seems to be that the top management has embezzled other people’s money for them to ” make hay while the sun shine”
Having resorted to all the unsavoury activities to cheat people, it is only another insult for the likes of Lalith Kothelawela, to pretend to be “sick” only when he has been caught with his pants down and remanded by the Magistrate- until then he was perfectly healthy and well.
Dishonesty stinks to the core!
By: Darmitha on March 4, 2009
at 9:02 pm
Mar 04, Colombo: Demanding the last month salaries, the entire staff of the troubled Golden Key Credit Card Company have decided to stage a protest campaign in front of the residences of its directors.
Issuing a statement today, Wasantha Samarasinghe, President of the Inter Company Employees Federation, a union backed by Marxist Janatha Vimukthi Peramuna, said that the entire staff in the company had not yet received any salaries, overtime, and other payments for February.
Giving six days as relief time they have demand the directors to pay their salaries before the 10th of March.
All 512 workers of the company including security guards will join the protest campaign decided to be held in front of the houses of its directors.
Sri Lanka courts recently remanded the Chairman of the company, Lalith Kothalawela
By: setcard on March 4, 2009
at 9:34 pm
Why Dont the employees and F &G Depsoitors have a masive Joint Protest!!
LK is supposed to have Lkr 65BNin ofshore accounts. If it is true the govt should put him out of the Merchant Hotel and Back to the Cell, so that he will bring this money in and it be invested in TB’s for 6 months with depositors getting the TB rate and whithdraw at maturity. We do not need huge IMF bail out after all!!
By: setcard on March 4, 2009
at 10:32 pm
The construction work of new houses in F&G Country Homes housing scheme at Thalahena came to a halt about four weeks ago due to lack of funds. The worker’s and suppliers have not been paid. I got to know that F&G have now merged with Mercantile Credit and after that the construction work at Country homes site has resumed. So they must have received new cash injection. Does anybody know about this?
By: Thilak on March 5, 2009
at 3:46 am
It is not surprising that Drs Mr & Mrs Lalith Kothelawela have $/Rs.(?) 65billion in their offshore accounts as Setcard mentions above. For years they have been siphoning money out of this country to unknown accounts.
From those accounts, they could very well have used some portion of it to funding LTTE terrorist activities or pumping money for those activities.
Central Bank can intervene to put the depositors at ease BUT the GOSL must not make the mistake of using State Funds to save the Lalith Kothelawela family or their businesses! The GOSL has no obligation to do so at all.
Let us hope that the Courts will give an order for the Kothelawela’s to bring that offshore money and pay back the depositors instead of sitting back in the National Hospital (again at State Expense) while the wife is manipulating their funds overseas-again on medical grounds!
Even if they have to sell ALL THEIR ASSETS it does not matter-they if they truly are true Christians/Catholics must be honest to say they embezzled their clients and pay back the money due to them as a show of their destroyed honesty and good will!
To think that even the honest name of Dr. Younus of Bangladesh has been used by these crooks who used “Gramaen ” as a front for their illegal activities is truly a shame. Dr.Younus used his Gramaen concept to help poor people on the streets to begin self-employment projects charging a small 2% interest while Dr. Lalith Kothelawela charged a massive 20% interest to fill his own kitties!
By: Samanmalie on March 5, 2009
at 6:03 am
Far as I know Merchant bank has not put any money into F&G, infact they will charge F&G a managemet fee! I also know that F&G companies has stopped payment any kind (interest & capital)!
F&G are expecting funds from CB in a couple of weeks and they are supposed to publish a payment plan, I have my fears about all this, I think they are cooking up a suprise for the poor depositors, trying escape from paying their dues…
I call upon all F&G depositors NOT to accept any criminal payment plans…
If anyone has cheques which have bounced, my strong advice is to consult a lawyer and file action against the company as they are hiding our money, I have got to know that F&G has a company in Australia where funds have been sent!
Do NOT accept any compromise, demand all your due deposits and interest to be paid in full!
DO NOT AGREE TO RE-INVEST WITH THESE CROOKS – they have broken the law and trust of the people and must not be allowed continue a day longer!
By: Peter on March 5, 2009
at 8:50 am
A motion has been filed at Colombo High Court today requesting Kotalawala to be released on bail.
High Court Judge issued notice on CID and AG to appear in court on 11th March in this regard.
By: Lawyer on March 5, 2009
at 3:12 pm
Is not 11/03 the day the Mount Lavinia Case is on?? So If CID and AG have to attend High courts on same day what happens to Mt Lavinia Case?
By: damith on March 5, 2009
at 9:52 pm
Mt.Lavinia case will be taken up for hearing on 6th March 2009.
Bail out application was submitted to HC.
By: Kamal on March 5, 2009
at 10:19 pm
I just got know that Mrs. K. is back in SL!, does any one have more info?
By: Peter on March 6, 2009
at 1:14 pm
F&G news, I got konw that depositors will not get their money back for matured deposits as promoised, they will be forced to renew for a minimum period of 12 months at the new interest rates set by Merchant Bank!!, much lower than F&G. I think it’s high time for leagel action against F&G directors…. they a bunch of crooks worst form of life on earth… they have to pay back or suffer…
By: Peter on March 6, 2009
at 1:20 pm
May be you are correct, Peter. Just go through this new post published on Sinhale Hot news today.
http://sinhale.wordpress.com/2009/03/06/kothalawalas-wife-steps-down-as-consul-for-cyprus/
By: Kamal on March 6, 2009
at 1:44 pm
Hi Guys From what I understand besides LK the main person behide all this who is telling LK not to pay the depositors is one of Golden Key Director Mrs Padmani Karunaratne, she has opened her big mouth recently that none of the depositors should be paid since they enjoyed huge rebates from GK. We must ask her what about the extra perk’s, properties & Vehicles all Directors of GK and other Ceylinco Companies enjoined for the past several years which is estimated that each Director is worth overRs One Billion all this must be seized by the state to safe guard the depositors and the employees
By: Suraj on March 6, 2009
at 5:09 pm
To read the details about yesterday’s case, please click the following URL,
http://www.dailynews.lk/2009/03/07/news30.asp
By: Reporter on March 7, 2009
at 7:23 am
If Honorary Consuls of a country are upto this kind of fraud, can you imagine how they are insulting the country they represent? Do you think Sicille Kotelawela would have sent in her request to resign from the post of Honorary Consul for Cyprus without her being asked to do so?
It could also be, that while she “was sick” and obtaining medicineabroad, she already attended to all she had to do to move the deposited moneys in other countries to safer places & that work is now complete so she has no further use of being an Honorary Consul?
It is specifically because as Suraj says above, that Ceylinco Directors are earning big money ansd swindling it, they do not understand the pains that unsuspecting and innocent(most of them atleast) investors and their savings have been abused because those top leaders do not understand the pains that ordinary people feel at losing their investments!
By: Samanmalie on March 7, 2009
at 9:32 pm
One of the Dep Chairmans who is a Silva has a wife who is an AGM at Sampath Bank. He transfered all his assets to her using a lawyer by name of Samanmalie who is also working at Sampath Bank. CID should look into this. Looks like all others are doing this to avoid paying.
By: Winne on March 8, 2009
at 1:50 am
According to what Winne states above, it seems that if one has connections, they can escape anything!
Do any of these officials think of the plight of the innocent? They do not have connections, therefore have to spend long hours down Duplication Road to be humiliated by the Ceylinco Group Company officials who keep on telling fibs to mark time.
Why don’t the so called “Human Rights Mongers” come forward on behalf of the human rights of the victims of the Golden Credit Card Scam and all other frauds within the Ceylinco Group?
By: Samanmalie on March 8, 2009
at 6:08 am
Ceylinco Insurance PLC has announced the appointment of Messrs. Rajkumar Renganathan and Ajith Gunawardena as Joint Deputy Chairmen of the company.
Renganathan was previously Chief Executive Director of Ceylinco’s Life Division while Gunawardena was Chief Executive Director of the General Insurance Division, both having headed operations of these two divisions since the inception of the company in 1988.
To read more about GKC depositors and GKC employees, kindly click the following URL;
http://www.island.lk/2009/03/08/news13.html
By: Reporter on March 8, 2009
at 7:20 am
Winne,
I think you must be refering to Mr. Hiran K. De Silva who is a deputy chairman at Ceylinco Corporate Finance Group.
If anyone knows who is his wife working at Sampath Bank, please disclose.
By: Reporter on March 8, 2009
at 8:10 pm
lalith kotalawala would have been nobody if the buddhist majority decided not to invest or do any kind of business with his companies at the time the cases described in TFA above were disclosed.anyway now its done. i ‘ (during that period )with some of my friends ,tried to convince lot of people to avoid his group.however in this case, since lot of powerful people have invested a lot of money, it appears like kotalawala is in trouble, else he would have stepped out of this using his connections …. you know…. its sri lanka!
By: Dhammika on March 9, 2009
at 10:23 am
Hiranthi De Silva is the only female AGM working at Sampath Bank.
She is the AGM- Corporate Credit.
Ms.Samanmalie is a lawyer and working at SBL legal division.
By: Investigator on March 9, 2009
at 4:47 pm
There’s another important fact about scams that LKR. 55Mn has deposited by EAP Property Developers Pvt Ltd at Ceylinco Land Exchange & when Ceylinco Land Exchange Company is not settling their deposits EAP Property Developers went to courts for recover the same. Unfortunate story behind this case is “EAP Property Developers Pvt Ltd is also a company accept deposits from public paying 24-27% interest per annum without registering at Central Bank.(Illigally get Fixed Deposits from public & issue a certificate mentioning, it’s a loan from the depositor)
Why does Central Bank keep silence without asking EAP Property, from where did they get such big amount to deposit at Ceylinco Land Exchange without investing in their group of companies.
EAP Property has invested millions of deposit at Ceylinco group, since Director/General Manager of EAP Proerty Developers, Sujeewa Lokuge is ex-employee of The Finance & Investment Manager,Ms. Rasangi is ex-employee of Finance & Guaranty. They deposit money in Ceylinco group at 30% p.a. interest & get 2% introducer commission from Ceylinco companies, which directly goes to Ms. Rasangi and later Mr. Sujeewa & Rasangi enjoy the sum.
Summerising the same the outcome is ” Illegal Financial Institute (EAP Property Developers) file a case against a Falling Finance company (Ceylinco Land Exchange), but God Father of Public Depositors (Central Bank) still waiting without taking any action against EAP Property Developers. Do they only want to come to the scene when another company collapsed or scared to investigate the same since another Deshamanaya “Dhanapathiya” Mrs. Soma Edirisinghe is involved in this scam?
By: Mohan on March 10, 2009
at 11:30 am
Today two cases to be taken up for hearing regarding Lalith Kothalawala. One is at Mt.Lavinia DC relating to GKC and other one is at Colombo HC.
Colombo HC will hear the motion submitted by Lalith Kothalawala requesting bail for him.
Will see in the aftrenoon, what would be the result.
By: Lawyer on March 11, 2009
at 10:36 am
Latest at Colombo HC
More than 200 GKC depositors staged a mass protest against Ceylinco Chairman Lalith Kotalawela today in the morning, in front of the statue of late President Ranasinghe Premadasa at Hulftsdrop.
By: Reporter on March 11, 2009
at 11:02 am
Please log on to following URL to check the Swindlers list ,
http://www.lankaenews.com/English/news.php?id=7265
By: Reporter on March 11, 2009
at 1:16 pm
After considering the motion submitted by Kotalawela’s lawyers requesting bail for their client, Colombo High Court Judge Ms.Wijesundera ordered AG to file objections if any, to the above motion on 26th March.
By: Lawyer on March 11, 2009
at 1:46 pm
sonali sona you can look
By: mr bernard fernando on March 11, 2009
at 6:30 pm
Hi Guys , does any of you know what happened at
Mt Lavina MC ?
By: suraj on March 11, 2009
at 6:59 pm
Kotalawela didn’t appear in any of courts today. He has submitted a MC from a NHSL doctor to confirm that he is sick and not be able to appear in court.
However that was challenged by the DSG and Mt.Lavinia Judge ordered Colombo Chief Forensic Medical Officer to examine him and submit a report.
Mt. DC Judge today further issued an stay order by preventing selling and/or transferring any asset belongs to GKC.
Meanwhile, the lawyer appeared for Ms.Kotalawela said in court today that his client is sick and hospitalized in Singapore at the moment. She was advised by her doctors not to fly to SL and therefore she couldn’t attend to court today.
By: Lawyer on March 11, 2009
at 9:23 pm
I wish that we could have more support for the next rally we have. There are 9000++ depositors please come join in our efforts…………. if there is any one else who would like to show your protest against this cheater join in…….. I saw that the Catholic Clergy has also been taken for a ride!! Bishops and Fathers you could bring your flock and join in, we have to show Sri Lanka that all Christians are not evil like Lalith and even the church was taken for a ride. Lets join hands to put this man behind bars for life!!
By: setcard on March 13, 2009
at 7:33 am
Good effort! Setcard.
If you can announce the date, time and the venue of the next “Protest Campaign” against so-called “Deshamannya”, by the way of a comment to this forum, that will be useful to the depositors already participated in such protests as well as to those who are willing to join with you in future protest campaigns.
Thanks.
By: Kamal on March 13, 2009
at 10:30 am
23rd March at 9am in front of GK office.
By: setcard on March 13, 2009
at 9:22 pm
This traitor DeshaAwamannya Ceylinco Mudalali with the help of his company called “Tanks preservation comany limited”is distroying irrigation resevoirs by mining reservations of tanks where environmetally very sensitive, for extration of sand for selling.This basterd is washing excavated soil with water in the reservoirs and sending back mud water in to the reservoirs so that the the irrigation systems will be distroyed in near future.He has bribed some famer leades politicians and irrigation department officers to get the support.We wish that he will get a heart attack very soon and die and meet Ymaya in Apaye.The paddy famers might treat him with their mamoties in near future.
By: King Parakramabahu on March 14, 2009
at 12:12 pm
Farmers Patriots come foward and join us on 23rd!! We were fools to trust him. But lets not let him do this to other Sri Lankans in the future!! Lets show our united striength!!
By: damith on March 14, 2009
at 6:52 pm
Lawyers representing Golden Key depositors and the counsel for Ceylinco Consolidated Chairman Lalith Kotelawala are scheduled to meet at the Attorney General’s Department this week to map out the long-delayed and much-awaited repayment plan to grant relief to suffering depositors.
The counsel for both parties will meet in consultation with Attorney General (AG) Mohan Peiris and Deputy Solicitor General (DSG) Sarath Jayamanne at 2 pm on Wednesday, March 18, 2009, as agreed before Mt. Lavinia Magistrate Harsha Setunga, when the case came up for hearing again last week.
By: Reporter on March 15, 2009
at 8:33 am
Setcard,
Please repeat your “Notice” on 22nd and 23rd for better results.
Good luck!
By: Kamal on March 15, 2009
at 8:39 am
The government has launched an investigation into reportedly massive sums of money being taken out of the country against the law by Ceylinco Consolidated chairman Lalith Kotelawala on several occasions, say reports.
Last December, the chairman had allegedly received more than Rs. 260 million as Christmas bonus, in addition to more than Rs. one million drawn as the monthly salary.
Golden Key Chief Executive Officer Kavan Perera had allegedly been paid Rs. 6.5 million, while Cecile Kotelawala and Lalith Kotelawala had received Rs. 3.5 million and Rs. 1.5 million respectively.
The Foreign Exchange Control Commission is probing the claim, in which the cash outflow is estimated at more than Rs. 26 billion, the figure lost by depositors at Golden Key Credit Card Company.
Golden Key had a total of 9,054 depositors, with the highest individual investment being Rs. 200 million by an individual named Milton Karunaratne.
By: Reporter on March 16, 2009
at 10:09 am
Now they say they have 4bn and could pay deposits below 2mn, that is the proposal to be given 2 AG on 18th. Nothing about the rest!!! They should pay every one on proreta basis. Inform how much they have got as an offer for Seylan, the Ceylinco Building, I also know that Insurance has got some very good offers, that could sort every thing, but they are selfish to sell it out!! Come on Ceylinco you can not pick AND choose you have 2 pay the depositors and get your man out of the Merchant Ward!!
By: setcard on March 16, 2009
at 11:24 am
Several Golden Key depositors are occupying the Ceylinco ‘6th Avenue’ apartment at Thimbirigasyaya today. They forcibly took over two floors of the newly built apartment complex and said they will not leave the complex unless their deposits are refunded in full.
By: Reporter on March 17, 2009
at 4:50 pm
please update me if anyone knows abt Ceylinco Investment & reality , bcse they did not pay pre matured now , i have 3 million with them.
this is registered under CB but situation is so bad ,they can not pay at least 5000/=from saving A/C to the customer.
By: De Silva on March 17, 2009
at 11:17 pm
According to yesterday press confernce of Finance @gurantee they will pay 75% from the capitol with over a six months period. Otherwise
depositers has to extended for another one year
This is a regualtod finance company and i cannot understand whats is the meaning of regulator
any way now the depositers benifits is cost of the dposit not the return on investment
By: vijitha on March 18, 2009
at 12:09 pm
AG has not turned up for 18th March meeting and it is now to be on 19th at 7 PM. Hope Lalith’s people come out with some thing workable? What news of Hiran Silva and Sampath Bank wife(AGM) asset transfer? Any on knows if this is true?
By: damith on March 18, 2009
at 10:48 pm
Lankadeepa Paper has refused to publsih a add regarding the 23rd Protest rally. Please pass the word around….. so much for press freedom!!
CEYLINCO INSURANCE seems to have bought its own shares from The Finace and is blocking Lalith from selling a controling stake according to internal sources of Ceylinco. The Employee trust own a controling stake so that Ajith’s and Rengas high paid jobs are safe.
By: setcard on March 19, 2009
at 9:10 pm
All trhe DEP CHAIRMANS and DIRECTORS of CEYLINCO related companies are rougues having earned tonnes of money through influnence nad mlapractices and most of them are BILLIONAIRES having valuable properties in sri lanka and OVERSEAS.
IT is open, anyone can inquire and see , what they have been doing they reserve the best block/house of any without paying a single cent nad the PROJECT COST WOULD BE BORNE by the customers.
I would be glas to see a single project done in a transparent manner.
They do all that thinking that is their property nad money.. they do all that with our money… we are affected and languised..
CID AND AG office must be aware of all that.
JAY
By: jay on March 20, 2009
at 10:02 am
Many articles have appeared in the Sunday newspapers of 22nd March 2009 about the famous but now disgraced Lalith Kothelawela.
The LakbimaNews(English) of 22nd March carried a small column on the first page ” Desha-Bindu Kotelawela” in which it says (quote)”victims of the finance companies belonging to Ceylinco Consolidated are planning to urge Prsident Mahinda Rajapakse to withdraw the “Deshamanya” title given to Lalith Kothelawela. These titles are conferred by the State on distinguished citizens. They say that a person of the calibre of Lalith Kothelawela who has defrauded billions of public money was not entitled to such a title, and that it should be withdrawn forthwith.
We don’t want Kothelawela on the country’s most distinguished citizens list as Kothelawela has betrayed the trust we had in him, ” and investor said……………………..(end quote)
This sentiment is ofcourse absolutely true whether it be Lalith Kothelawela or any other person. Before such an Honorary Title is given to any citizen of this country, the head of state must check all credentials of an individual so that only individuals who are completely above board, are honoured with such titles. In the past, any Dick,Tom and Harry earned these titles for no earthly reason.
Even when conferring Honorary Doctorates the same standards should be established or else, on what criteria did Lalith Kothelawela earn the Doctorate from Sri Jayawardanepura University to be called “Dr.”?
It is truly sad that Honorary Titles such as Deshamanya and Dr are being insulted in this manner by those using such titles!
Sri Lanka certainly deserves to have high profile & high calibre personalities being conferred with these titles and not crooks with bloated egos trying to project a humanitarian and “all saviour” public image.
Using his charm, he even had the privilage of accompanying The Presidential entourage when President visited China- what a shame. All Lalith Kothelawela wanted was for him and his wife to enter China to try to get business contacts and hoodwink even the Chinese-fortunately we hope, the Chinese government is not as foolish as some of our own state organs and individuals who fell for his external image.
How can a man who openly declared that he supports the LTTE terrorists be named “Pride of the Nation”( Deshamanya” ?
By: Darmitha on March 23, 2009
at 5:30 am
Hi Guys , If what Reporter says i.e. Hon. Supreme Court Orders Not Only Golden Key But its Directors and Ceylinco Consolidated from selling or Disposing any Assets then you will die reading the list………….
Seylan Bank PLC
Seylan Merchant Bank Ltd
Ceylinco Development Bank
Ceylinco Saving Bank
Ceylinco Insurance – General
Ceylinco Insurance – Life
Asian Finance Ltd
Asian Investment & Factoring
Ceylinco Leasing Corp
CSF Money Brokers
Ceylinco Stock Brokers
Ceylinco Pensions
Ceylinco Grameen Credit Co.
Ceylinco Securities & Financial Services Ltd
CT & FC Portfolio Management (Pvt) Ltd
Finance & Guarantee Co. Ltd
Ceylinco Investment & Realty Ltd
Seylan Asset Management Ltd
The Finance Co.
Ceylinco Shriram Securities
Ceylinco Capital Investments
Ceylinco Shriram Capital Management Services
Ceylinco Profit Sharing Investment Corp Ltd
The Golden Key Credit Card Co.
