New company to provide relief for GK depositors [October 18 2010]

President Mahinda Rajapaksa, following a discussion with affected Golden Key Depositors Association, decided to set up a new company which is to acquire the assets of the Golden Key Credit Card Company.

The shares of the new company to be formed would be distributed among the depositors of the company which went bankrupt.

The company, to be named GKCG Special Purpose Vehicle (Pvt) Ltd (GKCGSPV) under the business Act, will offer a proportionate number of shares according to the deposits of each person at the former company.

The Central Bank of Sri Lanka, under the direction of its Governor Ajith Nivad Cabraal, will be the facilitator of the new move. The President has asked the officials to seek legal opinion regarding the formation of this new company.