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| Sunday, 15 August 2004 |
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Gold Quest to sue Central Bank by Jayantha Sri Nissanka The Gold Quest Company is contemplating legal action against the Central Bank for crippling its business in Sri Lanka. The company claims that the Central Bank had created a wrong impression to the general public that its business was similar to the pyramid and referral scams. The Central Bank notices had indicated that there were genuine network marketing companies but also there were marketers who actually run pyramid schemes. The company's legal experts will shortly be in Sri Lanka to study the case, a business promoter of the Company, Sampath Walpola told a customer who made a complaint of being let down by an agent of the scheme after Walpola declared a lecture promoting network marketing. During the lecture at the Galle Face Hotel on Wednesday evening, he said they preferred if the Government brought laws to stop pyramid and referral scams. "But Network marketing is a totally different one from the pyramid and referral business. The Central Bank failed to understand the difference. We try our best to settle problems amicably with authorities without going to courts", he said. He said the Central Bank media notices affected the business and it came to a total standstill which was a severe blow to the company. He insisted that the Government enact laws to halt pyramid and referral businesses but said that if the contents in the draft Bill affected their business, the Company will go to the Supreme Court against the Bill. The Sunday Observer learns that Gold Quest representatives in Sri Lanka are pressurising top politicians of different political parties prior to the draft Bill being tabled in the House. It is further understood that Gold Quest was attempting to seek an appointment with Prime Minister Mahinda Rajapakse to explain their position. A Southern Provincial Councillor was also present at Wednesday's meeting. When contacted Director of the Legal Department of the Central Bank Mrs. S. Kadurugamuwa told the Sunday Observer that they published notices in newspapers in the interest of the general public and also to maintain the financial stability. "We showed the people risk of investing in misleading investment schemes but never intended to sabotage a genuine business of a company", she added. |
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