Ceylinco Building Society
Ceylinco Developers
Ceylinco Limited
Ceylinco Land Exchange
F & G Real Estate Ltd
Ceylinco Prosperity
Ceylinco Seylan Development
Serene Resorts
Ceylinco International Reality Pvt Ltd
Ceylinco Homes International (Lotus Grove)
Ceylinco Homes International ( Lotus Tower)Ceyhomes Credit & Investment Co. Ltd
Finance & Guarantee Property Developers
Ceylinco Travel & Tours Ltd
Ceylinco Universal Ltd
Ceylinco Hotels
Fingara Town & Country Club
Hotel Ceysands
San Michele Island Resorts
South Asian Travels
Cisco Information Security Services Pvt Ltd
Ceylinco Cisco Security Corp.
Ceylinco Computer Forms Pvt Ltd
Ceylinco Digital House Pvt Ltd
Ceycom Global Communication Ltd
Ceylinco IT Solutions Pvt Ltd
Ceylinco Micro Technologies Ltd
Ceylinco Networking Technologies Ltd
Ceylinco PLC Technologies Pvt Ltd
Ceylinco.Com
Golden Key Call Center Ltd
Golden Key Software Solutions
G K Card Technologies Ltd
IC & CS Software Solutions
Lanka Ecom Technologies Ltd
The Golden Key Company Ltd
American National College
International College of Business & Technology
St. Nicholas Education Services
Ceylinco Insurance College
Ceylinco Sussex College
Net Assist International
Ceylinco Swift Care
Ceylinco Home Nursing
Ceylinco HealthCare Services
Ceylinco Universal Services Ltd
Ceylinco Pharmaceuticals
I dont know if I missed any more Companies Maybe someone can let me know if I did Miss out on any? If what we hear about the Order given by Hon. Supreme Court is true , dont all the above mentioned companies freeze any ideas of selling or transfering any of their Assets ?
By: Suraj on March 25, 2009
at 5:15 pm
This is to inform all F&G depositors that there will be a meeting held at 2pm tomorrow (Thu 26th March) at the independents sq to discuss a plan of action against the crazy payment plan …. pls try to attend……………..
By: Peter on March 25, 2009
at 8:16 pm
Colombo High Court Judge Deepali Wijesundera yesterday refused bail for Ceylinco Consolidated Chairman Lalith Kotelawala and ordered him to be remanded till May 4th.
Deputy Solicitor General Sarath Jayamanne, objecting to the bail application, told court that there was strong evidence to link Kotelawala with the financial misappropriation at the failed Golden Key Credit Co and that he was a suspect in this case at the Mount Lavinia Magistrate’s Court.
Deputy Solicitor General Sarath Jayamanne yesterday told the Mt. Lavinia Chief Magistrate Harsha Sethunghe that Ceylinco Chief Lalith Kotelawala through C. R. de Silva, PC, had informed the Attorney General’s Department that he was ready to credit Rs. 14.5 billion to the proposed Trust set up under the AG’s Department to refund the depositors of the ill-fated Golden Key Credit Card Company. But no final decision had been reached, he said.
The case will be taken up for hearing on April 23rd.
By: Lawyer on March 27, 2009
at 8:42 am
Dear Lawyer, the fact remains that he says that Goldenkey assets are worth 7Bn and he would put in another 6Bn from Seylan salte and another 1.5BN from sale of 9floors of the Ceylinco Building. The 7Bn valuation is highly questionable!! Companies like Golden Key Travels are valued at 10Mn!! It is a Joke!! He wants to transfer these assets to the “Trust” he is proposing and wants the “Trust” to raise the money, so that he can wash his hands off and get away by playing every one over again.
The Fact is that he has got good offers for Insurance Co, which is enogh to settle GK and F&G twice over!! But greed of those around him are not letting this happen!
Central Bank wants to sell his stake in Seylan for 5.7Bn, so already his commitment of 6Bn from sale of Sealan is down by 300Mn!! Please read this …….
Sri Lanka seeks Rs5.7bn for stake in Seylan Bank
March 27, 2009 (LBO) – Sri Lanka’s central bank has called for proposals from investors to invest 5.7 billion rupees (about 50 million US dollars) to take a 33 percent stake in Seylan Bank, part of the troubled Ceylinco group.
Expressions of interest (EOI) have been invited from local or foreign parties interested in becoming a “strategic partner” of Seylan Bank, the island’s fifth largest commercial bank in terms of assets with a seven percent market share.
Apart from the initial capital injection, a further investment in debentures of Seylan Bank is also expected, the regulator said in a newspaper advertisement that called for EOIs
The central bank in December 2008 put Seylan Bank under the management control of state-owned Bank of Ceylon after a “major scam” was uncovered within an unlisted firm of the Ceylinco group to which Seylan belongs, it said.
It described Seylan as a systematically important bank with a network of 93 branches and business focused on corporate and retail lending, including the small and medium enterprise sector, as well as overseas money transfers.
The strategic investor would be required to reduce their ownership of Seylan Bank to 15 percent in accordance with regulations on ownership limits on banks.
The central bank said that the investor would be given 15 years to do so given the “exceptional circumstances” under which the investment is sought.
Seylan Bank’s main shareholder, Ceylinco group chairman Lalith Kotelawala, has offered to sell his stake in the bank to raise funds to pay off depositors of Golden Key Credit Card Company, the unlisted group firm that collapsed late last year.
Kotelawala has been remanded over fraud allegations at Golden Key and has offered to sell other group assets to raise funds to repay depositors.
The central bank advertisement said the deadline for submitting EOIs for the Seylan Bank stake is April 15, 2009 with investors being notified of the outcome of their applications by April 24 and selected investors being expected to make formal bids by May 7.
A final decision by the central bank will be made by May 20 and the investor is expected to inject fresh capital within two weeks of being chosen, the central bank said.
By: damith on March 27, 2009
at 3:58 pm
Ajith G, Jegasoothy, Renganathan, Sanka Wijesinghe and a few more are in this together….I think all of them will have to be investigated and Ceylinco Group has to come under government purview
By: Malwana Sirimevan on March 29, 2009
at 5:49 pm
I like to tell all of them that the entire Board of Ceylinco Group are a bunch of despicable liars
By: Malwana Sirimevan on March 29, 2009
at 5:51 pm
These ‘Depositors’ were the ones trying to defraud the government of collecting taxes on interest earned. Now they have the privilage of AG’s Dept. Central Bank, The CID, The District Court and The High court all working for them. Government employees putting in thousands of man-hours to bring them justice. Ironic isn’t it? The very Govt. that they were trying to defraud is the only entitity who is there for them.
And the ‘Goverment’ is the’People’. So when you go to it for help you identify yourself. And the information you provide to the government becomes public domain. Then the ‘people’ have the right to ask further questions and investigate, as in this case where, how and when these funds were raised by the each individual. Is there any outstanding issues of other taxation that needs to be looked into ect. I am sure most of it is quite legitimately earned. Some of you may have been just foolish or greedy or both. But 30% interest. Come on.. I don’t believe it needs to be spelled out here. Its a classic case of a two edged sword.
However it looks like the entire Finance Company business in Sri Lanka is in for quite a ‘Spring Cleaning’. Nothing will be left under the rug. After all the IRS has your number now!! There is going to be a lot of unaccountable ‘black money’ turning up. I would be running a bit ’scared’ especially if I were a resident in Sri Lanka and my name was on these lists floating around, and beware thoes on foreign passports. You could well end up in that stinking hell hole at ‘Welikada’ too. Then maybe the Embassy staff of your adopted country can also earn their keep trying to get you out. After all you diligently paid taxes to thoes guys. Correct? Friends in high places are not going to be able to use influence on this one. Case and point. Lalith Kotalawela. Then of course he is crook, right?…….
By: Deepthroat on March 29, 2009
at 10:45 pm
Well Deepthoat, I got a rate of 24%, which was 3 % more than the Bank rate at that time. The credit card gave me additional purchasing power with interest free payment options up to six months with selected merchants. The money was never “Black” it was hard earned legal money for your information!! I and many of us would have no problem in paying taxes, like the payee taxes we paid our entire working life, we would be grateful to this Govt for using its resources to help recovering this money, glad to see our tax money working!!! Please do not enjoy our suffering……… you do not know what it is to be a private sector pensioner who invested his all and to have sadistic people like you and the good Folk at the Sunday Leader label us and shame us!! We at times want to commit suicide when we think of what has happened….. No Sir I slogged for many years, payed my taxes and this was some thing I left to live by my final years without being a burden to any one. Very sorry my dear,,, we made a mistake in Judging Lalith K, but please please put you selves in my shoes………..
I am sure that I speak for many of us, so have a heart Deepthoat the pain has been sooo bad, DO NOT MAKE IT WORSE FOR YOUR SADISTIC PLEASURE!!
By: damith on March 30, 2009
at 9:03 pm
Dear Damith,
“Deep throat” seems to be another buddy of Kotalawala. Never mind, since he is in the cell, let “Deep throat” to talk on behalf of Kotalawala.
“Deep throat” did talk about tax fraud by the GKC depositors. Everyone knows that if a depositor exceeds his/her annual income over Rs.300,000.00, he/she is liable to pay with holding tax on the interest income. That is why the banks and other finance companies always ask for a tax declaration from each and every depositor.
If you declare your annual income in between 300000 to 600000 you have to pay 2.5% on interest income and if you exceed the higher limit, no option you have to pay 10% as WHT. Also if you are earning less than 300000 per year, no WHT will be deducted.
At the time of the opening of the FD, the respective bank or the finance company MUST get that declaration from the respective depositor and if the depositor refuses to declare the income, he or she liable for 10% WHT on interest income. That is what WHT act says.
Most important thing is deducting WHT and remitting the same to IRD and issuing the WHT certificates for such depositors are the prime responsibilities/duties of the relevant financial institutions.
If they fail in their duty, it is the relevant financial institution to be blamed or punished and NOT the depositors.
Kindly note that I am not a GKC depositor and only a frequent visitor to this web site.
By: Kamal on March 31, 2009
at 2:48 pm
Thanks Kamal, it is indeed very relieving to know there are people “with a heart” (Not like the one LK claims to have!). Today’s papers carry ads that all CEYLINCO SHRIRAM CO’S are going to be knows as ENTRUST Ltd….. Please inform every one you know that this is the same CEYLINCO going under a new brand name to deceive the public once again!!
By: damith on March 31, 2009
at 7:54 pm
This appeared on ADA DERANA web site today..
Profits from services abroad exempt from tax till March 2011
April 1, 2009 01:08 pm
With effect from today (April 1, 2009) to March 31, 2011 foreign currency profits from services rendered by Sri Lankans abroad remitted to Sri Lanka through any bank will be exempt from income tax, says Central Bank Governor Ajith Nivard Cabraal.
Hope this is no April fools joke and is a sign of LK bringing in the bucks??? Any comments??
By: damith on April 1, 2009
at 10:26 pm
Another turn to fool out peolpe by Ceylinco Shriram.
Ceylinco Shriram has now changed their name to Entrust. These are the same people who got peoples money and now say that they cannot replay because they do not have oney.
Beware, these are real roughs. I know Ceylinco Shriram monies must have gone to Hiran De Silva’s and Padmini Karunanayake’s accounts.
By: Inevstadv on April 3, 2009
at 4:09 pm
In December the Chairman of Ceylinco Consolidated, the holding company GKCCL called a meeting of depositors and stated publicly that he would repay everyone. Of course he did not know how or when. So working it out seemed to have been summarily rejected. The AG’s department filed charges and called for him to be thrown in jail. Like that would help get your money back in a hurry. Note to Dushanthi Hapugoda, crudely put, once you piss them off and they go on the defensive, although you may get a judgement in your favor, ‘collecting’ is entirely another story.
Going on the offence with financial sector oligarchs, though often deserving, seldom if ever is a good strategy especially in emerging-market governments like Sri Lanka.
By: Deepthroat on April 6, 2009
at 4:51 am
So now Deep you show who you really are!!! LK made a complaint to CID thro’ his own employee former CID SP Othanapitiya, and then got his fingers burned. Not Ms Hapugoda who put him in DEAR!!!!!!!!!!!
Tell your Beloved Chairman this fact, Ms Hapugoda and Co are only responsible for the FR case.
Basically he dug his own GRAVE!!
The payment plan LK gave was unjustifiable as it entailed deducting 80% of a depositors CAPITAL and refunding the balance.
CEYLINCO wanted to use public funds to continue giving a luxury life to its directors.
DEEP………… are you one of them??
By: setcard on April 6, 2009
at 6:09 am
Set, my friend it sounds like the same old song and dance. Its either, ‘you are one of us or one of them’!.
No disrespect to Ms Hapugoda or the depositors.
I do feel for those whose savings evaporated overnight. However my interest in this debate is purely academic.
As long we have investors with idle wealth, risk takers, mix with that ingenuity, luck and a fair amount of greed and companies like this will always be there. Markets will grow, adjust and eventually crumble. In the ensuring ‘conflict’ between the parties, almost always, the facts are clouded in self interests, ignorance of the motives of the driving forces, real or perceived fears and a myriad of other factors and prejudices.
I propose that the book Programming for Peace by Robert Trappl be made compulsory in classrooms across the world we live in… Not so much as to let machines run the world, but if anything to point out to the next generation of investors, financiers, judges and governors that the vast number factors have to be inputted before the best possible decision comes up. How each additional ingredient has to applied to a complex mix and then how all this data has is be computed, void of our histories, emotions, prejudices and other human frailties coming in to play. Sooner we concede that it is so complex and agree we don’t stand a chance of solving it by committee…The next generation should at least be give a chance at understanding those complexities and making the some good choices. Sooner we realize that ruling by committee is dead.
My point is the legal system is not designed to deliver the results Ms Hapugoda and crew are seeking. Risk assessment and mediation would have had a more favorable outcome.
By: Deepthroat on April 8, 2009
at 9:33 am
LK is a crook,Soma thera also not perfect 100%
He also ran behind the money
By: Rajitha on April 8, 2009
at 4:51 pm
Please have your eyes here. If this Lalith Kotelawela dies in remand no cents will be solved. First let him be out and at least allow him to do something good or bad. Have coomon sense rather than been a extremist. All trade Union leaders do this for the sake of deposit holders if your genuine.
By: Mohamed Abdulla on April 10, 2009
at 9:44 pm
When he was out for thee months, his repayment method was to cut 80% of our capital and pay us!! Then he expected to keep our balance money and continue to lead a Deshamanya Life!! No choise Abdull; he is not genuine!! Now even if he dies the courts will seize all his tracable wealth. I do not want to see him give 20% and enjoy with the Balance 80% of our money. People like Ajith, Hiran, Bandula, Shanka, Mevin, Padmini and the other thiefs will enjoy this………
By: damith on April 10, 2009
at 10:20 pm
I totally agree with Damith. The adopted parasites of Lalith K. form a bad business culture that should be stamped out. To them lining their pockets and having their little ego trips with the megalomaniac Lalith as the king-pin was the hallowed life-style. They were constantly cooking up schemes to scam the public and unfortunately it has permeated the business world as many good people have been in their employment as well. A majority of the so called Deputy Chairpersons and Directors are parasites that should be made an example of to the public on how not to do business by punishing them severely. It should be born in mind that I am not saying this out of hatred for the people involved but based on the principle that “all what evil needs to triumph is for good people to do nothing.” I can vouch having personal knowledge with past-employment in the Ceylinco group for more than five years that many so-called directors of Ceylinco group companies as well as Lalith K. himself are charlatans who do not deserve the sympathy of upright citizens of Sri Lanka.
By: Neil on April 12, 2009
at 10:52 am
Historians will record this as a time when one of most fundermental social instincts was ignored en masse. A dark age where we were all guilty of allowing Usuary to happen. How unlimited interest rates destroyed the economy. A time when incentives for money to go into speculation blindsided everyone. A time where people gave up power to the banks and the financial firms and not to the real economy which will always be in the development of the manufacturing, agriculture and labor sectors.
By: Deepthroat on April 12, 2009
at 9:09 pm
HERE IS SOMETHING FOUND IN ANOTHER FORUM RE CEYLINCO……..
Another Rogue still at large- Ajith Gunawardena
By the nature he is a barbarian. He terrorizes the entire insurance staff. He has no respect at all for labor rules. Hires and fires people at a massive rate. He is a sadist. He hates educated employees and fixes them without any mercy on their future. Some have committed suicide and many have gone crazy having lost their living because of this monster. He openly says “Who cares law” in sales meetings so often. He hoodwinked kotalawala and chased out all the good people at insurance finally achieved what he wanted at this troubled waters in Ceylinco. Now that he feels the power of the law because his god father is behind the bars. He hired an eminent lawyer to the board just to save him once CID grills him with regard to billions of overseas funds transfers with his advice and knowledge as a member of “Foreign investment committee”.
This maniac suffers from an inferior complex too. This very same O/L five subjects passed donkey once said in a meeting with about 10 chartered Accountants of Ceylinco “You know….This bloody finance is in my fingertips” insulting all those qualified accounts. They just treated to each others with a sarcastic smile.
He is born to ridicule professionals and ruin staff confidence. He is in true words “a real BASTERD” and deserves the most painful and miserable death for the number of employee’ families he has ruined. Their curse will definitely will fall over his entire family including his parents.
Kotalawala the biggest thief in Sri Lanka is paying him 5 Mn. Per month. If the Karma we believe is true, we need to see this monster’s fall. He should spend rest of his life behind bars with his personal properties attached for transferring Ceylinco money illegally to his companies in Malaysia, Singapore and other countries or be bedridden for throwing thousands of employee’ families to the roads.
His stupidity is publicly displayed with his answer to the “Financial Times” with regard to the question raised if Ceylinco insurance changes the name.
“After the GK debacle, many said to change our name a number of times. They said the Ceylinco name is below zero, but the answer of the CIL board was that if the father is a drunkard, that does not mean the son changes his name. We needed to be true to ourselves. This is the reason why we did not change our name,” Ajith Gunawardena, Joint Deputy Chairman CIL told The Sunday Times FT.
With this kind of confirmed fools no wander Kotalawala spends behind bars and got his personal properties attached.
By: setcard on April 12, 2009
at 9:38 pm
Me and my sister working in Dubai had invested nearly 8Million of our hard earned money. End of the day I agree with most of you on the figures making the least difference as per the individuals capacity. However Gentleman I am quite shocked about the knowledge some of you possess about the Global Economic down turn and in all fairness I do not intend to lecture you either. But having said that I read through one article posted by one of you intelligent brother reading about the irrelevance of the World’s economic crisis to the burning issue we all are dealing with at the moment. How is it that we fail to understand that we were offered with high interest rates to compensate the additional risk that we all were willing to accept. Why exactly did we not approach the Bank of Ceylon or Commercial Bank for our savings? A very simple example could be produced in order to prove the chain reaction between the World Economic Crisis and the said crisis. Certain proportion of our money was being invested in Housing projects which produces substantial profits to pay off our High Interest. With minimal or zero investors in the country the SL Citizens will stand no chance to purchase the land or housing that is already being made available for sale through all our investments. Gentleman it is a Chain Reaction and that is exactly what Dubai and many other nations are going through. We are proud to be called Sri Lankans but the bitter reality is that we are not self content. In layman terms we will be affected by the fluctuations of the World Economy in many indirect ways.
Yet to my amaze I do not understand of the necessity of dragging down the religion to this. We Sri Lankans will never succeed as long as we keep grouping our selves. I am a Sinhala Buddhist or I am a Sinhala Catholic or a Hindu Tamil. Do we ever learn from our mistakes?????? Our stupidity and pride had already lead to a mass scale Ethnic Crisis that had eroded the country’s economy and all living standards. As a strong Buddhist I would take the pleasure in presenting a simple question. The great philosopher Buddha with all his intellect did never criticize another religion and we for that matter have all the loose talks and provocative acts towards all other religions. Are we not done yet???
Why can’t us be focused and share productive information about the crisis that we are in at the moment? Talking absolutely nonsense or looking down to other religion is not going to help you but prove your imbalanced perspective of life. Further is it very difficult to realize consequences of bringing down the Ceylinco group of companies. How many of your brother, sisters or friends being employed by the company. Have you ever pictured them out of their jobs??? Let us take a moment and think what are our motives and what we accomplish by each move that we take. Let us not get carried away with any pressure induced by political groups for their own benefits. We will prevail this test of time.
By: roshan on April 12, 2009
at 9:45 pm
kotelawala is world class stingy ,greedy bastard..even after the court order he still not willing to pay depositers money back..still wants to hang on to his
1.swiss banks
2.singapore
3.australian banks
4.rest of the world stolen & hidden money
money that belongs to poor depositers..so it’s high time this 70 year old father of no kids ,who’s partially blind also to give up & surrender all his hidden money from every where,which may br more than enough to pay..after all why he need that much of money ti live(kotelawalla’s days are numbered anyway)…
By: ramani rodrigo on April 14, 2009
at 5:57 am
DESHAYAKEWA “KOTI” KOTELAWALA SHOULD STAY IN JAIL UNTILL HE SETTLES ALL POOR DEPOSITERS..THIS CROOK DIDN’T MAKE ANY EFFORT TO PAY BACK SINCE DECEMBER..ALL HE WANTED TO DO IS AVOID PAYING ONCE VALUED CUSTOMERS WHO PAID HIS ALOMST 5 MILLION RUPEES A MONTH INCOME FOR DOING NOTHING?..NOW IT’S TIME FOR JUSTICE..OTHERWISE IT WILL BE HUGE PUBLIC OUTRAGE..HE SHOULD BE BANNED FROM BUSINESS & DESHAMANYA TITLE MUST BE TAKEN BACK…ONCE HE SAID LTTE IS FREEDOM FIGHTERS GROUP?..WHAT A SHAME?..THEN KOTELAWALLA USED OTHER’S MONEY WITHOUT THEIR APPROVAL TO CONVERT PEOPLE TO HIS RELIGION…THEN HE LIED & CHEATED TO CUSTOMERS AT BMICH & ALMOST GOT WHAT HE DESERVES.HE IS THE BIGGEST “SAKVITHI” & DANDUWAM ALL TIME..PEOPLE COULDN’T SPOT THIS THEIF EARLY..NOW THAT’S BAD LUCK..SOME DEPOSITERS ARE WAITING FOR THEIR MEDICAL TREATMENT & SURGERYS..& THIS BLIND 70 YEAR OLD MAN WITH NO KIDS GETTING 4.5 MILLION RUPEES PER MONTH & EVEN MORE PERKS?..IS THAT FAIR?..SOME PEOPLE CAN’T GO BACK TO WORK BECAUSE THEY ARE OLD & THIS THEIR LIFE TIME OF SAVINGS (EPF,GRATUITY ETC)..SOME PEOPLE CAN’T EVEN THINK TOMORROW BECAUSE OF THIS DAY TIME ROBBER/THEIF/CROOK CALLED “DESHA KEWA”..HE SACKED 500 GK STAFF ON THE SPOT…KOTELAWALA HAS DONE ENOUGH AGAINST MOTHER NATION,PEOPLE,CUSTOMERS,OTHER RELIGIONS,CULTURE..ETC.. IT’S PAY BACK TIME FOR CUNNING FOX..TIME TO GO HELL..EVEN HE DOEN’T DESERVE PALCE IN HELL..
