EDITORIAL: The continued plight of GKCCC Depositors

(January 21, Colombo, Sri Lanka Guardian) Our recent articles seeking the intervention of government to come to the aid of the “smaller” depositors has engaged much readers’ interest. We have received a number of telephone calls, Emails and other correspondence from many – some of whom clearly directly involved in the scam.

Many of them express the view the latest escape-strategy of the " Vehicle" suggested in the form of a new Company to be formed is nothing but an exercise in futility - to buy time. This is in no way, as we suggested earlier, going to help the 7,000 plus smaller depositors. From what we gather

there is reported to be sufficient funds to pay in full this entire segment disposing some of the major appreciating assets of GKCCC - that were originally listed to Courts in 2009. If some of these assets were surreptitiously sold in the interim those entrusted with the assets should be held responsible. It is time the authorities realized

Depositors are losing confidence in the good faith of the government – while we are aware President Rajapakse, Secretary Lalith Weeratunga and some high judicial officers are sympathetic and wish to help depositors. The more the matter is delayed adds to the burden of hardship on the Tens of thousands of people concerned.


We quote some of the concerns of readers below :-


“..The proposal is fundamentally flawed, as the main presumption is that the deposits that the people made were not deposits, but cheap low cost ten year loans given to the company..”


“…This is a scheme designed to browbeat the financially beleaguered and weary depositors into submission, and to accept this scheme on a “take it or forget it” basis. The principal aim of the company is to reduce their liability on deposits by adopting this highly illegal assumption, which violates the original terms of the contract at the time of deposit acceptance…”


Although it was earlier announced the higher Courts were to be provided with evidence of the payment of Rs.200,000 by January 2001 nothing of the sort appears to be happening. Most of the depositors are apparently against this ruse of "the Vehicle" but were helpless because interested parties stepped in and caused disunity among the depositors.


Once again we appeal to the President and the many officials concerned to help these people without delay as some of them are in extremely dire straits in terms of day to day living.


Some form of tangible relief made in the most transparent manner will no doubt earn the gratitude of these citizens to the President and his government.