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.
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. Read the rest of this entry »
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