Posted By: ramani rodrigo”
By: ramani rodrigo on April 14, 2009
at 5:59 am
The Chief Justice said that a person remanded by court should be in the remand prison and not in a hospital.
He said that any relief granted by court should benefit all depositors equally – from those who had invested a billion rupees to those who has deposited one thousand rupees.
The Supreme Court has now intervened to find a reasonable solution to this crisis faced by Golden Key depositors, he noted.
The case will resume on April 27, 2009.
Meanwhile, three depositors have died since the company collapsed in December last year, Ms. Dushyanthi Hapugoda, treasurer of the Golden Key Depositors’ Association asserted.
“Without an income to survive, they had gone through agony before their deaths”, she said. “There are many disabled soldiers also amongst the depositors”.
She said that an ordinary man from Polonnaruwa who had risked his life working as a driver in Iraq had invested 3.5 million rupees at Golden Key. On his return, he was caring for his aged parents with the interest earned.
“It is wrong to assume that only people with big bucks invested in this Ceylinco subsidiary”, Ms. Hapugoda pointed out. “How many hundreds of depositors have been reduced to paupers today”.
By: ramani rodrigo on April 14, 2009
at 6:00 am
‘Golden Key’ had Govt. sponsorship
Lead News
Monday, 30 March 2009 16:24
The Golden Key Credit Card Company collapsed recently and investors that deposited money in this company were severely distressed. There had been a fraud of Rs.26 billion and the Judiciary recently ordered that its assets worth Rs.14.5 billion should be sold and depositors paid back their money.
Relevant to this incident Sri Lanka Central bank stated Golden Key Credit Card Company was not a registered financial institute. However, depositors claimed that the company advertised freely through media and this urged them to invest in the company. There was criticism that Central Bank did not take sufficient measures to inform the public regarding illegal financial institutions.
Now we have received information that the government too has been involved in promoting Golden Key Credit Card Company as a creditable institution where the public could deposit their money. Among the names of legal banks and financial institutions the water bills of National Water Supply and Drainage Board could be settled the name of Golden Key Credit Card Company too has been printed. This leads to suspicion as to why National Water Supply and Drainage Board, a state institution has, by its action, tried to promote an illegal financial institute.
It is evident that the government too is responsible for the fraud carried out by the relevant company. Government institutions have encouraged the public to have dealings with the company. This is a good example of the deterioration of the monetary sector of the country and how sloppy the functioning of the Central Bank is.
By: ramani rodrigo on April 14, 2009
at 6:01 am
laith kotelawalla has changed his name to
DESHAYAKEWA L.T.T.E “KOTI”LAWALLA…..
By: ramani rodrigo on April 14, 2009
at 6:03 am
THE ONLY WAY 2 STOP THIS PLAN IS 2 CHARGE OR FINE EVERY DAY CEYLINCO FAIL 2 PAY IT’S DEPOSITERS ….THEN THESE CROOKS/ROBBERS WILL WITHDRAW THEIR SECRET BANK ACCOUNT MONEY TO AVOID FURTHER DAMAGE…
AFTER ALL THIS IS THE SYSTEM KOTELAWALLA & CEYLINCO USED FOR IT’S CUSTOMERS WHO FAILED 2 PAY THEIR LOANS/FINANCES/LEASE EVEN BY A DAY..
KOTELAWALLA USED BE VERY HARSH ON POOR PEOPLE WHO COULDN’T PAY IT ON TIME…
SO ISN’T IT FAIR 2 USE THAT METHOD 2 HIM?…..
By: ramani rodrigo on April 14, 2009
at 6:08 am
ALREADY 4 POOR DEPOSITERS HAVE DIED THANKS 2 DESHAYAKEWA & MURDERLINCO…..
HOW MANY MORE DO U PLAN 2 MURDER KOTELAWALLA & CEYLINCO???????????????????
BANK WITHOUT THE HEART & IS THE ONLY COMPANY WHO WATCH IT’S BELOVED CUSTOMERS DIE IN PAIN….
By: ramani rodrigo on April 14, 2009
at 6:14 am
Hi,
I have gone thru few write ups about this fraud.Best action I feel is by Supreme Courts,where they have given few interim injuctions,orders to disclose co, as well as personal assets.Pls. refer news paper ad 8th,9th 10th April by Central Bank.This is the best move by CB upto now.This is the best time for all the people, who know about their assets to come out and inform Central Bank or AG’s office or write to this mail.
This will help officials to accertain the hidden wealth of Ceylinco,LK,SK and all directors.There is proof of disposing assets,which will have to be taken up by SC for contempt of Court.
Most of them are still trying their triks what they have been doing all along,cheating people.
SO MAKE USE OF THIS OPPERTUNITY TO SUPPORT THE SOCITY WHO HAVE BEEN TAKEN FOR A GOOD RIDE BY SO CALLED”BIG OR SMALL,WE PROTECT THEM ALL?
By: R.Fernando on April 14, 2009
at 10:03 pm
What Happening going on F&G Real Estate ?
By: Nuwantha on April 23, 2009
at 1:15 pm
What”s happen to the case today at Mount Lavinia Courts? Anybody answer.
By: Nobert on April 23, 2009
at 8:58 pm
Today CISCO Body Guards Of Jayatissa, and a set of goons assaulted and threatened members of the Depositors Association in front of Mt Lavinia Courts Premises. Ms Thushari was seen issuing orders to the POLICE before Lalith K was brought into the Ambulance. CISCO thugs were also inside the ambulance?? Major Vajira can you explain this?? Will you grant this facility to poor prisoners??
By: Bernard on April 23, 2009
at 9:08 pm
Have U seen today newspaper advertisment from Central Bank ? Are they going to pay our money or tax on us for past rebates what we got. But I am sure they will handeover all the details of us to Inland Revenue Dep. Before they pay for us they will tax on us for past.
By: Nobert on April 23, 2009
at 9:12 pm
Today CISCO Body Guards Of Jayatissa, and a set of goons assaulted and threatened members of the Depositors Association in front of Mt Lavinia Courts Premises. Ms Thushari was seen issuing orders to the POLICE before Lalith K was brought into the Ambulance. CISCO thugs were also inside the ambulance?? Major Vajira can you explain this?? Will you grant this facility to poor prisoners??
By: setcard on April 23, 2009
at 9:13 pm
Now everybody knows LK is a crook. Can he still use Deshamanya title? President can take back the it. If Anybody can ask from the courts. I think it will work. C. J. can do it.
By: Nobert on April 23, 2009
at 9:25 pm
Now the Government can takeover all the assets from GK Director’s as a result of Court’s order. It will be a lottery to the Government in this situation. They do not need IMF Loan anymore. This 26 Bn. they will use for themself.They will Enjoy very well.
Kabral will be the most happiest person today.
What will happen to our hard earned money?
In Sinhala what we call “Kothalawalage walatath hena gahanna ona”.
By: Nobert on April 23, 2009
at 9:52 pm
What happen to Mrs. K. Are they bribe Interpol also like they did to the Kabral. Why can’t they arrest her? Is she in safe house?
DIR. Jayatissa, Do not act too much, I know who U are. Be carefull, U may be the next Victim.
By: Nobert on April 23, 2009
at 10:37 pm
Hey guys any news?? Whats the latest?
By: setcard on April 29, 2009
at 5:36 pm
Lalith K is back at prison hospital. Why not the cell, Vijaya can you answer this??
By: Bernard on April 29, 2009
at 11:24 pm
LK has really helped many many poor and others to stand up in their own their life. When the boat is sinking all are talking only negative. Its a Sri Lankan way. But the people got help their life more than this where its not recorded in Central bank. But we agree should settle this money of rich or poor people in a very reasonable manner.
By: Sumanasiri on May 2, 2009
at 5:52 pm
Sumanasiri, he did this with other peoples money. Showed the world that he was very kind person by doing this, got more business, he even bribed taxmen govt officials, illegaly sent money out of the country, dont you see he has broken the L A W of this country!!! So he helped others with out using his own money!! THIS IS WRONG, BREAKING THE LAW IS WRONG!! DO NOT WHITE WASH A CHEAT LIKE THIS dear!!
By: Bernard on May 2, 2009
at 9:01 pm
Just a simple thing to all writeres and readers.
Let us all pray that this problem is solved fast.Mr Kothalawella will not be the looser.If all his businesses are going to close down, who will be the loosers?Him?No.Thousands of people working in his companies will loose their jobs.With the present global crisis, so many businesses are closing down and if all of Mr K’s companies close down, there will be hundreds of families who will suffer as a result.
I am not on any side.I myself have some money invested.I had also benfited by terms of interest for quite a long time.There were good times for everyone who invested with Mr.K.Although we now have to cross our hands.
Dont condemn a man totally.If he could survive this difficult time and settle all peoples dues and continue his businesses, we are all winners.
Not only us, even the country is benefited.
So let us at least pray something good will turn out.Not only for us, even for him.He even had uplifted many people, through his businesses.This is a fact, that everyone should admit.
Also dont bring in any religion.Christianity doesnt ask people to sin.
Jesus said :”out of man’s heart comes all evil…..”
Even Buddha’s teachings are always for people to do good to one another and to say ’siyalu manushayo suwapathwewa, nidukwewa, nirogiwea”.He did not say only for good people.But siyalu manushayo.
By: Randolph on May 4, 2009
at 2:35 pm
Randolph and Sumanasiri,
Very unfortunate that there are people like you with a high level of tolerance to blatant fraud and malpractices. I do not feel that majority seeking justice are not doing so out of malice but of genuine concern that a bogus megalomaniac could hijack a whole lot of professionals and let them down through abuse of power and privilege, not earned but manipulated. The bogus doctorates and self aggrandizements should not be encouraged. If you wish to quote from Buddhism please look up what “Brahmadandana” is. During the time of the Buddha there were megalomaniacs like Devadatta and Channa. Ajasatta was led to patricide through such tendencies. We know firsthand that LK and the gang are social parasites who should never be defended by any right-thinking person.
By: Neil on May 4, 2009
at 3:39 pm
What will happen to Ceylinco Sussex College? Students?Teachers? So many cheatings are done even with money paid by parents? Its Not even Registred. What the hell they have done?
By: Nisara on May 5, 2009
at 9:28 am
Pls come to Premedasa Statue near Supreme Courts at 7.30 AM on 11th May Monday.
By: setcard on May 8, 2009
at 10:15 pm
Daduwam Mudalali was kidnapped and killed at Kuruwita.
Fortunately, Kotalawela is in the cell. Otherwise most probably LK also will have the very same fate.
By: Lalinda on May 20, 2009
at 1:53 pm
21/05/2009 is his case at Mt Lavina, Please post any info at the end of the day. What news of Central Bank and its team of accountants? The Collection account at BOC?
By: setcard on May 21, 2009
at 11:23 am
Three more GKC directors ( Daniel Jegasothy, Ms.Padmini Karunanayake and Bandula Ranaweera) remanded today by Mt. Lavinia Chief Magistrate until 4th June.
By: Kumara on May 21, 2009
at 6:33 pm
Padmini Karunanayake now in prison hospital. Next step Gen. Hospital, from there to Merchant ward as her boss. What a joke?
By: Kumara on May 22, 2009
at 6:00 pm
Next to be remanded should be Hiran de Silva, a rogue of the first order and a person who has no ethics at all. And the elevant officers are now investigating….I personally know people who are watching his wheraboutsd carefully and they are so dangerous they are even ready to murder him. Yes he did transfer his assets to his wife Hiranthi who is again a bitch!!!!! But the transfer was rejected!!!! These are the people who deserve a public stoning. Womanizer, under the carpet operative, throat cutter….name it and he is all that….CID, BC, AG’s dept talk to the employees too they can give you the real pictures of this bastard….His end is close too…This is retribution man!!!!!!! retribution!!!!
AG’s dept a job well done for putting PK, Jegasothy and BR behind bars….
By: Thishu on May 25, 2009
at 11:06 am
What’s the situation at Ceylinco Leasing? How do we renew our rev. licensees?
By: A lessee on May 25, 2009
at 12:14 pm
Do anyone know about the GKSS (the Golden Key Software Soution)? How they are working with the GKC company? Also can anyone have any idea, how GKC is providing solutions/service to their Customers? Thanks in advance.
By: Javed on May 25, 2009
at 1:06 pm
Apart from a few one or two all the others are crooks…from mervyn to hiran to big boss Lalith to Padmini to her son punarjeewa (sorry hora dr of American National College fame) who has millions of rupees thanks to the mother…but there are a few honest ones who are nothing but mutts of the first order so if you are trying to do anything with Ceylinco in the future ladies and gentlemen pls beware.
The Ceylinco empire is dead! Nobody the average shop owners don’t give anything on credit the way they used to….
I agree with Thishu Hiran must be one of the very few educated Deputy Chairmen but he was a disgrace to the educated the way he got about business. He hoodwinked Lalith to put himcharge of the international relations, toured the world over, stayed in luxury hotels with women, spent Ceylinco money to maintain his women the world over and brought no business o the company at all. He even tried to flee the country.
Some ppl are trying to find FR petitions and they will no doubt be successful. As no lawyers are coming forward to appear for any of the Ceylinco ppl.
By: Ramanayake on May 25, 2009
at 2:02 pm
Dear writers, going through the comments in this log I can almost sense your anger- some depositors, some employees, …….
I am none of thesebut an ordinary man however I came across this so called Hiran de Silva who claimed to be one of the top officials of Ceylinco Shriram…my first impression about him was not so good although he spoke good English, dressed well and spoke reasonable sense…I in fact knew he came from a respectable family in Colombo….but with time and from some deeds I judged him to be a dog…..yes, he has no principles, no working ethics….his personal life is not of concern to us but if heis sleeping with women behind his wife’s back that does not show much integrity now does. I also know great ppl who would have been an asset to the company leaving as he made hell for them….Mr and Mrs de Silva I hear you have a child, daughter or son pls don’t pass hese things to them!!!!!!!
By: suth on May 25, 2009
at 2:12 pm
Hiranthi also slept around with former HQ branch Manger after areobic classes!!( in the bank premises) So they make a good pair!! Poor kids, the fact is Samanmalee the legal officer of Sampath Bank Transfered Hirans assets to Hianthi. The CID could question this lawyer re this.
By: damith on May 25, 2009
at 9:35 pm
The Monetary Board of the Central Bank of Sri Lanka, in a notice to the public, has requested every present and past Director, Chief Executive Officer, Manager, Employee and Agent of F&G Property Developers (Private) Limited and F&G Real Estate Company Limited to submit a ‘Declaration of Assets and Liabilities’ to the Monetary Board on or before 5 June 2009. The decision was taken on May 9th, consequent to an Order made by the Supreme Court in Fundamental Rights Application No. 317/09 filed before the Supreme Court, to obtain relief upon the failure of F&G Property Developers (Private) Limited and F&G Real Estate Company Limited to repay their investors. This came to light soon after the Monetary Board directed every present and past Director, Chief Executive Officer, Manager, Employee and agent of the Golden Key Credit Card Company Limited and other related and relevant parties to submit a Declaration of Assets and Liabilities to the Monetary Board on or before 15 May 2009. This direction was in compliance with the Fundamental Rights Application Nos. 191/09 with 192/09, 197-216/09 and 225-226/09 filed before the Supreme Court to obtain relief upon the failure of the Golden Key Credit Card Company Limited to repay its investors.
Accordingly, the above mentioned parties of the F&G Property Developers (Private) Limited and F&G Real Estate Company Limited, along with their spouses and children, are requested to provide full particulars of all property they are holding in trust for anyone or anyone holding property in trust for them. Furthermore, the relevant parties are to provide all details of their closed bank accounts, current accounts, savings accounts and fixed deposits anywhere in the world; details of motor vehicles, motor boats or any other power driven vehicles; details of properties gifted, transferred, mortgaged, pledged or alienated in any manner, during the period from 1 January 2006 to date. The spouses and children of the employees and agents of the above entities are also called upon to submit information on safe deposit vaults in any bank; ownership or possession of jewellery, precious stones, gold or silver; and details of cash in hand or cash in the custody of any other person, as at 30 April 2009.
In another notice, the Central Bank has requested the general public and other legal entities to submit details of monies they have placed with F&G Property Developers (Private) Limited and F&G Real Estate Company Limited, along with copies of all supporting documents by 5 June 2009. The Central Bank said that the Monetary Board has taken regulatory measures on 9 May 2009, directing F&G Property Developers (Private) Limited and F&G Real Estate Company Limited, not to accept any further deposits, grant new loans, make any new investments or dispose, alienate, mortgage or pledge any assets of the two companies and of their past or present directors and office bearers, with immediate effect. The Central Bank has directed the companies to furnish details of their assets and liabilities as at 31 March 2009 and 30 April 2009 to the Monetary Board by 5 June 2009. The Central Bank has also directed the Registrar General, Registrar General of Lands, Commissioner of Motor Traffic, Securities and Exchange Commission of Sri Lanka not to permit transfers or transactions relating to assets of F&G Property Developers (Private) and F&G Real Estate Company Limited, its directors and key management personnel.
In March 2009, the Merchant Bank of Sri Lanka came up with a plan to pay back creditors of the troubled F&G Company Limited (regulated), F&G Property Developers Private) Limited (unregulated) and F&G Real Estate Company Limited (unregulated). However, since the depositors of the two failed unregulated entities filed a fundamental rights petition on April 27 in an attempt to get their money from the companies, “now the Merchant Bank as the managing agent is only involved in the restructuring and repayment of F&G Company Limited” said the Chairman, Merchant Bank, Janaka Ratnayake. According to our sources, F&G Property Developers Private Limited and F&G Real Estate Company Limited have liabilities up to Rs.9 billion worth of public funds.
Meanwhile on May 15, the Additional Magistrate of Colombo, Gian Ranawake, issued a warrant for the arrest of Ms. Yesmin Mohamed, another director of F&G for absconding from Court. He also ordered the release of Malani Sabaratnam, director of F&G Company Limited, who heads the Ceylinco Building Society Limited and its subsidiaries, Ceyhomes Credit & Investments Limited and Ceylinco Prosperity Private Limited. The Magistrate also ordered the Registrar of the Court to return the passport of Ms. Sabaratnam. Directors of other affiliated companies, namely Mervin Jayasinghe, Mohan Perera, K.A.S. Jayatissa, Priyantha Dharmasiri, Ranga Nanyakkara, Chalaka Sanjeewa Perera and Samathika Jayasekera, appeared in Court. At the time of going to press, Deputy Chairman F&G Group of Ceylinco, Mervyn Jayasinghe, was not available for comment
By: Nuwantha on June 3, 2009
at 8:19 am
The new company was registered as recently as March 18, 2009, but its directors defend that they have every right to form new companies under the Articles of Association (AoA), specially when the objectives of the original company were not fulfilled.
When contacted, Chamil Waduge stated that the Articles of Association (AoA) did not preclude them from forming other companies and/or transferring funds from the original company to a newly formed one — truly the case in point with regard to the Ceylinco Group of Companies.
The new company’s board of directors is Mervyn Jayasinghe (Chairman), Chamil Waduge (Managing Director) and T.K. Weerasinghe (Director Legal). The company has its registered office at 26/1, Dr. Lester James Peiris Mw, Colombo 5 which is also the address provided in the publications of the original company, Independent Financial News & Views (Pvt) Ltd.
Interestingly, Aratuwa Italia, a magazine for free distribution within the Sri Lankan community in Italy mentions its Colombo office to be the same Lester James Peiris Mawatha address. The magazine mentions 2552018 as the Aratuwa Italia contact number while Ceylanka Publications letterhead has 2552020 as the company contact phone number.
Transfer of funds
Amidst speculation that a transfer of money had taken place between the two publishing companies, inside sources claim that the former has transferred Rs. 10 million to the latter. While not willing to give details, Waduge who is also the editor in chief/ executive director of the publications does not deny that money was indeed so transferred.
Meanwhile, the management of Merchant Bank of Sri Lanka (MBSL) and Finance Guarantee Group held a media conference in connection with the restructuring plans for investors/depositors chaired by Chairman, MBSL, Janaka Ratnayake and Chairman, Finance & Guarantee Group, Mervyn Jayasinghe along with other officials at Ceylon Continental Hotel on March 17.
Investors/depositors now allege and are fearful that the new publishing company has applied for a loan from MBSL to continue its activates, a fact MBSL denies. It is a path that Ceylinco Group’s many companies seem to have taken, justifying their fears.
