Supreme Court discards Ceylinco assets declaration

(March 30, Colombo, Sri Lanka Guardian) The Supreme Court ordered today that a report be submitted on all assets of companies incorporated in the Ceylinco Group of Companies prepared in association with the Attorney General and the Central Bank.

The Supreme Court made the order refusing to accept the assets declaration of the Ceylinco Group of Companies submitted by its chairman in accordance with a previous directive of the Supreme Court.

It its order to the Attorney General, the Supreme Court again reiterated that the Central Bank was legally bound to be responsible and pay back to the public the monies they have deposited in private finance companies.

The Supreme Court made the order when the fundamental rights petitions by 22 depositors of the Golden Key Finance Company were taken up for consideration.

The 22 petitioners had requested the Supreme Court to declare that the Monetary Board of the Sri Lanka Central Bank had a responsibility to ensure the repayment of monies of the public deposited with the Golden Key Finance Company.

The petitions cited the Sri Lanka Central Bank, the Finance Minister, the Golden Key Finance Company and 17 others as respondents.

The Supreme Court also ordered the Attorney General to inform court on the steps taken on the investigations conducted by the Sri Lanka Central Bank in 2006 utilizing a special investigation unit on unauthorized finance companies.

The Supreme Court also ordered the Attorney General to show cause as to the failure on his part to take action on the recommendations of the special investigation unit with regard to the acceptance of deposits from the public by the Golden Key Finance Company, a subsidiary of the Ceylinco Group of Companies.

The petition, taken up for consideration before a Bench comprising Chief Justice Sarath N. Silva, Shirani Thilakawardena and K. Sripavan, is to be taken up again on April 28.

The Supreme Court ordered all respondents to appear before court on that day.

-Sri Lanka Guardian