When contacted, Chairman, MBSL, Janaka Ratnayake denied that a company named Ceylanka Publications had applied to the bank for a loan.
“At this point, if the company requesting for a loan is connected to Ceylinco or Seylan, no one would grant them such a loan,” Ratnayake said.
Unavailable
Despite our many attempts, Chairman, F & G Co. Ltd., Mervyn Jayasinghe was unavailable for comment at the time of going to press.
The hotline to Ceylanka Publications published in its letterhead, 071 4552020 has been disconnected. However the Managing Director of Ceylanka Publications, Chamila Waduge told The Sunday Leader that the Memorandum of Association (MoA) did not bar new companies from being formed. He also said that the original company had not been liquidated and is still in operation. He however did not deny any transfer of assets when questioned, but said it would not be illegal to do so.
Meanwhile, Lalith Kotelawala, still at the Merchant’s Ward and on bail was issued a medical certificate by none other than Director, National Hospital, Dr. Hector Weerasinghe. This fact drew the attention of Deputy Solicitor General Sarath Jayamanne who said in open court on March 26 that this was the first time that he (Jayamanne) had received a medical report from the Director of the National Hospital on behalf of a patient.
He referred in court to a magazine titled Janmabhinandana published by Ceylinco Consolidated on Lalith Kotelawala’s birthday that included a message — an interview based article on Dr. Hector Weerasinghe. The counsel said that it was the same Dr. Weerasinghe, who had now forwarded the medical report on behalf of Kotelawala. In the said article, Dr. Weerasinghe has spoken in glowing terms of the philanthropist businessman
By: Nuwantha on June 3, 2009
at 8:26 am
List of Golden Key depositors from Rs.2.6 million to 3 million
MRS SALOME RADHANIKA GOMEZ 2,600,000.00
MR SRITHAR MARIMUTHU 2,600,000.00
MRS SUDHARMA IDDAWELA 2,600,000.00
MR U H KULASIRI 2,600,000.00
MR W A D WIJAYASIRI 2,600,000.00
MR W S K WIMALADHARMA 2,600,000.00
MR WIJANTHA EWART RATNAYEKE 2,600,000.00
MR H M K AMBANWELA 2,600,000.56
MR PREETHI LALANTHA JAYASINGHE 2,600,063.00
MRS CHITRA PREMASINGHE 2,600,704.38
MR A A S A GUNARATNA 2,600,894.41
MR S H LEANAGE 2,605,174.33
MR DUNSTAN KENNETH PERERA 2,605,900.00
MRS S A VINDYA SANJEEWANI GUNASEKERA 2,607,050.11
MRS K D WIJENDRA 2,610,000.00
MR KINGSLEY MUNASINGHE 2,610,000.00
MR P S L SILVA 2,610,000.00
MRS SRIMATHI JAYATILAKE 2,612,287.77
MRS J D N VASANTHINI 2,616,667.00
MRS P WIJETUNGE 2,624,738.44
MR M NIHAL DELPHYNUS PER GUNATILLAKE 2,625,550.48
MR W H C RODRIGO 2,627,984.95
MR C H M PERUMAL 2,630,000.00
MR T W DE SILVA GUNESEKERA 2,630,000.00
MRS R M S WEERASINGHE 2,633,500.00
MRS K D N FERNANDO 2,634,534.24
MRS A C BELL 2,634,689.20
MRS W S KARUNATHILAKE 2,634,908.23
MR T A D C DILAN 2,636,915.17
MRS CHIRANTHI SUJAYANIE KARIYAWASAM 2,637,000.00
MR ADRIAN E S JOSEPH 2,638,202.28
MRS SUNETHRA KULATILAKA 2,643,651.98
MR P A J PERERA 2,646,084.00
MR B N DE ZILWA 2,647,033.44
MRS CHITRA ABEYGOONEWARDENA 2,648,507.80
MRS S L R JIRASINGHE 2,649,931.50
MR GANGANATH AMADORU 2,650,000.00
MR L A L SAMARAWICKREMA 2,650,000.00
MR W H NIXON FERNANDO 2,650,000.00
MR NIMAL PERERA 2,670,000.00
MS D S TENNEKOON 2,671,831.80
MRS J AYIN CAREEM 2,675,000.00
MR W A PALITHA MAHANAMA 2,675,000.00
MR THANGIAH VIJAYANANTH 2,684,095.12
MR H N J GUNARATNE 2,686,893.85
MR A S JAYATILLEKA 2,690,000.00
MRS A D C PRIYADARSHANI 2,700,000.00
MRS A N C K WEERASINGHA 2,700,000.00
MR B B HERATH 2,700,000.00
MRS C S D PERERA 2,700,000.00
MR COLOMBAGE JOSEPH SH FERNANDO 2,700,000.00
MR D H J FERNANDO 2,700,000.00
MS D S WIJESINGHE 2,700,000.00
MRS D S H MARAPANA 2,700,000.00
MR D SAJIT JANARAJ FERNANDO 2,700,000.00
DR ERNEST ATUKORALE 2,700,000.00
MR G MUTHUSAMY 2,700,000.00
MRS G A H A J C JAYAWEERA 2,700,000.00
MR H D F L SUNIMAL 2,700,000.00
MRS H N V D ALMEIDA 2,700,000.00
MR J A WEERASINHE 2,700,000.00
MR J M L JAYASUNDARA 2,700,000.00
MR K A P S ANGULUGAHA 2,700,000.00
MR K F S PERERA 2,700,000.00
MS K M D K M PERERA 2,700,000.00
MR KAPILA GUNASEKERA 2,700,000.00
MRS KUSUMA NARANPANAWA 2,700,000.00
MR KUTUBUDDIN ESMAIL 2,700,000.00
MR/MS L N / A B GOONEWARDENA 2,700,000.00
MR M LIYANAGE 2,700,000.00
MR MAHENDRA AMARALAL KALUBOWILA 2,700,000.00
MR NIRANJAN ELLEPOLA 2,700,000.00
MR P L GUNASINGHE 2,700,000.00
MRS PRAXY SAMARATUNGE DE SARAM 2,700,000.00
MRS R K G SILVA 2,700,000.00
BRIG R M B P RANASINGHE 2,700,000.00
BRIG R M B P RANASINGHE 2,700,000.00
MR S B WEERASINGHE 2,700,000.00
MRS S C PARANAHEWAGE 2,700,000.00
MRS S G R PERERA 2,700,000.00
MR S K E MADAWALA 2,700,000.00
MR U L KARUNARATNE 2,700,000.00
MR W S B VONHAGT 2,700,000.00
MR WIMALA DASSANAYAKE 2,700,000.00
MS DAYAWATHI WARAKAWALAGE 2,700,000.08
MR M S SOOKOOR 2,702,910.19
MR L M S T FERNANDO 2,703,644.68
MR/MS ANTON K/MURIN LUMINA JACOB 2,707,500.00
MRS ANOJA JAYAWICKRAMA 2,709,097.87
MR J M CRAMER 2,710,000.00
MRS S V I RODRIGO 2,710,000.00
MR D D N KUMARA 2,712,905.92
MR GERALD NANAYAKKARA 2,713,373.30
MR THOMAS HUPPERT 2,720,393.74
MRS W A D JAYATHILAKE 2,720,734.02
MR H M S HERATH 2,723,358.44
MR A M A B ALAHAKOON 2,723,369.86
DR C FERNANDOPULLE 2,725,000.00
MR ESHANTHA GUNAWARDHANA 2,725,000.00
MS A R DE SILVA 2,726,746.22
MR MANEL DISSANAYAKE 2,728,430.84
MRS D M G F SIYABALAPITIYA 2,735,336.18
MRS ANDREA DHANAPALA 2,740,000.00
MRS N P EMBULDENIYA 2,741,500.00
MR GAYA NISSANKA PATHIKIRIKORALE 2,743,807.46
MS A H A NIROSHANI 2,750,000.00
MR C A JAYESINGHA 2,750,000.00
MR C A JAYESINGHA 2,750,000.00
MR C A JAYESINGHA 2,750,000.00
MRS CHANDRAWATHI HETTIARACHCHIGE 2,750,000.00
MR D A PERERA 2,750,000.00
MR H DAMMIKA PRIYACHAND PATHIRANA 2,750,000.00
MR L HEMACHANDRA 2,750,000.00
MRS M S DE SILVA 2,750,000.00
MRS MADHUKA JAYASINGHE 2,750,000.00
MS N T BATUWANTUDAWE 2,750,000.00
MR/MS NEELA / CLAIR THIMBIRIPOLA 2,750,000.00
MS S P A SAMARATUNGA 2,750,000.00
MR W M S D UDUWAWALA 2,750,000.00
MR D M N C DASWATTA 2,750,299.85
MR P A S PERERA 2,751,164.38
MRS FLEUR MACK 2,752,272.31
MS R LOGESWARY 2,753,841.01
MR H U N PERERA 2,758,358.46
MRS DEDIWALAGE JAYA CHAN RANATUNGA 2,760,000.00
MR B J PAUL 2,765,000.00
DR NEVILLE COORAY 2,776,595.37
MS FAUZUL FAAIZA ABDUL RAHIM 2,779,241.25
MS SHERABANU SETHWALA 2,786,386.21
MR MARK RVMAL FERNANDO 2,790,617.07
MR A U PALLIYAGURUGE 2,800,000.00
MR A W K J SILVA 2,800,000.00
MR B A R D PERERA 2,800,000.00
MR B R O FERNANDO 2,800,000.00
MRS C R NAVARATNE 2,800,000.00
MRS CHANDRA K AMBANWELA 2,800,000.00
MR D ABEYWARDENA 2,800,000.00
MR D P GAMAGE 2,800,000.00
MR DINESH NAGENDRA SELLAMUTTU 2,800,000.00
MR DONALD NELLIMALE KURIAN 2,800,000.00
MRS E F P MENDIS 2,800,000.00
MR H J KURIAN 2,800,000.00
MR H R G SENARATNE 2,800,000.00
MRS HEMANTHI PERERA 2,800,000.00
DR I S DASSANAYAKE 2,800,000.00
MR J WIJEGOONEWARDENE 2,800,000.00
MR K VENUBALA 2,800,000.00
MR K R WELIWITA 2,800,000.00
MRS K RUVINI THARISHA THILAKARATNA 2,800,000.00
MRS K S THABREW 2,800,000.00
MRS K T C M S D FERNANDO 2,800,000.00
MR KANKANI GAMAGE RATHNASIRI 2,800,000.00
MR L B SENADHIRA 2,800,000.00
MR L R PERERA 2,800,000.00
MR N M A C NISSANKA 2,800,000.00
MR R I FERNANDO 2,800,000.00
MR RANJITH ASOKA DE ABRE RAJAPAKSE 2,800,000.00
MRS S CROSSETTE THAMBIA 2,800,000.00
MRS S A GOONEWARDENA 2,800,000.00
MRS S D L A A WIJESIRIWARDENE 2,800,000.00
MRS SOMAWATHIE LAHANDA PURAGE 2,800,000.00
MR T I FERNANDO 2,800,000.00
MR THURAISAMY THUMAKANDAN 2,800,000.00
MR W ANTON CHRISANTHA R FERNANDO 2,800,000.00
MR A D W PATHINAYAKA 2,800,004.08
MR SUNIL JAYARATHNE 2,802,321.93
MR S M WICKRAMASINGHE 2,804,161.93
MS HEMANTHA PUSHPAMALA VITANATCHI 2,806,057.15
MR S D G PERERA 2,809,040.20
MRS W M A FERNANDO 2,810,000.00
MRS WARSHAGAMAGE KUSUM BALASURIYA 2,811,637.39
MS M L I COORAY 2,813,085.58
MR G T FAZLEABAS 2,814,068.37
MRS R S KARUNARATNE 2,816,028.65
MRS D A DE ZILWA 2,825,000.00
MR N M A DE ZILWA 2,825,000.00
MR D M SALINGA PRIMAL DISSANAYAKE 2,838,386.51
MRS LEELA JAYASINGHE 2,841,875.00
MR D M S C DISSANAYAKE 2,850,000.00
MR JOHN STANLEY SAMARATUNGA MUHA 2,850,000.00
MR L W A P WICKRAMAPALA 2,850,000.00
MR RANJAN WANIGASEKARA BALASURIYAGE 2,850,000.00
MRS S K V P RANJANI 2,850,000.00
MRS S P C F WIJEYARATNE 2,850,000.00
MRS S R H SOZA 2,850,000.00
MR W R S M R A HIGGODA 2,850,000.00
MR N P MOORJANI 2,861,000.00
MR O E PEIRIS 2,862,672.25
MR DON PRIYA SENANAYAKE MADAPATHAGE 2,864,122.70
MRS W S MADURAWELA 2,868,628.18
MR CECIL F LEARD 2,870,000.00
MR M G S M WICKRAMANAYAKE 2,872,999.57
MR K D S PATRICK 2,873,463.16
MR DERRICK TALWATTE 2,875,000.00
MR J DOLAWATTA 2,875,000.00
MR L W KRAUSE 2,876,400.00
MR DON EDWARD WELIKALA 2,879,140.00
MS PRIYANKA DONA ABEYSEKERA 2,879,852.76
MRS SHANTHINI NAVARATNAM 2,885,000.00
MRS A N JAYASINGHE 2,900,000.00
MR C S B ARAMBEPOLA 2,900,000.00
MR CHANDIKA PATHIRANAGE BRODIE 2,900,000.00
MRS CHRISTINE NAYOMI GOONETILLEKE 2,900,000.00
MR G K A H PERERA 2,900,000.00
MR H D JAYASINGHE 2,900,000.00
MR H MERVIN STANLEY PERERA 2,900,000.00
MR H S A LIYANAGE 2,900,000.00
MR J N RAYMOND 2,900,000.00
MRS K A WERAPITIYA 2,900,000.00
MR K A SHERAN FERNANDO 2,900,000.00
MR M I A SULAIMAN 2,900,000.00
MR M K DE SILVA 2,900,000.00
MR NIMAL VELE PERIGE 2,900,000.00
MR P W P KARIYAWASAM 2,900,000.00
MRS R D R MANAMPERI 2,900,000.00
MR R R RATNAYAKE 2,900,000.00
MR ROHAN FELICIAN PERERA 2,900,000.00
MR S R SIRIWARDANA 2,900,000.00
MRS A GUNERATNE 2,900,000.00
MR R G LAKSHMAN 2,900,024.00
MR M H APPLEGATE 2,901,425.60
MR P A D F DAYANANDA 2,908,160.09
MR S B N RODRIGO 2,910,000.00
MR T E JANSEN 2,917,364.92
MRS C W GOONEWARDENE 2,920,465.74
DR S H BANDUWARDENE 2,922,287.70
MR S M MUNASINGHE 2,925,000.00
MR S S RAJAKARUNA 2,925,000.00
MRS FAUZIYA MOIZ SETHWALA 2,942,667.72
MRS P R V K AMBEPITIYA 2,951,653.70
MS D R J MANUSHI SENANAY MADAPATHAGE 2,954,710.37
MR ANTHONY BERNARD PERERA 2,956,974.02
MRS H S P ABEYAWARDANA 2,962,815.58
REV K CALIXTUS FERNANDO 2,967,203.03
MR M D S EDWARD 2,973,675.67
MS THAMARA SHIRANI PATHI WEERASINGHE 2,976,915.62
MR Y R KARUNARATNE 2,979,025.29
MRS L S REBERT 2,979,134.83
MR W U HENADERAGE 2,979,484.02
MR Y A DAYARATNE 2,981,222.06
MRS S C D ALAHAKOON 2,983,000.00
MS D H MARTINSTYNE 2,993,960.00
DR A E R JAYARATNAM 2,999,581.06
By: Nuwantha on June 3, 2009
at 8:29 am
Oh my God if only people know what sort of crooks Meryn, Jayatissa et al are…..I can’t understand why these people are still out and not in prison….
Hiran and his wife’s extra marital relationships are not of concern to us but the money he has swindled is! Pls do somehting
By: suth on June 5, 2009
at 11:23 am
We are closing this blog very soon, as we Sinhalese feel this is the shittiest blog in the Asian side of the internet.
Iam sorry I keep putting up bloodthirsty Pro-Sinhala Propaganda on this dirty, stinking rag-blog.
Sorry guys, I dont want to face the ICJ or the war crimes tribunal.
Sinhale
By: sinhale on June 9, 2009
at 8:46 pm
While you wait for GK’s money, you can earn extra income from reading emails. Go to below mention website,then you will know it.
http://giga-mails.com/pages/index.php?refid=caaph
By: Nobert on June 12, 2009
at 11:55 am
Please don’t close Blog, This is the place we get know what will happen next & What will happen to our hard earn money.
By: Nobert on June 12, 2009
at 11:59 am
“We are closing this blog very soon, as we Sinhalese feel this is the shittiest blog in the Asian side of the internet” – so says “Sinhale”
on 9th June 2009 but as Nobert states.
“Please don’t close Blog, This is the place we get know what will happen next & What will happen to our hard earn money”— it shows that some people prefer to shut their eyes to the misery inflicted by crooks on unsuspecting victims of financial misdemeanors while there are others who wish to find out what is happening around us and if possible to protect ourselves.
The very fact that this blog has survived for 6 months and still people are accessing it, shows that still there are people who wish to know what is happening!
With the take over of Seylan Bank and a new Chairman being appointed, for the information of those interested, last Saturday night(13th June) around 7.30 p.m. Galle Road from Kollupitiya Junction to Seylan Towers Building opposite Oberoi now Cinnamon Grande Hotel was all decorated and people could hear the beating of drums and see lights alongside the street leading to the building with the procession of Buddhist Monks being conducted by traditional dancers- for what? To augur a better future for the bank by blessing the entire building with an all night Pirith Chanting Ceremony followed by Heela Dane! The sound vibrations of Pirith Chanting could be felt by anyone who was inside that building during that time!
Shit or no shit as “Sinhale” feels it right to call this blog, there is something called ” cause and effect” or repurcussions for bad actions- that is what people who were there at the time felt.
Anyone not interested in this blog, could refrain from accessing it- right?
By: darmitha on June 17, 2009
at 5:37 am
YOU MAY NIT CLOSE THIS BLOG AS IT SERVES SOME PURPOSE FOR THE DISTRESSED DEPOSITORS..
PL RECONSIDER
By: jay on June 17, 2009
at 11:18 am
I think the official SINHALE HOT NEWS owner needs to explain this “shutting down” threat posted aparently by: sinhale on June 9, 2009
at 8:46 pm because judging fromthe language and tone it looks bogus, not becoming of a civic minded person.
By: Neil on June 17, 2009
at 1:11 pm
Dear Readers,
Kindly note that we have no intention whatsoever to close down this site. We too have noticed that a comment has been posted to this forum by someone called ‘sinhale” on 9th June saying this site will soon be shut down.
Apart from that we have received many threats through our official email address. Since we are in a position to stand up on our own foot, we do not care these silly acts.
Our primary objective is to provide news and articles to our readers for them to share and discuss. Therefore, as far as our readers are with us, we are here to serve you.
Sinhale/ Suranimala
For and on behalf of Web Administrator – Sinhale Hot News.
By: suranimala on June 17, 2009
at 9:16 pm
There will be a protest campaign at 9.45 out side temple near Mt Lavina Courts….. Pls Come
By: Bernard on June 17, 2009
at 9:25 pm
Yes, Bernard. Today I have seen the protest that launched just in front of the Mt.Lavinia Court by the Golden Key depositors. It is a well attended protest and I have seen many of them are carrying placards.
“Do not bail out Kothalawela” , ” Order Kothalawela to release our deposits” – those two are the main wordings written on many placards which I have seen.
I think judiciary will meet your requests soon.
By: Nuwan. S on June 18, 2009
at 1:55 pm
Dear Suranimala
Thank you for the clarification and clearing the good name of your website Sinhale. Human freedom, justice and fairplay are meningless words unless there is a forum for free and fair information dissemination, and public debate and discussion with transparency. I applaud Sinhale for doing what is right in a world that has gone wrong.
There is a special hell for the cowards you resort to threats against human freedom in this life and thereafter, perhaps not as comfortable as the Merchant ward.
By: Neil on June 18, 2009
at 2:17 pm
Dear Barnard and Nuwan,
The only way to prevent the repeat of this kind of behaviour by rogue entrepreneurs and conmen is to make sure that no one gets away with impunity. Kotalawala and the directors have assets that the judiciary can go after and ensure that the depositors are paid back. This would deter future wannabe selfish morons who hope to profit from other people’s lifeblood. There are enough of them posting comments defending the miscreants and giving threats to the hosts of this very same site.
By: Neil on June 18, 2009
at 2:26 pm
Hi Guys
Does anyone know what happened at the Mt lavina Courts today ?
Thanks
By: Suraj on June 18, 2009
at 4:21 pm
The Mt.Lavinia Magistrate rejected bail for 14 suspects including Lalith Kotalawela when the Golden Key case was taken up for hearing today.
By: Reporter on June 18, 2009
at 9:32 pm
Does anyone know what happened at the F &G Courts today ?
By: Nuwantha on June 22, 2009
at 10:55 am
There may be a move to settle only GK depositors who put the FR case so that they will withdraw it, will courts set Lalith and CO free if only the Twenty odd depositors who file the FR case are paid??
By: damith on June 26, 2009
at 9:11 pm
My name is Saju ( Indian national) I work with Ceylinco Foliage Dubai U.A.E When I leave this company Last year My Due Salarys unpaid and commisions Unpaid they settled by paying Pd Cheques now I have 41,000Dhs un paid bons Cheque with me Both signaturys are in srilanka If any of you can help me . I am redy to come to srilanka To file Petition I want to know about posibilitys of that You can contact me 00971503407705 sajuceyflora@gmail.com
By: Saju on June 27, 2009
at 2:43 pm
Before you come to SL, consult your Indian Embassy here.
Issuing a post dated cheque is a offence and bouncing those cheques due to non available of funds is a major offence. So, you have a reason to file action against them.
Up to now many depositors filed action against Ceylinco and nearly 14 top people of that company including its chairman LK are in the prison.
By: Subasinghe on June 27, 2009
at 5:37 pm
Please go to this Web Site.
http://goldenkeyscam.blogspot.com/
By: Nobert on June 29, 2009
at 5:07 pm
Last week Ceylinco Shriram Executive Director, Ceylinco group deputy Chairman and one of the biggest crooks Hiran de Silva and another innocent (but a right royal mutt) Rajiv Wijetunge were to arrested. But Hiran the sharp crook he is got two depositors to speak on his behalf and they have been released on bail until next month. AG’s dept. pls, pls show Hiran the plight of robbery. Innocent victims are suffering he is living in luxury….
Sampath Bank pls check the backgrounds of your staff when you promote ppl as AGMs. Hiranthi does not deserve to be one!
By: cha on July 7, 2009
at 2:23 pm
Cha it seems like you have a personal vendetta against Hiran de Silva and Hiranthi. What it is exactly? I don’t think you care about the people who are affected but rather you have highlighted one person who you obviously hate for reasons only known to you. Sad that this forum is used by people like you to air out their personal vendettas.
By: india on August 11, 2009
at 4:17 am
And how Sampath Bank Lawyer Samanmali did the asser transfer?? Harris do not let the Ceylinco Tsunami hit Sampath BAnk!!
By: Bernard on July 7, 2009
at 10:07 pm
I have invested in Ceylinco Profit Sharing Investments Corporation and now get a letter saying I cannot withdraw any of the money. They want me to sign something saying I am willing to put 30% of my earnings as capital to restructure the company. I am very worried as I urgently need the money. Does anyone know of a blog for Ceylinco Profit Sharing? any information is kindly appreciated.
By: Dean on July 8, 2009
at 11:14 pm
Three directors Ajith Gunawardena, Nihal Perera and Shanaka Wijesinghe of the Ceylinco Sri Ram Capital Management Private Company surrendered to the Colombo Fort Magistrate and Additional District Judge Gihan Pilapitiya. They are alleged to have failed to pay the depositors a sum of Rs. 7 billion.
Later all three Directors were released on cash bail in Rs. 50,000 and a bond of Rs. 500,000 with two sureties each.
By: Reporter on July 9, 2009
at 6:56 pm
What did President Premadasa, Prabakaran and Lalith Kothalawela have in common? Besides all three were extremely successful in what they did. Why did they fall? Because all three had people around them singing their praises and telling them how God like they were 24/7. Even the best of them start to believe they are ‘God’s and are quite invincible over a period of time. Inevitably, reality,and the checks and balances in their decisions ‘go out the window’. Eventually they stumble and fall or are brought down. In Mr. Kotalawela’s case his problems started when he:
a) Went public with his political affiliations
b) His freedom fighter, pro-LTTE speech
c) Prophesizing of his Christian faith
Opportunity presented itself when market forces brought down the Golden Key Company in December of 2008. Everyone including, the Central Bank, knew GKCC had been using a loophole in the law and taking in deposits without being regulated as a finance company.
As long as it was making money and run by Gods, it had to be OK.
Also a little publicized fact is that since the early years Mr. Kotalawela rarely if ever interfered or paid close attention to Golden Key affairs. As long as the Company was growing, it was all right by him. Reports are that the past few years there has not been a AGM for the company is not suprising. After all Khavan Perera was his heir-apparent and was for the most part a man of integrity. Thru “the good times” of the phenomenol global trade expansion, Depositor’s money was invested in foreign real estate based instuments. Everyone now knows how that story ends.
The worlds top investment banker types had set up a house of cards and trillions of dollars of the world’s middle class people’s savings disappeared from beneath them in November of 2008.
The banking community accross the board gets bailed out and the ordinary people lose their money. This is the new face of ‘financial colonialism’ At least some people don’t let the dazzel of the Western Banker types just walk in and pick their pockets. India for an instance. Maybe we should have hitched our wagon to the Indian economy years ago. Then again if we are not vigilant who know if we will be taken for ride by our neighbors to the North as well.
During and after the decline in the business climate that once exsisted Khavan and Sarada started to make rash decisions by throwing ‘good money after bad’ on pet projects of directors and the like, which is where the criminal element comes in. As a financial institition not having a system of checks and balances independently reporting to him is what makes Mr. Kotalawela negligent and ultimately liable, being the head of the organization. Because Blue Diamond episode should have been a wake up call for him. However throwing him in jail perhaps is a counter productive legal move. Having the Govt. liquidate assets and disperse them out is also not going to work very well. In these cases being liable and found guilty is one thing, collecting is entirely another thing. Pennies on the dollar what can be depositors can hope to get at the end of day. Coaxing a and getting a better shared depositor’s money out of him while letting him do what he is good over a period of time would have been a better way of going about it. After all C’est la vie.
By: Deepthroat on July 12, 2009
at 12:25 am
What happened at the Supreme Courts on 13th July?
By: damith on July 13, 2009
at 9:43 pm
Have agreed not to pay any single cent. All responsible to rest in Prison Life time.
By: Kalu Pusa on July 13, 2009
at 9:53 pm
Mt.Lavinia GKCC case today postponed to 23rd July, as all accused including LK appeared before Colombo Magistrate Courts.
By: Reporter on July 16, 2009
at 9:41 pm
what about ‘ INVETIGATION ” ON vidura college, as FINANCE DIRECTOR OF GK has allegely pumped a lot of money, has met and paid payments through GK Funds,
authorities may check the allegations
By: jay on July 17, 2009
at 1:46 pm
Jay,
I fully agree with you. I am an ex-employee of Golden Key Group. Mr. Sarada Sumanasekara used to buy furniture/tex books/vehicle for Vidura Collage while he was Finance DIrector of Golden Key..It is a common talk amongst employees of Golden Key Credit Card that Mr. Sarada diverted funds to Vidura collage which is owned by his father. Also there were rumours running he transferred huge some of money through illegal channels to Italy where his sister is living. His close friends such as Darshana Rajapakse, Bimal Mudalige and Sudath Delpe were inducted into higher positions like CED/COO/CEO in Golden Key group of companies, even he created companies only for accomodating and paying salary to his friends. These guys are not even “O” level but they were paid huge salary of above 400000 rupees per month. Police should investigate this also.
By: Shromi on July 23, 2009
at 8:50 am
This is absolutely true. Golden Key Finance Director Saradha Sumanasekara was a very powerful official in the Group. He used to open New Companies to accomodate his friends and henchmen and to offer them massive salaries and foreign trips. Non of the CEO/COOs were not even ‘O’ Level. Bimal Mudalige, Darshana Rajapaksha were only a few. All these people should be insvestigated by the CID before they run away or tranfer the assets to a thid party.
By: Sudath on August 19, 2009
at 7:12 am
This is a BIG joke!! A LOT OF PRISON OFFICAIL’S CHILDREN ARE GETTING EMPLOYED IN CEYLINCO INSURANCE!! THIS WRONG, CURRUPTION. They allow Dr Punarjee to visit his mother unlimited times, can a poor prisoner have the same facilities??
Dr Kothalawala who is a PRISONER is addresed to as “SIR” how come!!
By: Bernard on July 17, 2009
at 7:08 pm
Children of Prison officials alson getting admission in Vidura College..
By: Shromi on July 23, 2009
at 8:40 am
This came on LBO..
Sri Lanka Golden Key needs Rs13bn in outside cash to repay depositor: accountants
July 18, 2009 (LBO) – Court appointed accountants probing a failed financial firm in Sri Lanka’s Ceylinco group have recommended that its chairman directors “bring in” an additional 13 billion rupees to start repaying depositors.
The Golden Key Credit Card Company collapsed with debts of 26 billion of which 12.7 billion is capital and 13.2 billion is interest according to initial findings of a Supreme Court appointed committee of chartered accountants.
The committee says two sets of accounts were found and some assets have already been mortgaged to other parties, complicated a liquidation process.
Reconciling
The committee’s report to court says an audit is underway to reconcile Golden Key Credit Card Company’s computer system and customer deposit confirmations.
“The company has two sets of accounts one from the IMAS system (computer system) and a set of corrupt accounts prepared on excel sheets,” the report said citing information provided by Golden Key accounts department employees.
The three court appointed accountants, Lakshman Watawala, Nelson Nagasinghe and Mahendra Panditha, are probing Golden Key businesses and assets to repay depositors by selling them.
They have requested court to ask Ceylinco Chairman and the group’s senior directors to contribute.
“In the first phase to bring in a minimum 13 billion rupees – as declared to the Magistrate’s Court – to repay depositors,” the accountants said.
The Mount Lavinia Magistrate, in whose court a criminal case is being heard in parallel with a Supreme Court fundamental rights violation action, has remanded Ceylinco chairman Lalith Kotelawala and other directors.
“Chairman and directors of Ceylinco consolidated are responsible for the proper management of all group companies and safeguarding the assets of these organizations,” the accountants report said.
Group Dues
The report has revealed that Golden Key’s 55 group firms, including nine foreign based companies, owe the parent 5.9 billion rupees.
“Most of these companies are not in operation and employees of those companies have already left,” the report said.
Golden Key subsidiaries were requested by the Supreme Court to come up with acceptable proposals to the committee to either continue operations or to sell the businesses.
However 24 Golden Key firms had not submitted asset declarations to the Supreme Court appointed committee by June 10.
Sixty four directors of Golden Key group had also ignored court orders to submit asset declarations, according to the report.
Included in the 5.9 billion rupees loaned to group firms is 823 million rupees given to the Golden Key ENT Hospital, in the outskirts of Sri Lanka’s capital Colombo.
Asset Transfer
The report highlights a probable sale of Golden Key’s stake in the hospital to a gratuity fund of Ceylinco Insurance, another Ceylinco group firm, for half the 500 million rupee value agreed to by the boards of the two firms, days ahead of the crisis becoming public.
The committee says the transaction needs to be investigated since it has not been registered in the name of the party that advanced the funds.
“A transaction for the sale of Golden Key Hospital was noticed and an advance taken but the transfer of shares had not gone through,” according to the report.
“Ceylinco Insurance accounts showed the purchase consideration to be 250 million.”
The report does not say who the new owners of the hospital’s shares are. However the hospital was valued at three billion rupees by Ceylinco Consolidated in a valuation submitted to court.
Ceylinco Insurance had also agreed to a sale of Golden Key’s main office in Colombo, two thirds of which is owned by the insurer, to support Golden Key’s liquidation, the report said.
The committee says some promised asset sales won’t directly benefit Golden Key depositors.
Low Equity
For instance the firm only owns a 2.6 percent stake in the Ceylino Ceysands Hotel, one of the properties put on sale by Ceylinco Consolidated and valued at 500 million rupees.
The committee adds that the valuations of asset provided to the Mount Lavinia magistrates in a list of assets the Ceylinco group plans to dispose of and repay Golden Key depositors is unrealistic.
“It was noted that the values placed on them were not realistic and the government valuer will be engaged to give a fresh value of assets.”
It says 844 million rupees in credit card dues are outstanding from employees and related parties (equal to 3.2 percent of Golden Key’s depositor liabilities) to whom statements will be sent soon “requesting payment as per the court order.”
Other debtors owe Golden Key some 359 million rupees. Liquidating other assets may prove difficult.
“Credit facilities have been obtained from banks by mortgaging properties as securities,” making it difficult to liquidate the firm’s property holdings, the report said.
“Even though vehicles are listed under GKCL (Golden Key Credit Card Company Limited), the majority of the vehicles have been acquired on a leasehold basis.
“Most of the vehicles have been taken over by the respective leasing companies,” the report said.
The accountants’ committee is also urging Ceylinco Consolidated’s chairman and senior group directors and directors of Golden Key Credit to provide a solution on the manner in which depositors are to be repaid.
By: damith on July 18, 2009
at 11:01 pm
All they have to do is sell Ceylinco Insurance and Seylan Bank. That should be able to settle all the depositers in cash. Otherwise it will take years and years and we will end up being like the Pramuka Bank depositers
By: raja on July 19, 2009
at 1:33 am
Lalith K: wheeled to court, walks in jail
By Ishara Rathnakara
Golden Key Credit Card Chairman Lalith Kotelawala is adopting another ruse, allegedly hoodwinking the magistrate each time his case is called, by being brought in a wheelchair . Reliable sources say that Kotelawala is hale and hearty and was walking about without any help , within the prison premises and the apparent inability to walk was a ruse adopted by him. He is said to be up and about, attending to his personal needs while in prison. He is also said to be carrying out his daily exercise regimen in prison.In the first instance when the case was called on February 28, he did not come in a wheelchair but, after being remanded he ensured that everytime he came to court he was wheeled in by an aide.
There were times he arrived in an ambulance . However, according to prison sources he refrains from taking special food when he is in prison, and consumes the normal meals given to other prisoners.
By: abbey on July 19, 2009
at 6:36 pm
What is mystifing about the Sri Lankan judicial system is:
1) How in a case where a group of people who deposited money in a company whether they were misled or not have their ‘Fundamental Rights’ be infringed upon.
2) How the accused in a ‘civil’ matter could be held in jail without the opportunity to be bonded and released pending a conviction. Is the accused not innocent until proven guilty in SL?
I guess, Attorney General Mohan Peries, and all the Judges and lawyers in this case all know their jobs and are working within the law.
However I believe the Supreme Court shoul debate on this and the law should be reviewed so it is just and equitable to all.
The way it stands now. It looks like all that is needed to destroy a business, or someone’s life’s work is have an accuser, probable cause, and a favorable public defender. And pow you are ‘toast’ in SL remand prison for a long indefinite stay.
The general belief is that unless the accused is risk to public safety, he or she has the right to defend him/her self with all the resources availble to someone on the outside.
As in thou shalt not kill. Thou should not hold one in jail against ones will unjustly.
Just to let you all know that I am not from the pro Kotalawela camp or anything like that. I am just talking about our judicial system being a bit askew.
By: Deepthroat on July 21, 2009
at 10:55 pm
Bernard, Several prison officials children also getting admission. Though, behind bar, golden key money still play a major role in the walls of Prison !
By: Shromi on July 23, 2009
at 8:13 am
Bernard, severaln prison officials children also getting hough, behind bar, Golden Key money still play major role in the walls of prison.
By: Shromi on July 23, 2009
at 8:15 am
What happened at mount 2day?
By: abbey on July 23, 2009
at 9:58 pm
Three Ceylinco F & G Directors ( Mervyn Jayasinghe, Sunil Jayathissa and Mohan Perera) remanded by Colombo Fort Magistrate Nishantha Hapuarachchi and ordered to impound their passport also.
Two more F&G Directors Sabarathnam and Samanthika Jayasinghe released on cash and surety bail. Open warrant issued another Director Dilham Mohamed.
By: Reporter on July 27, 2009
at 9:42 pm
12 bank accounts maintained by F&G Property Developers in Seylan, Union Bank, PABC, HNB and DFCC suspended today by Colombo Chief Magistrate Nishantha Hapuarachchi and ordered Central Bank to produce an audited accounts of the company for the last 3 years.
By: Reporter on July 30, 2009
at 10:37 pm
Colombo Chief Magistrate Nishantha Hapuarachchi today ordered the CID to freeze the assets in the name of Ceylinco Property Developers (Private) Limited and its Directors’ deposits in several State and Private Banks and also in financial institutions.
By: Reporter on August 3, 2009
at 4:51 pm
Bandula Ranaweera-Director
Reportedly to be having properties all over, to name a few
1. 03 Houses in park road.. worth 200m
2. Eatate of 50 acres adjoining Asian Finance foliage property in Neghombo- wennappuwa area worth over 100m.
there are many more it seems .. authirities may look to recover money for poor depositors..
By: jay on August 6, 2009
at 12:44 pm
Ceylinco Takaful registration suspended
The Insurance Board of Sri Lanka (IBSL) has suspended the registration of Ceylinco Takaful Limited in respect of General Insurance Business in terms of section 18 of the Regulation of Insurance Industry Act, No. 43 of 200 for a period of three weeks with effect from 5th August 2009, the government information department said.
Accordingly, Ceylinco Takaful Limited is prohibited from issuing new insurance policies in respect of General Insurance Business until the suspension is removed and informed in writing to Ceylinco Lakaful Limited by the IBSL.
A renewal of an insurance policy in respect of General Insurance Business is considered as a new contract/new insurance policy.
In terms of section 18 (2) of the Regulation of Insurance Industry Act No. 43 of 2000, Ceylinco Takaful Limited is required to fulfill its obligations for insurance policies already issued.
Until the IBSL informs otherwise, the suspension imposed hereby on Ceylinco Takaful Limited remains unchanged till 4.30 pm of 26th August 2009, IBSL said.
By: abbey on August 6, 2009
at 2:02 pm
Dear Srilankan Depositors.I have worked to Ceylinco Ltd which came under Ceylinco Group of Companies for a short time during 1980.I personnely know Mr Kotalawal is a very good pearson but he has a weakness of believing any one with a Cross around the neck is a reliable man.That is the down fall of him.I have hired by Mr Kotalawala and trained in business management by him and he was my “Guru”, but unfortunately I left the company when Ajith Gunawardana`s and other crooks (Today in custody) were working as Marketing Executives.I left the company because I found in 1980 that Ceylinco board of directors are playing “Kings New Clothes” game with the chairman Mr Kotalawala and he is innocent as he has no any power to control the company because of his foolish belief of the “Cross” .In my letter of resignation in 1980 which contained 14 pages I have explained Mr Kotalawala in details about the future of the company and if this situation contineues, but unfortunately he did not care, because that time I was a very young executive.If he realise now I know Mr Kotalawala definetaely under stand that he has been cheated by his own people whome he had trusted.Today I am living in U.S.A. as an American Citizen, and bearing my M.B.A. granted by U.S.A. for business management.Any how when I seee this honarable gentleman`s situation today I cannot keep my mouth shut because I know that he(Mr kotalawala) has no any intention of cheating to the nation, but he has no any chance because he is the legaly responsible person for those deposits.I wish him good health and good luck.
By: Monty Jayasuriya on August 9, 2009
at 12:40 pm
Dear Monty
You also got your Citizenship and MBA from guys with the ” CROSS” around their neck and Bible in their heart!! So come back to Sri Lanka it is unethical to belive in these corss people!!
Dear a cheat is a cheat do not bring religion or race. LK used religion to his benifit not for the glory of rligion. I agree with every thing else you mention, /No hard feelings.
Please share your 14 page doc with us.
By: Bernard on August 10, 2009
at 8:06 am
Do not drag the cross in to your comments. I am a true buddhist and buddha mentioned this over and over to not to put down other religons. It’s human nature to be greedy. the people around lalth were buddhists who drag him down. It’s the ehichs and principals of people who make them do the things they want to do. You find them in every religion and every race. There are noble buddists and christians all over the world and Vijeweeras/prabakarans in srilanks too who killed many innocent people.
By: yasodra malinga on August 10, 2009
at 10:54 pm
Now there will be a mass protest on 21st venue will be notified, its for Golden Key, F&G, Shriram come one come all, we need to wake the Central Bank for taking its own time……… after all they allowed this to happen!!
By: abbey on August 11, 2009
at 10:08 am
Reports of another GK suicide!! Await further details. I think all the Ceylinco crooks should have a separate Insurance cover for this… you are very innovative Ajith so why not make more money from other peoples misery. Ajith you could have sold your Co (controlling stake) to those high bidders and saved these lives.
By: Bernard on August 11, 2009
at 5:38 pm
Mr.G.S.Manamendra (52) – an investor who invested heavily in GKC, having mental depress due to non-receipt of his money back from GKC committed suicide today at Wellawatta.
By: Reporter on August 11, 2009
at 9:47 pm
Depressed depositor ends life
Suranjith PERERA Dehiwala, Mt. Lavinia Group Corr
A depositor in the Golden Key Credit Company committed suicide by hanging himself as he was depressed over the loss of his hard-earned money.
Gayathra Sandarenu Manamendra’s sister Lakshi Niranjala testifying before Mount Lavinia Additional Magistrate Darshika Wimalasiri at the Magisterial inquiry said her brother had been in a severe state of mental distress since late.
“This was evident from the many letters he had written to the Banks,” said Niranjala, 44, of Wilgoda, Kurunegala at the Magisterial inquiry into the death of Manamendra, 52, of Span Tower Housing Complex, Peterson Road, Wellawatte, a major depositor in the failed Golden Key Credit Card Company yesterday.
Manamendra had committed suicide by hanging himself.
Niranjala said her brother was not employed. He had investments in Finance Companies and the share market and lived on the income earned.
She said her brother studied law but did not complete the law examinations. He had substantial investments in the Golden Key Credit Card Company too and was concerned about the money which could not be recovered although he did not divulge it to us openly.
She said she came to know of her brother’s death when mother called her and informed her about his death.
Kusuma Manamendra, 72, of Templar Road, Mt. Lavinia said the deceased was her eldest son. Her son lived alone at the apartment he bought at Span Tower Building, Wellawatte.
She said the day before his death, her son visited her and had a meal with her. During the discussions he said his health had deteriorated and mentioned about the money he had invested in the Golden Key Company.
He was also a teetotaller who lived a secluded life. She heard about the sons’s death from the security service at the apartment building which informed her that a foul smell was emanating from one of his rooms in the building.
She said as she could not climb the staircase in the building due to weakness in her legs, she immediately summoned her daughter to the spot to assist her in the work.
JMO Colombo South Hospital who conducted the post mortem-examination reported that death was due to suffocation.
The Magistrate returned a verdict of suicide. Wellewatte police led evidence.
By: Tony on August 12, 2009
at 8:58 am
THIS APPEARED IN TODAY’S ISLAND 12/08/2009. INSIDE SOURCES SAY THAT MOST RECRUITS WOULD BE CHILDREN OF PRISON OFFICIALS, AND THIS IS BEING DONE WITH LOVE AND THE BLESSINGS OF LALITH KOTHALAWEALA. ONE WONDERS WHY AJITH/RENGA DUO ARE SO GENOUROUS TO THE PRISONS OFFICIALS…………..
Ceylinco Life to employ 1,700 over next five months
Ceylinco Life has announced plans to recruit 1,700 sales consultants and agency supervisors by the end of 2009, a move the life insurance leader says reflects its confidence in the potential of the industry.
A new recruitment campaign launched by the company in July is scheduled to run till 30th September 2009.
Ceylinco Life’s current sales team numbers around 5000.
By: Tony on August 12, 2009
at 9:10 am
keeping one by one directors in the custody will not solve the problem, we are in the middle of a global recession, ceylinco group is also a major finance company in Sri Lanka , which has gone bust like those in UK and USA. However those countries didn’t remand any directors, they handled the situation differently.
By: sandy on August 12, 2009
at 9:20 pm
Dear Sandy
How did they handle Madoff??
Going bust genuinly is OK. But in Ceylinco this is not the case my[dear. Open your eyes!!!
By: Bernard on August 12, 2009
at 11:19 pm
I agree with Sandy.There should be a solution to this problem.definitely not by keeping Mr K in the prison.
One should be thankful that ceylinco companies are still trying to keep their heads up in the midst of all these problems.Thats great.My daughter who had invested with one of the companies, received a part payment.Thats because they are continuing with their business.If they close up, we can only go to courts.Will that help us????
Best thing is for the Government to have a control and allow these companies to function.This will definitely help the people.Not only the investors but those working for a livlihood.
Draging religion is a crazy thing.No one can say that any man is perfect, no matter what the religion is.
So lets hope for the best and not to bring down the Ceylinco group by keeping Mr K in prison.
By: randolph perera on August 13, 2009
at 12:37 am
I agree with Sandy. Extremists mislead the poor depositors calling them for demonstrations etc which are short lived and will only satisfy the egos – Do we get our money back after a demonstration or even after 100 demonstrations!!??. If we ask for the directors to be locked up, who is going to settle our accounts? Can we really rely on the committee appointed by Central Bank to pay us back? Has anyone heard from the 3 member committee?? How often do they meet?? I would sure like to think that they are working 24/7 to give me my money back. But we all know that is not the case. These people have other things that they have to attend to….. so settling the Golden key depositors is only a side job for them!!
The only party I can think of who is benefiting from the directors being locked up are the lawyers and sure they would like to keep the directors locked up for as long as possible for publicity and other perks. Also what do the lawyers know about time value of money!!! The longer you spend time postponing the case and uttering the same comments at court sessions, the chances of me recovering a decent portion of my deposit is being deprived for me!!!! Why don’t you understand that!!!!??
Let the directors out and get them to liquidate all the assets of GK to settle depositors as soon as possible. The longer this drags the value of the assets are going to be even less. We all know in Sri Lanka when no one has custody of assets they are mysteriously taken over by unrelated parties!!!!
Let the other Directors/ new management run the other surviving companies of Ceylinco with strict government supervision so that they will not collapse and make more people redundant or put other depositors under the same plight as me!!!!!
By: sarath on August 13, 2009
at 4:26 am
I also agree with Sandy. The approach taken by the courts hasn’t helped the depositers one bit. It’s actually making things worse. I also feel that the government/central bank should become a part of supervising other ceylinco companies, which can instill confidence among the public. The directors should be made a part of the liquidation process. Even in Madoff’s case, only madoff was imprisoned and the other people were used to help with recovering the assets. The only people who are making money right now are the lawyers, and they dont have an ounce of financial knowledge to solve this problem.
By: raja on August 13, 2009
at 8:27 pm
Dear Sarath, Sandy and many more……..people
I feel that it is too late for anything now as it is now out of the hands of Ceylinco?????all I knew was as Finance person, appointing committee under jurisdictional grounds to work with all the directors and let the committee have all the powers to monitor the directors and any violation giving all the directors punishment under criminal law and let the directors to first all the depositors until they last penny and any grounds of non payments then court should decide whether directors should declare their bankruptcy. Because if that is case no director can hold any fixed or floating assets anywhere in the world and bankrupt people should always survive on government doll on monthly basis. So what I feel is this would have done by considering all these factors of time value of money, financial risk, credit risk, repayment risk and many more risks involving in this sector. But ironically after all, then let the court decide whether they are guilty of misappropriation and mismanagement under company’s Act…..My problem is at the moment we have messed up these two scenario at the same time. Dragging the problem for another two weeks means, most of the time it may be one year for poor deposit holder. I am not deposit holder in Ceylinco or anywhere in the world. But I know how it is important to all of us. When I was doing my professional exams in Sri Lanka, I fought for rupee more than rupees….and for that I worked till late night in part time places. So hopefully, all of you will be free mind soon. Budu Saranai
By: Sally on August 13, 2009
at 8:49 pm
Its true the lawyers are making money. When K was not in prison he was giving excuses and false value asset list to courts where if he were left to pay this on his own terms the poor depositors would have got almost nothing and the Ceylinco Crooks would have lived a nice cosy luxury life! with other peoples money. Cos they were impriosoned and some Ceylinco Co’s crashed as govt and regularity officer looked at thier related company accounts a bigger disaster was averted!!
This my dear friends is Ponzy group of Co’s. New deposits were taken only to service the interest payments of the older depositors. The directors made merry with the rest of the money. If one Co wanted cash the other would lend to it and so on………
Exchange laws were violated, Tax Laws, CBSL regulations were violated, BRIBES were paid…….. MANY MANY laws are broken, so IF YOU BREAK THE LAW YOU HAVE TO BE PUNISHED BY IT. Pro Mr K friends it is lame to say that others do it so why should Mr K only be punished, or he did not know.
Mr K went to Jail on a complaint made by Mr OTHANPITIYA of Ceylinco CISCO that there was a fraud in the company!!
Suffering depositors have a right to protest cos Mr K was giving them excuses and delaying re payment plans. He went back on his infamous BMICH declaration.
REMEMBER IT IS A CRIME TO BREAK THE LAW AND NO ONE SHOULD BE ABOVE THE LAW DUE TO THIER STATUS.
THIS IS THE SAME MAN WHO SAID THAT THE LTTE IS NOT A TERORIST ORGANISATION!!
DEPSOSITORS DID NOT PUT THIS MAN IN JAIL!! HE DID IT TO HIM SELF.
MOST CEYLINCO GROUPS VIOLATED THE LAW AND OPERATED PONZY OPERATIONS!1
By: Bernard on August 13, 2009
at 8:59 pm
ISLAND 14/08/2009
NOW ARE THERE PEOPLE WHO STILL SAY THAT LK SHOULD NOT BE JAILED??
Now, Ceylinco in fresh controversy
The Ceylinco Group, battered by the public asking for their money back, is now facing the wrath of another type of persons – tenants of its up-market Millennium City in Kurunegala.
The Society of Millennium City Residents are protesting the sudden demand by Ceylinco Investments Corporation Ltd. (CICL) the new owners of the project, for reimbursement of a ‘maintenance fee of Rs. 2500.00 per month’ for the swimming pool, security staff, garbage removal and the supply of electricity to the common areas in the sprawling scheme.
These facilities were promised free by Ceylinco Real Estate Developers Ltd. (CRED), the original owners and are not revealed as payable in the promotional material distributed or mentioned during buyers negotiations with sales executives when they were sold the properties, ranging from about Rs. 5 million to over Rs. 10 million,
Further, there was no mention of extra payment for a “fantastic range of facilities” in the sales promotion brochure issued recently.
Two residents have independently objected to the demand for this fee and written to the new holding company stating that their views are forwarded with no prejudice to the stand taken up by the Society.
They state that the recent move, in March, to amalgamate Ceylinco Real Estate Developers Ltd. the company which managed the scheme from its inception, with another company in the group Ceylinco Investments Corporation is to prevent prosecution of the management of the former for mismanagement and fraud.
The letter states that CRED Ltd. is the firm which is named as the ‘Vendor’ in the Deed of Transfer of the properties purchased outright and scheduled as the ‘Company’ in the Agreement of Construction signed by those named as ‘Purchasers’. The letter states:
“It is also Ceylinco Real Estate Developers Ltd. which is similarly named in the Agreement No. 997 dated 8 July 2004 signed with the Board of Investment of Sri Lanka for the development the Millennium City, Kurunegala Township Project with attending benefits according to the BOI laws.”
They want to know (a) when and under what circumstances Ceylinco Investments Corporation Ltd. has taken over the obligations and responsibilities of Ceylinco Real Estate Developers Ltd. and (b) the names of the Directors of Ceylinco Investments Corporation.”
They seek this information before extra payments are considered “since several companies affiliated to the Ceylinco Group stands accused of alleged financial and administrative mismanagement and we are cautious that the extra funds demanded will not be efficiently managed to serve the purposes for which they are demanded.”
A spokesman for the resident’s society told “The Island” that there is a suspicion that the circular letter on a computer-generated letterhead demanding the maintenance fee, signed by an unnamed General Manager, is not a CICL Board decision since the Chairman and the Deputy Chairman are in remand custody for their alleged role in the Golden Key/Shriram scam.
“We are also suspicious of this sudden move to amalgamate the two companies” when the can of worms was opened early this year. There were demands by CRED investors, mostly small timers from Kurunegala, for their deposits amounting to over Rs. 500 million. The amalgamation was to save the directors of the company from incarceration if any of the depositors did go the CID as in the case of other Ceylinco companies such as Shiram and Finance & Guarantee,” he said.
“Over Rs. 50 million has been paid out by new tenants to Ceylinco Investments Corporation Ld. during the last few months and we are suspicious of the accounting procedures for these monies. We understand that these monies are being utilized to privately pay out the demands of chosen CRED depositors”, he said.
He further told ‘The Island’. “We have information that some of the depositors with CRED have been offered Millennium City land in lieu of monies that are outstanding on their deposits while others have already been given land which was part of the assets of the company”.
“That is why we are asking whether there have been any funds kept apart by the project managers for a consolidated fund to be utilized for maintenance and sustenance of infrastructure and common amenities. This is normal practice for such a project especially under the BOI aegis.”
Further, many of the tenants who have paid have not received their Deeds of Transfer since it is understood that the deeds have been used as collateral for funds raised by CRED.
Investigations by ‘The Island’ also reveals that since the housing project came under BOI aegis, CRED were entitled to duty free imports materials and equipment. The question asked is whether this equipment and materials were used for the project or whether the imports were used elsewhere.
By: Tony on August 14, 2009
at 10:06 am
What is Ajith doing now???
Ceylinco boost turnover on the bourse
Turnover on the Colombo bourse rose to Rs.456.5 million, up from the previous day’s Rs.293.6 million, with an unusually large trade in Nestle Lanka and a substantial volume of Ceylinco Insurance generating half the business volume on a day where both indices fell – the All Share by 9.62 points (0.38%) and the Milanka by 26.93 points (0.95%).
Ceylinco Insurance saw over 0.5 million shares done between Rs.225 and Rs.230 gaining 50 cents to close at Rs.230 generating Rs.120.8 million turnover.
Here too 487,700 shares were crossed at the Rs.230 price with brokers having no information who the buyer or the seller was.
Analysts said that Ceylinco had not published its top 20 shareholders in the latest quarterly report as required by the new rules and there was no information on the top 20 shareholders of this company where ownership of fairly large volumes of shares have changed hands recently.
CID should investigate this…. Island 15/08/2009
By: Tony on August 15, 2009
at 6:50 am
When is next hearing H.C? Are you going to protest against C.B.?
Please let me know. I also want participate with you all.
By: Nobert on August 18, 2009
at 9:48 pm
On 21st Aug infront of Fort Railway Stattion.
THERE ARE SOME GOLDENKEY VEHICLES BEING PREPARED FOR AUCTION NEAR A YARD AT THE FORE SHORE POLICE.
SOME BUSINESS PEOPLE FROM WENNAPPUWA CLAIM THAT THEY HAVE BEEN ABLE TO BRIBE THE GOVT VALUARES DEPT OFFICIALS TO UNDER VALUE SAME SO THAT THEY CAN OBTAIN AT LESSER PRICE.
PLEASE MR PRESIDENT OF ANY ONE IN POWER WE ARE HELPLESS!! CAN SOME ONE IN POWER PUT AN END TO THIS??
By: Bernard on August 18, 2009
at 9:59 pm
Lalith Kotelawela, is the Big fish out of the small fry, There are very big players in this game of swindling the Sri Lankan people. Prabhakaran Killed and Murdered Sri Lankans, but this is worse, whoever is swindling the people of their hard earned money,and then getting the Inland Revenue to Harass these investors to unbearable proportions, till they kill each other through suicide,is a very big question, our true and Cruelest enemy is none other than ourselves.
On this issue I really wonder who is Patriotic,and who really Loves the Country, I am sad to say that there is none, the issue here is to hell with the people and grab all the money that you can.
By: Jehan on August 19, 2009
at 10:28 pm
There seems to be a a clash between Anusha and Dushyanthi of the GK association. One group wants more street protest and coffin burning slogans against AG and CBSL GOV…….. the other wants to negotiate with AG and CBSL…. folks what do you think is better??
By: Bernard on August 20, 2009
at 6:31 pm
So what went on at Mt Lavinia today?
By: arjun on August 20, 2009
at 10:14 pm
As one of the founder members and former Treasurer of the GK depositors association it saddens me to know of a mud slinging campaign been carried out by certain individuals with vested interest.
They accuse me of getting a full refund of my funds from Lalith Kothalawela (Rs5Mn) in order to buy my silence and sabotage the functions of the association.
I strongly deny this accusation!
I am one of the petitioners who have filed the FR case in the Supreme Courts praying for Justice. It is legally and fundamentally wrong to obtain payments or refunds from Ceylinco related parties when legal action is proceeding and without sanction of the Courts.
I see that settling 1 depositor of 9000 depositors would not be of any advantage to the Ceylinco parties!!
The spat the these parities have against me is that I was against holding any protest before the 1st of September 2009 as the Supreme Courts had requested a repayment plan on this date. I was also against burning effigies of Mr. Nivard Cabral and Hon AG Mr. Mohan Peiris. It is the institutions headed by these two gentlemen that are spearheading the repayment plan and antagonizing them is counter productive.
Further more I was against holding the demo in Fort as it is a High Security area and was against jeopardizing what ever arrangements that are in force in this area,
As Depositors we ask for justice and seek help of his Excellency the President and in no way do we want our struggle to be anti government or be a political one. Shouting slogans and spending poor depositors left over money to buy coffins is a waste of time and money.
If the Ceylinco group does not pay our Money, yes we should take to the streets.
We should protest, went our anger on them and not on the Offices and Officials of the State!!!
I warn that some elements (may be with Ceylinco Blessings!!) are miss leading and misdirecting the poor depositors and converting this association to a NGO like organization which does not serve its very objectives.
I shall never give up our struggle!! There are many who share my views. Let us not stay silent and be focused on Lalith Kothalawela and his gang of crooks, and trust that Justice will prevail.
By: Dushanthi Happugoda on August 21, 2009
at 12:52 pm
According to a report in the “Divaina” of 21st August 2009 reported by Jayantha Silva, the Mt.Lavinia Chief Magistrate has rejected the application for bail and re-remanded Lalith Kothelawela.
According to this report it is also stated that even though the Supreme Court had ordered that Golden Key release Rs.1 billion to pay the depositors,so far it has not been done according to State Council who reported to the Magistrate on the matter.
Mr. Kavan Perera the 2nd suspect in the Golden Key Credit Card Scam of defrauding depositors of Rs.26billion & his application for bail will be taken up for consideration in the near future.
It is obvious that neither Golden Key or Ceylinco Boss Lalith Kothelawela whose slogan for Seylan Bank was ” Suhada Hadak Athi Seylan Bankuwa” do not have generous hearts after all. They are watching and waiting for all the depositors to commit suicide so that they will not have to pay back! We have read with great sadness how Ceylinco Group is messing around with the lives of depositors who truly thought they were dealing with a “Gentleman’s Business Conglomerate” because they trusted Lalith Kothelawela so much.
Sad that he continues to do his double-acting while still remaining in prison.
By: Samanmalie on August 21, 2009
at 9:57 pm
In this way I don’t think that non of you will get paid…everyday what we can see is a bunch of street dancers showing their acting once in while on roads in national suit, with sunglasses in their heads, hand phones with unlimited calls and many more dramas…I don’t even think that most ppl in this drama has money in GK….I feel that they get paid for this drama….and who ever who fund this ppl don’t even know that in this way they can’t even get single cent….
If you can called this money as hard earning money….then I have major doubt of the definition of the word of “Hard earning” because they these ppl behave on roads like thay have other sources of income other than they hard earning money…
The whole purpose of your effort should focus of getting back of your money….and nothing else….but the way you do these kind of demonstrations or protests have no direction to the prime objective of this and ultimately ended up with “Nari Nataka”…..and we all laugh by looking at this and not feel sorry of you all…which means the massage has not been delivered as depositors wanted and it has been delivered as drams producers wanted….
When you fight for right….you must always focus on the fight and it should not go away from the right….it doesn’t matter whether directors are jailed, bailed out or what ever…what you need is to get your money back….but when I see this protest…I can say that you don’t need money and you need to destroy the names of the directors with their lives….but for that you spent 13.8 Billion worth of capital and 12.8Billion worth of interest….surely you don’t need to spend that much to tarnish them….It will happen as the courts proceedings were going on and no director can get away from being guilty on mismanagement….but it will happen in the highest level of jurisdictional system with extensive evidences and justifications….
Please understand this is not a street drama….this is a FIGHT for your RIGHT and you ppl are milliners of our country…so having all these elements on your heads, you must come to to the street….But now a days I can’t see that any of you all have the right attitude of what you are doing and how you are doing….
End of the day, the directors will also go the same place that all of of us are going and it matters how soon we go there and how good we behave in this world and all of us a have time to think ourselves before we go back to the place where we belong… and don’t keep things in your hearts that give pain at your last moment…..because that moment sometimes few second to years to suffer until you find the right time….
As many of you all know…we come to this world with crying and most of us are also going with crying……money can do lot more damage to us…than ANYTHING…….
By: Sally on August 21, 2009
at 11:02 pm
Sally’s comments are fantastic! There is lots of advise to the affected from the side-walk as a bystander sees things but not as someone whether millionaire or not, of having lost one’s savings to crooks who have done the grand with the money of other people be they “hard earned” or not-it is their savings that they have lost!
It is because of the street protests that the crooks have remained in prison instead of being bailed out and then taking the next flight out of the country to greener pastures like Sicille Kothelawela who is yet to be apprehended!
Sally seem to feel that the protestors are paid by someone to be on the street as it were which is ridiculous. Who are the people who enjoy the hot midday sun in Colombo breathing fumes from vehicles passing by? What is wrong with dark glasses if a person cannot stand the glare of the sun- they are still willing to sacrifice being in airconditioned comfort & ofcourse it is for a cause- to put pressure to get the depositors some kind of redress.
There is no need for people to organise themselves to tarnish the good name of others (if they lived upto expectations)- the directors and owner of the Ceylinco Group has tarnished their own names by their crooked & defrauding minds. No one else needs any special effort to tarnish them.
May be Sally, you should send your good advise to Drs Lalith and Sicille Kothelawela to stop their street drama and pay back the moneys they have cheated!
By: Samanmalie on August 22, 2009
at 8:12 am
You people deposited large sums of money in a company which was not a regulated bank.
Golden Key did not STEAL your money, the company invested your money in ideas, new ventures, high risk business, some worked well others did not, your money created, jobs, created demand goods and services, drove and expanded economic enterpise across the board which in turn created more jobs and more demand for credit and so on. It worked exactly the way market capitalism should. The director’s did not take your money in suitcases to Las Vegas, or Monte Carlo and play roulette with it. Had they done it they may have had a little bit more fun at least.
Sure during times like this there are bound to be excesses. It is the way of the world. It is during bad times when it is essential to cut our losses and hunker down and not divide and fall.
Sri Lankans in this type of situation are the most hot headed, emotional bunch of people ever. You guys organized well in the begining with protests and such. I was impressed then and now however like most Sri Lankan groups you seem to be spiraling out of control and disintergrating.
You DID get a high return for your investment. Those were the good times. You can now call it Ponzi Scheme. But that is what business people do. I don’t believe you people were that naive.
Unfortunately you have a world economic downturn. Your money seemed to have been gobbled up overnight. So what do you do? You join forces, organize, and seek settlement.
There was a crutial time when the movement should have thought better of pushing for Mr. Kotalawela to be jailed. He pledged to honor GK’s liabilites in December. His pledge should have been good enough for you. After all you invested in him because him that most of you invested in GKCC correct?
You folks smelled blood and were impatient. Mind you I can understand why. But nevertherless it was bull headed.
You all could not see beyond that belief there was a kings ransom stashed away in offshore accounts and could be it could be got at back thru the govt. intervention.
Any Ceylinco insider with a bit of financial know how of the Ceylinco Consolidated could have told you that there wasn’t 26 billion worth of liquidity in Mr. Kotalawela’s accounts or his entire portfolio. Somewhat like King Mahasena story Mr. Kotalawela’s wealth is in assets and stock in his companies. He has no expensive lifestyle, hobbies, ex-wives, spoiled children or anything like that. His companies are all there is for him. I can’t believe Ms Hapugoda and crew did not do some homework and talk to people on the inside before pressuring the AG and Co. who had another axe to grind to move in. Instead you folks branded him and senior directors, lifelong cheats and crooks. Do you blame them for going on the defence? So when Mr. K was thrown in jail it was like you shut down the only person who could have helped get your money back. The Govt. could have helped, like in the instance of not letting Seylan Bank fail and such. But putting all your eggs in the govt. basket and expecting them to get you your money back. What were you thinking? That was dumb. You guys acted just like any ordinary bunch of Sri Lankans to the letter. Everone has an opinion and wants it acted upon and no one listens.
As much as I hate to hear any more of you commiting suicide. Hey its only money. If the whole thing is gone or part of it is gone. Deal with it. Its never to late to learn or start again.
By: Deepthroat on August 22, 2009
at 10:46 am
Deep and Sally
Do you say that LK has not broken any laws, like the Tax, and Foreign Exchange laws? Because he is of a wealthy family is he above the law?
You guys look up to him because he has done charity and given jobs………. all this was to build his image with other people’s money!!
THIS CAN NOT JUSTIFY HIS WRONGS!!
Easy for you Deep to just say “do not take your life” It is because people feel betrayed by this crook that this happens,
Capitalism with honesty is OK. But all ethical and business norms have been stepped over again and again.
How could we take his pledge seriously, when he went back on his word by February 2009??
DO NOT MAKE HIM TO BE AN ANGEL!!
By: arjun on August 22, 2009
at 12:04 pm
We are not making any angels as we are also sinacle ppl in this world….and apart from that we all know that who ever who violated the law in SL will get their charges according to our justification system and there is no question on that…because no person is above the law….whether you wealthy or poor….healthy or not…if you have done something wrong….you have to be prepared for the charges….
But what is important in life is not the money and there are lot more preferences in life and indeed the first thing should be our life….the other things….but when we see these dramas on street, we feel that milliners have no life other than money and for them it is like Oxygen….But thankfully for us still Oxygen….
Every life has its own dimensions and those dimensions are not created by ourselves….so when you created another dimension other than what has been created by nature and suddenly it crashes…then you become more vulnerable than ordinary person and that is exactly what has happened to these depositors….
I don’t think that many of you all know remember that our lord BUDDHA said to Ananada thero about the “SARPAYA” and after 2599 years, I got the real meaning of that word thanks to the Deposit holders and GKCC….
Everything happens to us Arjun but life should move on….end of the day we may succeed or may not….but still the life will go on…..and what ever comes beyond our expectation called Bonus ….and rather than keep expectations in life…please keep dreams that keep you alive much more healthy way than wealthy way…..
By: Sally on August 23, 2009
at 2:17 am
Dear Samanmalie….few things I wanna know from your comments…first one is a very basic question which most of ppl wear sunglasses to protect eyes from UV from the sun and I never heard or seen that ppl wear sunglasses to protect the head????
Second thing is if you really want you money back…then why can’t you fight for that rather than making this dramas on street???????
For me it is indeed a drama and I am absolute sure that these ppl are not depositors of GKCC just because of their acting than their anger…and anger should come within yourself and not with elsewhere….but when you look at their protest..we can easily say that except very few faces who are well behind the row having those innocent banners, all others who paid by depositors to dance on behalf and I feel that is more justified if they protest than dancing for your right….
But Sad to say, I still can see a drama than protest….
Another thing is I don’t know whether in realistically that Ceylinco name has already tarnished…but of course it is happening in drastic way…But my problem is..I still can’t figure it out whether you want you money back or not……because in somewhere you ppl lost your focus and now what I feel is ……you ppl are also looking for path to get into the track….sadly…all of you all going in different way to find the shortest path for this….and I am sure in this way you will never ever be able to get close to path instead of getting lost further and further….
In essence….comments were focusing on the the purpose of protest and productivity of the whole protest and not the efficiency???? because end of the day whether you run a business, you should know whether your business has profit or loss and if you done something like this, you should know whether msg has already been delivered…But in this protest instead of delivering….there is a msg jam…..
By: Sally on August 23, 2009
at 1:49 am
Dear Sally
In Sri Lanka, take Angulana, Malabe….. if the people did not create drama the law would not have been applied!!
LK’s 1st few court visits were with a VIP protection unit of the STF!!
So if these people did not create a drama things would have been different.
By: arjun on August 23, 2009
at 8:48 am
What happened at courts today??
By: Banga on September 1, 2009
at 7:14 pm
What happened at courts??
By: Banga on September 1, 2009
at 7:18 pm
Case Postponed for 15 years.
By: Jude Ramalingam on September 1, 2009
at 10:08 pm
Desperate Depositors, you must demand the authorities to sell the personal assets of all Ceylinco Consolidated directors and pay at least part of your dues. They were/are paid in millions. Some are changing names. Some say they are clever enough to sell their companies and get out of the problem. You must demand authorities to publish names of all ceylinco consolidated directors in media and collect info on their assets before those crooks transfer them and quit. Keep an eye on Deputies who are not in jail. Its your money in their assets!Good luck!
By: shanta on September 2, 2009
at 10:56 am
Jude Ramalingam—- it shoud be fun foe someone to play with..
Shantha… agreed with your point, that is the only way to recover some part of your deposits at least.
Directors of CEYLINCO have not earned any profits by doing business as it appearing now. they have amassed wealth by robbing public deposits therfore its very fair to recover from so called wealth
Jay
By: jay on September 2, 2009
at 12:25 pm
Hello guys, isn’t this how it works;
A insurance executive or sales executive of an insurance company calls you and tells you that he/she got your telephone number form someone you know, and then ask you to deposit money in one of the ‘insurance companies’, stating that this company is backed by such and such a person of high integrity and high wealth? Didn’t that sales executive told you, even if something goes wrong, which will never happen, this person’s private money would be backing your investment? Weren’t you given a higher rate of return than the Central Bank?
That’s how its done, and its done all the time by many other ‘high integrity’ people’s sales executives. There are many, who falls for that and deposit their hard earned money in these ’shady’ schemes.
How many of these ‘high integrity’ people sell their ‘insurance companies’ to other ’shady’ people, and you don’t even know, if the ‘insurance company’ had changed hands. You NEVR know where your money is being invested or even if the money is EVER invested!
Your money cannot make more money than its stipulated by the Central bank in these ’shady’ insurance companies. If you can’t make your money bigger, did it ever cross your mind how a man with a tie in a ‘insurance company’ make your money bigger?
Remember, these ‘high integrity’ people are only concerned about how to make more profits for themselves, BUT not for you!
By: Ratne on September 3, 2009
at 12:26 pm
Warrant extended for Sicille arrest
The Mount Lavinia court has further extended the warrant for the arrest of Mrs. Sicille Kothalawela, a director of the Ceylinco group who is wanted in connection with the Golden Key scam. The court also further remanded the suspects arrested in this connection.
Mrs. Sicille Kothalawela is believed to be hiding in a South East Asian country.(AW)
By: Banga on September 3, 2009
at 6:23 pm
GK directors faced with jail term if payment plan not finalised
By Bandula Sirimanna
A 3-judge Supreme Court bench headed by Justice Shirani Tilakawardane on Tuesday directed the Attorney General (AG) to facilitate a meeting of all lawyers representing Golden Key (GK) Chairman and Directors, its depositors, the 3-member accountants committee appointed by the court to assess the assets of the company, and Central Bank representatives to formulate a payment plan on September 9.
Golden Key depositors protest
When the case came up before the Court, all parties involved in the GK case agreed to formulate a proposal at a meeting presided over by the Attorney General. If the directors fail to obey the directive then they will be sentenced to seven years rigorous imprisonment for contempt of court, Justice Thilakawardane said in court.
This came after the Central Bank and the committee informed the Court that they are unable to prepare the payment plan as there isn’t sufficient money available at the moment and they are seeking ways and means to raise funds by selling shares of the company.
Head of the Committee, Lakshman R.Watawala told the Court that GK directors have given an undertaking to bring in Rs.2.5 billion but he is not sure as to whether this amount of money could be raised by them.
The Court directed that immediate action should be taken to commence repayment to depositors on sums below Rs 1 million from the smallest deposit first going upwards on a laid down criteria approved by the Court. For the balance payment a scheme of payment up to Rs 2 million should be submitted within a period of six weeks, the Court said.
Senior State Counsel Janak de Silva agreed to facilitate a meeting on behalf of the Attorney General with interested parties along with the presence of J. P. R. Karunaratne, Central Bank Additional Director of Non-Bank Supervision.
By: Banga on September 6, 2009
at 1:41 am
Ceylinco Islamic ‘profit sharing’ Company too collapses
(Lanka-e-News, Sep.12, 2009, 6.55PM) The ‘Ceylinco profit sharing’ a Co. functioning under the Ceylinco group of Companies has also totally crashed. Consequently, 11000 Muslims who invested in this Company have been plunged into serious problems being unable to recover their monies.
The amount invested by these individuals is Rs. 8500 million.
As interest taking is prohibited in Islam , this Company was launched for Muslim investors . A majority of the investors in this Company are Muslims who have either gone on pension or are Muslim widows.
According to reports, the wife of an Eastern province Minister has been granted a loan of Rs. 65 lakhs by this Company which has not been recovered.
The Depositors have started an Organization , and are taking steps to recover their monies by legal processes .
By: Banga on September 12, 2009
at 7:23 pm
Lalith Kothalawala who had allegedly defrauded Rs. 3.9 million while serving as the F&G Real Estate company chairman, today, promised to submit an affidavit before the Fort Magistrate by promising to grant 1/6 of his personal assets to the proposed repayment scheme.
By: Reporter on September 28, 2009
at 9:20 pm
What is this 1/6 share? What a joke. How about Arsakularatna. He also deposited more that 5 Million. May be he got his money. Otherwise how can he appear on behalf of LK. We don’t mind his assets. We need our money back, at least our Principal. He must contribute at least 2/3 from his assets.
By: Nobert on September 29, 2009
at 1:24 pm
The latest information which appeared in the Sunday Island of 4th Oct 2009 “Even 11 months after this Ceylinco subsidiary crashed-Golden Key repayment plan still held up as Kotelawela seeks more time to submit’fresh proposals’ ” reported by Suresh Perera states that Kotelawela and other Golden Key suspects have been re-remanded and that bail applications of the suspects were disallowed following objections by the CID which said there is a possibility ofthem leaving the country & that this could result in public unrest. The Chief Magistrate directed the police to submit a progress report on the investigations on the next trial date- 13th October 2009.
It was so easy to swindle the money and siphon it elsewhere but Kotelawela has taken 11 months to find a way to submit a feasible and honest proposal so far-funny isn’t it?
The article is interesting and it is advised that those interested check out the details in the Sunday Island mentioned above.
By: Darmitha on October 4, 2009
at 10:11 am
Daily Mirror says” Ceylinco chairman Lalith Kotelawala, the first suspect in the F&G Real Estate case, who allegedly defrauded Rs.3.9 billion while serving as company chairman was given bail today by the Fort Magistrate Gihan Pilapitiya after he submitted affidavits pledging to remit 1/6 of his personal assets to the proposed repayment scheme. He however remains in remand in connection with several other cases. “
By: Reporter on October 5, 2009
at 9:00 pm
Ceylinco Life customers asks for govt intervention
customer Dissapointed in new management
By Cheranka Mendis
Depositors outside Ceylinco Life
Months after then Chairman of Ceylinco Group, Kothalawala reveled the Golden key crisis and the crippling systems that followed, and the taking over of 4/6 companies of Ceylinco Consolidated depositors are still not happy it seems.
Now pleading the government to takeover the reins of the Ceylinco Life group from the hands of the institutions now in charge, several depositors yesterday carried out a mini protest in front of the Kollupitiya Ceylinco Life facing the President House.
Stating that this was but the first step of what is to be a large scale protest campaign, with islandwide participation of all or most of the depositors who are not pleased with the actions of the new management, Ajith Prasanna, one of the protestors claimed that the due insurance claims of the depositors have not been paid as yet.
Rohitha Perera, another victim of Ceylinco crisis
“The hospital bills that should be rightly paid to us have not been paid yet. The legally agreed claims have not been complied with; and as a result we, the depositors are at loose ends,” he said.
“Nothing has been given to us as promised as yet; the claims which are rightfully ours have not been paid. My child underwent an operation last year as did my wife, but none of the hospital charges or the doctor’s fees have been paid yet. But they took charges for two installments for this life insurance which got cut off from my monthly salary, I somehow managed to cut that off,” said another depositor to Daily FT.
Revealing a disfigured hand, Rohitha Perera, another such depositor tells us his story. “3 years ago I met with an accident where my hand was severely injured. As a result one of my fingers had to be cut off while another was disfigured. I also had to undergo a heart surgery. But none of the claims have been paid. I paid my premiums on due days consistently as well which amounts for almost 500laks. Finally I filed a court case against the company as well, but they just keep post-poning the dates.”
“I entered into this with full faith in Kothalawala Sir and Ceylinco life, and now they have turned their backs against us. Everyday they make up lies and when we ask about the claims. They drive us away as they drive away dogs. Who do we turn to now?”
Driven with the desire to get what they rightly deserve, a group consisting of 20 such depositors is now planning to a launch an islandwide campaign calling the government to take over the reins from the new management.
“We can at least make an effort and begin to trust these roughs if the government was holding the management. These new companies only want their profit and are oblivious to the people’s cries,” they said.
When Daily FT asked a manger of the branch who wished to remain anonymous about the protest he said: “these people are coming here to get old claims which they are not entitled for. They are here to make a quick buck and nothing else.”
“I have never met these people before even though they claim they have met us previous to the protest.”
The depositors also said that with the very little faith left in the institution, they are obliged to ask for the entire value of the insurance at once if the claims for the depositors are not paid very shortly.
Pic by
Dinuka Liyanawatte
By: Banga on October 7, 2009
at 6:30 am
CAN THE MANAGEMENT OF CEYLINCO HOUSING TELL THE DEPOSITORS WHATS HAPPENING WITH THEIR MONIES.I AM SURE THE INVESTORS HAVE A RIGHT TO KNOW WHERE THEY STAND.THERE ARE TALKS THAT THIS WILL BE TAKEN OVER BY A SUBSIDIARY OF A GOVERNMENT BANK.IS THIS TRUE????IF ITS TRUE WOULD THE DEPOSITORS BE BENEFITED?
By: randolph perera on October 10, 2009
at 11:10 pm
The Supreme Court, in the Golden Key case, ordered the sizing of Rs. 259 Million from the personal accounts of Cecile Kotalawala, wife of Ceylinco Chairman Lalith Kotalawala, and to transfer it to the repayment scheme for Golden Key depositors of money below one million rupees within 3 months.
By: Reporter on October 13, 2009
at 9:51 pm
A suspect in the Golden Key credit card case, S. Karunaratna, was given bail today by the Mt. Lavina court bur ordered not to leave the country and also remain within the Western Province pending further inquiries. He was also ordered to appear before the CID every month. (AW)
By: Banga on October 21, 2009
at 6:41 pm
Bandula Ranaweera maha horek! Besides his involvement in the Golden Key scandal, the ‘hora’ apparently is complicit in selling sub-standard homes – weak foundations, cracking walls, dishonored contract terms – to the unsuspecting public through the millennium city project, a Ceylinco undertaking. Some of my dear and close friends have unwittingly invested their life savings in houses sold by this scoundrel and his band of thieves who have no sense of empathy or conscience.
Home owners who have tried seeking recourse through Lalith Kotewala for this unethical business conduct have been stonewalled by Ranaweera. I don’t purport to sympathize with Mr. Kotelawal here, but MY OPINION is, as in the above case, the Deputy Chairmen of Ceylinco companies tend to abuse Mr. Kotelawala’s trust. Ignorance may be bliss, Mr. Kotelawala, and your intentions good, but that will not do when you are the Chairman of a company and have a fiduciary duty.
“What goes around, comes around”
By: The All Seeing Eye on October 23, 2009
at 5:16 am
A Special Purpose Vehicle (SPV) is to be set up soon as the holding company of Ceylinco Consolidated, transferring shares and assets of Golden Key (GK), its subsidiaries and other companies of Ceylinco Consolidated, to make payments to disgruntled GK depositors, it was decided on Friday. This would however exclude Seylan Bank, Ceylinco Insurance and all regulated Ceylinco finance companies.
A 3-judge Supreme Court Bench made this directive considering submissions made by Attorney General Mohan Peiris when the fundamental rights case filed by some 29 GK depositors was taken up for hearing. Ceylinco Chairman Lalith Kotelawala has also given an undertaking to the court that he will transfer a sum of Rs.120 million to the dedicated fund set up at the Bank of Ceylon to immediately start the proposed re-payment scheme
By: reporter on October 23, 2009
at 11:31 pm
The Supreme Court on Friday granted bail – under tight conditions – to Ceylinco Consolidated Chairman Lalith Kotelawala in the Golden Key (GK) missappropriation and fraud case, clearing the way for him to be permitted bail in other cases, and leading to his ultimate release from the Welikada prison.
Kotelawala, facing an array of charges along with other directors in the group arising out of the GK case where Rs 26 billion is due to investors, has been in jail since February – after his credit company collapsed with desperate depositors clamouring for their money.
Another senior group director Padmini Karunanayake was also permitted bail in the GK case in the Supreme Court but, like Kotelawala, is in remand in other cases but she too is likely to get bail in these cases. “Kotelawala is in remand in connection with the Mount Lavinia Magistrate’s court case on the GK scam and in the Colombo Magistrate’s court case on Ceylinco Shriram. The highest court in the land has given him bail in the main case and I don’t think other courts will now object to bail,” one of his lawyers said.
Friday’s developments came after Kotelawala – who must be the Welikada prison’s most distinguished prisoner — agreed to the repayment plan to depositors or investors, worked out by a court-appointed committee. The 3-member Supreme Court bench was headed by Justice Shirani Thilakawardena. Stiff bail conditions were placed on Kotelawala
By: reporter on October 23, 2009
at 11:32 pm
This is a reasonable judgement
By: jay on October 23, 2009
at 11:34 pm
Its a good move but its a pitty that all the people has forgotton the good work done by you and all the assistance provided by you to srilankan community. While wishing you i hope you will come out with a proper repayment/payment programme for the depositors and its a must. Sir i hope you will identify the people at least now with these problems. All were around you for their personal benefit not because they loved you the people who loved you were not allowed to see you by this mafia.
By: dimuthu on October 23, 2009
at 11:39 pm
If he was released earlier I trust part of the depositors would have been settled by now.
By: dimuthu on October 23, 2009
at 11:40 pm
Colombo Chief Magistrate Nishantha Hapuarachi yesterday ordered the first suspect in the Finance & Guarantee Property Developers PLC criminal misappropriation case, Chairman Deshamanya Lalith Kotelawala, to be enlarged on a cash bail of Rs. 200,000 and a surety bail of Rs. 10 million with three sureties. His passport was impounded.
Kotelawala was ordered to report to the CID every Sunday. A further affidavit regarding the transfer of 1/6 of his assets to the proposed independent trust for repayment of depositor’s funds under the aegis of the Attorney General’s Department was to be submitted.
The Magistrate allowing an application by Deputy Solicitor General Yasantha Kodagoda, ordered that suspect Yasmin Illahamy Mohomed’s assets be seized and sold, after Court notices were posted on them.
The proceeds are to be credited to the proposed independent trust to be set up under the Attorney General with a view to repay the depositors.
Deputy Solicitor General (DSG) Yasantha Kodagoda did not object to bail granted to the first suspect under stringent and special bail conditions.
Before granting bail, the Magistrate queried from the first suspect whether he intended to repay the depositors’ funds. Kotelawala replied that repayment of the depositor’s money was his intention.
Counsels appearing for the first suspect were Rienzie Arsekularatne PC and Wasantha Batagoda.
The other five suspects of the F&G entity namely V. Jayasinghe, Sunil Jayatissa, Mohan Srinath Perera, Malani Sabaratnam and Shamani Perera were earlier released on bail.
The case will be taken up again on November 6.
The DSG in his submissions, alleged that the fifth suspect held a meeting with other suspects to transfer deposits from unauthorised F&G Property Developers and F&G Real Estate establishments to the registered Finance & Guarantee Company, in violation of bail conditions.
“I would have moved for the remand of the fifth suspect,” he submitted.
The rest of the suspect directors had objected to her conduct and complained to the Fort Magistrate.
The DSG moved that the fifth suspect undertakes to refrain from similar acts in the future, or else be re remanded.
The Counsel appearing for the defence, Nalinda Indatissa, gave an undertaking that bail conditions will be strictly observed hereinafter.
The DSG further submitted that the first suspect, by way of an affidavit, had submitted his consent to deposit 1/6 of his movable and immovable assets to the proposed independent trust. The DSG explained that the first suspect was facing litigation in respect of the Golden Key Credit scam and Ceylinco Shiram.
All other suspects have submitted affidavits to credit 1/3 of their immovable and movable assets to the proposed independent trust.
The Central Bank is drafting the proposed trusts. The CB has requested two weeks to finalise the task.
The DSG submitted that the Central Bank had submitted a proposal to resurrect both F&G Property Developers and F&G Real Estate entities.
Caldera, a depositor claimed that she had received a land from Aturugiriya as compensation which entailed a financial loss of about Rs. 3.5 million to her.
The Attorney-at-Law appearing for depositors submitted that he has to apprise the Supreme Court about the proceedings at the next date of hearing.(Island)
By: Reporter on October 23, 2009
at 11:43 pm
In a remarkable turn of events, the Fort Magistrate’s Court released Ceylinco Chairman Lalith Kotelawala on bail yesterday when the case involving the alleged defrauding of Rs. 3.9 billion by the F&G Real Estate Company was taken up, but Mr. Kotelawala will continue to remain in remand prison over other Ceylinco related cases.
Fort Magistrate Gihan Pilapitiya made the order granting bail considering the affidavit submitted by Mr. Kotelawala undertaking to remit 1/6 of his personal assets to the proposed repayment scheme aimed at settling the depositors of F&G Real Estate – a subsidiary of the Ceylinco group headed by Mr. Kotelawala.
Lalith Kotelawala gets bail
The first suspect Kotelawala was released on Rs.200,000 cash bail with two sureties of Rs.5 million each. The Magistrate ordered the suspect to surrender his passport to court and also to sign a bond. The Magistrate also said the conditions in the pledged affidavit would be additional bail conditions and the bail application should be certified by a tax payer.
Previously, the second to fifth suspects namely Mervin Jayasinghe, Mohan Perera, Chalaka Sanjeewa Perera, Ranga Asiri Nanayakkara and ninth suspect Sunil Jayatissa were enlarged on bail.
The Deputy Solicitor General moved court to obtain an oath from all suspects including the first suspect in open court confirming that the affidavits submitted by them pledging to grant their personal assets to the trust was done voluntarily and not as a consideration of being granted bail.
Making a pledge in open court, Ceylinco Chairman Kotelawala said he was submitting this affidavit with the intention of paying to depositors.
When DSG Kodagoda questioned as to the similarity of the affidavits filed by the other suspects in this case to that of Mr. Kotelawala, Counsel Rienzie Arsekularatne appearing on behalf of Mr. Kotelawala said the contents of the affidavits were more or less identical except for the component of payment undertaken by his client. He submitted that his client was providing 1/6 of his personal assets and whilst through the other affidavits already submitted to court the concerned suspects had undertaken to provide 1/3 of their assets.
Meanwhile, the Magistrate ordered that three suspects who were earlier released on bail, be remanded till October 12 upon consideration of a submission made by DSG Kodagoda.
DSG Kodagoda said these suspects were believed to be involved in a business interest by ignoring the proposed repayment scheme proposed by court. DSG Kodagoda charged that he had received reliable information from intelligence sources of the Attorney General’s Department on the concerned suspects’ direct involvement in two companies affiliated to a subsidiary of the Ceylinco group of companies, breaching the bail conditions. The Magistrate ordered prison authorities to remand the second, third and ninth suspects namely Mervin Jayasinghe, Mohan Perera and Sunil Jayatissa as they had violated bail conditions.
By: reporter on October 23, 2009
at 11:48 pm
The Supreme Court today granted a conditional bail for Lalith Kothalawela, the chairman of the troubled Ceylinco Group, accused of massive fraud at the collapsed Golden Key Credit Card Company, a Ceylinco Group company.
The Supreme Court bench comprising Justice Shirani Thilakawardana, S.I. Iman and P.A. Ratnayake released Kothalawela this afternoon with Rs. 10 million personal bail and Rs. 5 million money bond.
The SC further ordered Kothalawela not to leave the country and to hand over his passport to the Courts.
If the Ceylinco Group chairman wants to leave the Western Province, he should get the permission from Courts and five government tax payers must guarantee before he leaves the Province.
The Supreme Court stressed that Kothalawela will be remanded again if he breaks any of those conditions applied by the Courts.
The Court was informed that Lalith Kothalawela has transferred Rs 125 million to the special repayment scheme for the Golden Key depositors.
By: reporter on October 23, 2009
at 11:50 pm
Just like Lalith Kothelawela has been “acting sick” and attending Court Hearings being pushed around in a wheel chair, once given bail and released, we will surely hear that he needs immediate medical treatment in Singapore or other such country for some unknown and cooked up ailment.
Sri Lanka has adequate competent medical officers who successfully treat the ordinary man on the street when necessary & the legal authorities should be cautious about this highly innocent actor who wants public sympathy!
Relaxation of rules on this man, can end up in a disaster for the depositors they have defrauded!
By: Darmitha on October 25, 2009
at 4:43 pm
My Dear Lucas The comments you had made on my article on March 2, 2009 refers.
I am sorry, I could not respond earlier as I had been ill for sometime and I am still under treatment by a neurophysician. I am suffering from some sort of Vertigo. Anyway, I totally agree with your comments and I am glad to know that there are rational and good thinking people like you are in our beloved country.
Reiterating my deepest thanks and appreciation.
With kind regards
Zulkifli Nazim
By: Zulkifli Nazim on October 26, 2009
at 10:08 pm
Its good news that Mr.L.Kothalawala is released on bail.
He had been a top class businessman.But could always go wrong in some areas.
He now has the chance to prove himself again.
Good luck!
By: randolph perera on October 30, 2009
at 3:38 pm
So true!
Give him a chance to make it right..Don’t forget about all the lives he touched through out the years before the economy collapsed. You cannot have a future without a past..
By: yasodra malinga on October 31, 2009
at 4:38 am
“As is a tail, so is life;
It is not how long it is that matter, but how good it is”
- Seneca (4BC – AD65)
Be Good.
By: The All Seeing Eye on November 2, 2009
at 3:52 pm
“As is a tale, so is life;
It is not how long it is that matters, but how good it is”
- Seneca (4BC – AD65)
Be Good.
(apologies for the typo
)
By: The All Seeing Eye on November 2, 2009
at 4:02 pm
Ceylinco Kathankudy branch owes Rs128 mn to depositors
Thursday, 05 November 2009
“The Ceylinco Profit Sharing Investment Company’s Kaathankudy branch alone has 1727 customers and a total of over Rs. 73 million in fixed deposits and over Rs. 55 million has been deposited in savings accounts.” This was disclosed at a press conference held by disappointed depositors from Kattankudy by Quaazi Judge Mr. M.M.M. Mahroof Careem who is also a customer of Ceylinco Profit Sharing.
Mr. Mahroof Careem was speaking at a media conference organized by the Kaathankudy Mosques Federation recently on behalf of the customers who had deposited their money in Ceylinco Profit Sharing. The media conference was held in the Mosques Federation headquarters.
“The President who declared there is no minority in this country should find a solution for those people who have been affected by the Ceylinco Profit Sharing Investment Company.We are well aware that the majority community’s problem in the Golden Key scam has been resolved. Similarly, the minority who was defrauded by Ceylinco also needs to be shown compassion and their grievances also resolved by the President” added Mr. Mahrof Careem.
Speaking further Mr. Mahroof Careem added that public companies have placed their deposits in Ceylinco for a monthly income. Political leaders and Ministers are duty bound to work together and ensure the hard-earned money of the poor people are returned to them rightfully.
Kaathankudy Health Officer Mr. M.S.M. Jafeer, another customer of Ceylinco stated that they had taken this issue to Western Province Governor Alavi Moulana, Minister A.H.M. Fowzie, SLMC Leader Mr. Rauff Hakeem and many government officials. But no progress has been made in this regard.
“Two of the depositors who were swindled by Ceylinco have died and many have lost their health over this distress. So far the Central Bank has taken no proper action against this. The Central Bank should find a solution and come forward to help us.
“Depositors from Kalmunai, Akkaraipattu, Sammanthurai and Oddamavadi who are also in similar plight have joined hands with us in our struggle. In this, 2% of Tamil depositors’ money is also included in the Kaathankudy branch.”
“We have complained this matter to the CID and we will continue our struggle. We call upon the All Ceylon Jamiyyathul Ulama also to intervene and help us resolve this serious issue”, Mr. Jafeer concluded.
By: Banga on November 6, 2009
at 6:17 pm
Khavan was not bailed out. Pleas look at this link, this is how the US is handling their Lalith K…….
http://news.bbc.co.uk/2/hi/in_pictures/8360032.stm
By: Banga on November 14, 2009
at 2:44 pm
Central Bank finalizes repayment to small GK depositors
The Central Bank is now in the process of finalizing arrangements to begin the repayment, as soon as possible, of Golden Key (GK) Credit Card Company depositors with deposits of Rs. 1 million or less, a senior official of the Central Bank told the SundayTimes FT.
He noted that the Special Task Force on GK at the Central Bank will contact these depositors soon to begin the much awaited re-payment process in accordance with the Supreme Court directive.
The Task Force has finalized the verification of details provided by depositors with the information recovered from the Golden Key computer system, he said. He disclosed that there were around 3,800 depositors who have deposited Rs.1 million and less.
Under the repayment plan put forward by the 3-member Committee of Chartered Accountants the Central Bank will start settling 75% of the value of their deposits with a maximum ceiling of Rs 100,000, he said. However at the initial stage these depositors will be paid a maximum of Rs.100,000 and the balance within three months.
Those who have deposited Rs 100,000 rupees will receive Rs 75,000 rupees, he added. Depositors who have a deposit of between Rs.1 million and Rs.2.5 million will be considered for re-payment within six months after the completion of the first category in accordance with the repayment plan and this segment covers 2,505 depositors.
The others will be settled within a year. The task of paying back depositors has been entrusted to the GK Secretariat which operates in the Central Bank under the direction of Chief Operating Officer (COO), J. P. R. Karunaratne.
By: Banga on November 15, 2009
at 12:53 am
Those who have suffered due to the Golden Key scandal should not relax their vigilance even though promises have been made. It is only with continuous pressure and vigilance that the depositors will finally be able to come out winners!
By: Darmitha on November 15, 2009
at 6:35 am
More new of secret asset disposal contrary to court orders are being found!! Await>>
By: Banga on November 21, 2009
at 11:01 pm
Central Bank cannot make 75% repayment to Golden Key depositors due to insufficient funds– Senior official
BY SURESH PERERA
* No assets of Kotelawala and other directors sold so far
* Sicille’s super luxury Mercedes Benz sold
* Depositors to place information before Supreme Court
The quantum of cash credited to the special dedicated fund so far is sufficient to repay only 100,000 rupees of Golden Key depositors who had invested one million rupees, a senior Central Bank official said last week.
“We have to make do with what we have at this juncture as we don’t have the money to pay more”, he conceded. “That’s why we did a calculation and imposed a maximum ceiling of 100,000 rupees on payments”.
The Supreme Court has directed that 75% of deposits up to one million rupees be settled within a three-month timeframe under the first phase of the repayment plan.
“That’s right, but we have court sanction to accommodate payments on the basis of resources available”, the official explained.
Asked for a figure on the amount available for repayments in the special dedicated fund maintained by the Central Bank, he replied, “It’s more than 300 million rupees”.
“If more funds can be raised, we will be able to repay the full 75% under the first phase”, he noted. “We cannot do anything more sans liquid cash”.
Surely, the Central Bank can dispose of the assets and properties of Ceylinco Chairman Lalith Kotelawala and other directors and raise more money, says Ms. Dushyanthi Hapugoda, a petitioner in the Golden Key Fundamental Rights (FR) plea now being heard before the Supreme Court.
The Supreme Court has ordered the Central Bank to identify and sell these assets to raise the required funds to repay depositors, she said. “But, not a single asset, either moveable or immoveable, has been sold so far”.
The money in the special dedicated fund had come from the seizure of the bank accounts of Kotelawala and his wife Sicille, but apart from these take-overs, no other cash had been credited, she asserted.
When the Central Bank has clear orders from the Supreme Court, which had even set a timeframe for repayments to be completed, why is it complaining of lack of funds without selling identified assets, Ms. Hapugoda asked.
“We are moving in the matter, but there is a due process of the law to adhere to before selling these assets”, the Central Bank official countered. “It cannot be done just like that”.
Why cannot this so-called “due process of the law” be expedited even after directives from the Supreme Court?, Ms. Hapugoda asked. “The onus of raising funds has been placed on the Central Bank but is it happening?”
What about the moveable and immoveable assets of the other directors, including a Deputy Chairman who was drawing a monthly, all-inclusive salary of 6.5 million rupees?, she queried.
“How many months have elapsed, but nothing tangible has happened to grant relief to struggling depositors”, she said. “Almost a year has gone by since Golden Key crashed, but not a cent has been repaid so far”.
“We have to verify the deposits through an auditing process before repayments can begin”, the official pointed out. “We are in the process of finalizing matters”.
Asked when repayments with the “maximum ceiling of 100,000 rupees” could begin, he conceded that it could take more time as auditing is still incomplete.
He said there are discrepancies in certain Golden Key customer statements which need to be cleared before they can be repaid. “This is time consuming”.
Asked why the others cannot be repaid without allowing a few complicated cases to hold up the whole process, he said, “We have to stick to a schedule”.
The services of a few former Golden Key employees are being made use of to process the deposits in the presence of Central Bank and CID officers at the company’s Duplication Road office, The Sunday Island learns.
The processed accounts are then forwarded for auditing by a special team and listed for repayment, it is understood. The number of depositors who had invested between 1 million and 2.5 million rupees is 2,505.
The official assured that depositors would be informed in writing and the part payments made by cheque when the process is finalized.
Ms. Hapugoda said that she had informed the Central Bank about a super luxury Mercedes Benz car used by Mrs. Sicille Kotelawala, which is believed to have been sold for 42 million rupees to a businessman.
This latest model worth 78 million rupees had done only 4,130 kms at the time it changed hands, but nobody knows what happened to the money, she claimed. “It had been transferred on November 12, 2009″.
“Yes, this matter has been brought to our notice and we are looking into it”, the Central Bank official said. “We will be initiating action”.
This money should have come to the dedicated account to repay depositors, but at a time every cent counts, this is how assets are being disposed of, she said. “And, the Central Bank is complaining it has no funds”.
There are a lot of immoveable assets, including hundreds of vehicles held at a Colombo yard, but they have still not being sold to raise money to repay depositors, she said. “There are people interested in buying them”.
“We will be placing all these matters before the Supreme Court when the FR case comes up again”, she said. “This is unacceptable”.
She said that the Supreme Court had directed the Attorney General to dispose of assets amounting to 2.2 billion rupees as given in the report submitted by the Committee of Chartered Accountants.
A four-member delegation representing Golden Key depositors placed before the Committee fresh details of Lalith Kotelawala’s assets, worth more than four billion rupees, which had not been taken into account in the ongoing bid to raise funds to repay depositors.
The delegation comprising Ms. Dushyanthi Hapugoda, Kapila Jasinthuliyana, Ms. Kanthi Senaratne and Upali Perera accompanied by their lawyer Bandara Senarath, had an hour-long discussion with the Committee headed by Lakshman R. Watawala at the Central Bank, where the Golden Key Secretariat is based.
The Supreme Court has released Lalith Kotelawala and Deputy Chairperson Mrs. Padmini Karunanayake under stringent bail conditions. They have also been warned not to interfere or influence in any manner whatsoever with either the investigations, the prosecution or with the witnesses or tamper with any of the evidence in this case.
Any violation of the conditions will result in the immediate cancellation of bail and the re-remanding of the two suspects.
By: Banga on November 22, 2009
at 1:35 am
Anybody knows really what happened to GK. How many depositors knows what happen to Former Highway Minister J-Pulley’s (commission money)Rs. 600,000,000.- (Six hundred millions) in GK. Do you know who took those money after died J -Pulley? His wife try to take money from GK But Big Boss comes front & ordered to L.K., Immediately transfer those money to his personal account. It was happened last quarter of year 2008. After that only GK collapse begins.
By: Nobert on November 22, 2009
at 4:37 pm
According to sources Laith K is planing to do more charity work in the Prisons. He has money to spend and pay for this show, while no money to pay his depositors!!!
Central Bank has strongly objected to the Sunday Island Article which is highly critical of them.
They want the depositors to find assets and give. They say that what they have is mortgaged, vehicles have no CR books and although Supreme Courts have given Judgements they have to go to samller courts to get permission to auction any thing!!
By: Banga on November 26, 2009
at 7:27 pm
Said to be worth “billions” only on paper
Most assets in Kotelawala’s list already mortgaged to other financial institutions
– Senior official
BY SURESH PERERA
Several vehicles which belonged to Golden Key will go under the hammer within the next fortnight in the ongoing bid to raise more funds to repay struggling depositors of this troubled Ceylinco subsidiary, a senior authoritative official said.
A public notice on the sale, which will be handled by a reputed auctioneer, will be published in the newspapers this week, he said.
“This will be the first in a series of auctions to be conducted to dispose of the moveable assets of Golden Key, which crashed in December 2008 leaving thousands of distraught depositors in the lurch”, the official, who asked not to be named, said.
Some luxury vehicles used by directors of Golden Key will initially go under the hammer at the auction to be held at a location in Bambalapitiya, he noted. “We have already finalized arrangements”.
“The biggest hurdle we faced was that these vehicles did not have the required documentation including revenue licenses and insurance”, the official pointed out. “We had to sort out these issues before auctioning them”.
The audit report of deposits up to one million rupees for repayment, with a maximum ceiling of 100,000 rupees, is expected to be ready by December 4, 2009.
“We will then be able to start paying back investors”, he explained. “But, we cannot settle the full 75% under this category due to insufficient funds”.
Apart from the bank accounts of Ceylinco Chairman Lalith Kotelawala and his wife Sicille seized on a Supreme Court directive, no other funds are available as the assets have so far not been sold, he pointed out.
“We are also eager to settle the total 75%, as directed by the Supreme Court within three months under the first phase, but there is no cash”, he said.
He said that people are unaware that most assets in the list submitted by Kotelawala cannot be sold to raise liquid cash because they have already been mortgaged to other financial institutions.
“We are trying to find assets and properties which do not have mortgages on them”, the official noted. “It’s a difficult task”.
The Golden Key head office at Duplication Road had been mortgaged to Seylan Bank and the property at Kirimandala Mawatha had also been mortgaged to another bank, he said, naming these two key assets as examples.
“The bank wanted to take over the Duplication Road building, but we managed to put it on hold, restore electricity by settling the outstanding 1.5 million rupees and get the computer system working again”, the official said. “It was a virtual battle to place the process back on track”.
“People ask us about the Golden Key ENT Hospital and why it cannot be sold when there are prospective buyers”, he elaborated. “Do you know that this hospital functions under the Ceylinco Insurance Trust Fund?”
On paper, there are assets said to be worth “billions”, but a closer examination reveals that they had already been mortgaged”, he noted. “After the mortgages are settled, there could hardly be anything left to repay Golden Key depositors”.
He said that under these difficult circumstances, it’s not fair to accuse the Committee of Chartered Accountants appointed to settle depositors of “dragging their feet”. “We are doing our utmost”.
Meanwhile, at a discussion the Committee of Chartered Accountants had with Ms. Dushyanthi Hapugoda, a petitioner in the Golden Key Fundamental Rights (FR) plea on Wednesday, last week’s The Sunday Island news report headlined, “Central Bank cannot make 75% repayment to Golden Key depositors due to insufficient funds”, figured prominently.
Amongst the issues discussed was the selling of the super luxury Mercedes Benz car used by Mrs. Sicille Kotelawala for 42 million rupees to a businessman, as reported in the news story.
“We want to find out what happened to the money as it should have come to the special dedicated fund to repay Golden Key depositors”, the official said. This latest model vehicle had been sold on November 12, 2009.
“During the two-and-a-half-hour meeting, we did take up a wide range of pertinent issues and looked at ways of raising more funds to settle depositors expeditiously”, Ms. Hapugoda said. “Whatever the reasons, the fact remains that depositors have still not been granted any relief”.
“We also discussed details submitted by us on Kotelawala’s assets, worth more than four billion rupees, which had not been taken into account in settling depositors so far”, she said.
The question of auctioning the personal assets of the directors of Golden Key and other associate companies, including those of Sicille Kotelawala and Deputy Chairman/CEO Kavan Perera in terms of the law was also taken up, but the Committee was of the view that a fresh court order may have to be obtained, she explained.
It was pointed out that the Supreme Court had already directed that a judicial order from the district court be obtained to sell identified assets and properties which included those of directors as well, Ms. Hapugoda noted.
She recalled that in May 2009, former Chief Justice Sarath N. Silva had observed that even Kotelawala’s house can be auctioned. He wanted not only the deposits settled, but also a part of the interest due paid as a measure to grant some relief.
She said that details of how one Golden Key director had transferred six houses in Colombo, including one valued at 82.8 million to her kith and kin, were also placed before the Committee. The transfer had been done on December 18, 2008 – the day Golden Key collapsed.
Another director ostensibly “overseeing operations in Australia”, owes Golden Key 144 million rupees in credit card dues. She is now on remand with some other directors in connection with this scam, Ms. Hapugoda said. “This money will also have to be recovered”.
Central Bank Governor Ajith Nivard Cabraal had also asked officials handling the repayment process to ensure that relief is granted to suffering depositors as early as possible, she said.
On depositors whose credit card statements are not in order, a request was made to the Committee to start repayments without allowing a few complicated cases to hold up the whole process, she said.
The question of asking depositors who, for example, had 10 million rupees in capital held up without any interest for the past one year, to pay 10,000 rupees due to Golden Key, was also discussed, she said.
This is grossly unfair as depositors are struggling to eke out a living with their life’s savings denied, she pointed out. “How can they raise money when they cannot even afford to buy their basic essentials?”
“Their dues can be deducted at the time repayments are made”.
Kotelawala and Deputy Chairperson Mrs. Padmini Karunanayake, who have been released on bail under strict conditions, have been directed by the Supreme Court to cooperate with any notice issued by the CID, the Committee of Chartered Accountants and/or the Monetary Board.
They were also ordered to make a declaration to court by way of an affidavit of their assets in Sri Lanka or overseas.
By: Banga on November 29, 2009
at 1:34 am
A Special notice to the depositors of the Golden Key Credit Card Company Limited issued by the Committee of Charted Accountants appointed by the Supreme Court is now published under the above article.
By: Depositor on December 6, 2009
at 12:57 pm