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Golden Key Fraud in Sri Lanka
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Joy09
Joined: Jan 2009
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 3 Jan 2009 07:37:51 GMT Report for Abuse
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Yeah Gayan and paulson. He even runs a salon in his Ceylinco seylan towers on the 2nd floor. Very humorous to see a salon inside a bank don't you think?!and i think that too runs at a loss as usual.
Edited By - Joy09 - 3 Jan 2009 07:38:46 GMT |
Joy09
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9 Jan 2009 06:10:16 GMT Report for Abuse
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I give below a news item appearing today in Daily Mirror. In addition it appears Ceylinco Fast Cash amount not remitted to Sri Lanka is yet to received.This fogure is said to be Rs.4 to 5 Billion.
Vasu urges top level probe on Ceylinco
By Susitha R. Fernando
Following the controversy over Golden Key Credit Card company, Presidential Advisor Vasudeva Nanayakkara has asked the President to carry out a thorough investigation into the affairs of the Ceylinco Group of companies.
I refer to the shocking scandal of large public deposits taken by the Golden Key Credit Company of the Ceylinco Group and in this context, I urge the President to direct that top level investigations be thoroughly carried out into the conduct of affairs of the Ceylinco Group, Mr. Nanayakkara stated in his letter to the President Mahinda Rajapaksa.
Ceylinco Group has several Companies given licenses by Central Bank to accept public deposits. Therefore, it is of public concern, as to why public deposits were taken into Golden Key Credit Company, which did not have a license? Has it also happened in another company in the Group, I understand by the name of F & G Investments? How much are the above deposits, and from when? I understand that this has gone on for several years. Whose monies are these? The Income Tax Department should immediately collect the information and tax all those, who have deposited black money, Nanayakkara queried.
Have complaints been made for sometime to the Central Bank on the above matters? If so, why was no action taken as in the cases of Sakvithi and Daduvam Mudalali?
Vasu also stated that Mr. Lalith Kotelawela and senior Directors of Seylan Bank had earlier been charged with a conspiracy, misappropriation and breach of trust in Fort Magistrate s Court case in 2002 and said that the Attorney General should intervene in the said allegation.Referring to another court case pending before the High Court against Mr. Kotelawela, Mr. Nanayakkara said that according to banking laws, when there is an inquiry even before a tribunal a person cannot be a director of a Bank. But I understand that complaints made to the Central Bank based on the above actions had not been acted upon.
And further he complained that the Security Exchange Commission, Stock Exchange and the Attorney General had also not taken action on complaints against Mr. Kotelawela.
Vasudeva Nanayakkara said that the Financial Intelligence Unit of the Central Bank should carry out thorough investigations to check whether some of the monies had been siphoned off to companies abroad, particularly in Jersey in Channel Islands, Geneva in Switzerland, Labuan in Malaysia, etc and that investigations should be done meticulously, with no undue regard for personalities. |
Deepthroat
Joined: Dec 2008
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 9 Jan 2009 09:30:41 GMT Report for Abuse
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| Wow! $228,290,453! This is what the currency converter comes up for LKR 26 billion. There is doubt Mr. K can come up with a quarter of a billion dollars with his assets to take care of this. Unless he has Warren Buffet's direct line or maybe Sicille could call up one of her European Royalty or high society friends and put in for bit of a 'loan'. Like Russell Peters says 'Somebody's gonna get hurt' I don't know who! Let s face it. International credit markets have dried up is what the experts agree on. Additionally our exports have stalled. If it were not for remittances from the maids and other blue collar workers. We would be sunk. During 2009 and beyond one thing that is guaranteed is inflation. The times when financial institutions created useless instruments by the dozen have come to and end. Paper, and electronic economy have had its day. Living off interest and pensions are going to be a thing of the past. Doom & Gloom merchant you say? Hey, the world has never been here before. Got Gold? Hold on to it. Expect a financial winter.. Maybe it would not be bad time for us to start growing food and or producing Ethanol, or Bio-Diesel or something like that for our neighbors. CB should thinking of stimulating our economy from within. Getting a couple of decent infrastructure projects going in the North and East and giving jobs and hope to the people up there and they themselves will elbow out the rebels, now that we have got the ball rolling. It might all work out OK. We are smart people after all, right? |
Joy09
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10 Jan 2009 10:49:46 GMT Report for Abuse
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Getting a couple of decent infrastructure projects going in the North and East and giving jobs and hope to the people up there and they themselves will elbow out the rebels, now that we have got the ball rolling.
I agree with that. If anyone bothers to seriously analyzes the reasons for the ethnic crisis it can be seen that basically this is an economic crisis. Everyone wants a bigger slice of the economic cake which instead of growing is unfortunately contracting. If we all get together and make the economic cake big enough for everyone then the ethnic problem will be solved to a great extent. |
NandaThero
Joined: Jan 2009
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15 Jan 2009 09:56:03 GMT Report for Abuse
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This is not the first time and what happened to the Blue Diamonds company under LK? Even the issued capital is not there? They were so called trading in the world market for diamonds buying and selling high value stones at auctions if Debeers and Christies, no one knows how much was made and where the money went. Another scam at Ceylinco was Energen International building a solar chimney project in Peru, all Ceylinco money went out of the country, Why did LK drop the case with Daya Senanayake?by not attending court etc. This is going to fall no doubts as they cannot sell or do anything to recover with the world economic recession due to hit us by April/May. How can they sell their asetts and to whom, who will have the money? This is the biggest going crook who is creating about 165 companies under the Ceylinco Consolidated name and only rolling on the monies from TFC,CI,F&G. Almost all his companies are finance companies Panadura Finance, Ceylinco Leasing, Ceylinco Shriram, Ceylinco Savings Bank, Ceylinco Grameen, Ceylinco Islamic Banking etc.
This is the biggest going crook on the land and we know what he did to his relations when his cousin Dr.Gamini Corea was ill and dying and how he got his thugs at Ceylinco Cisco to guard and kept everyone out and got all his properties.
Look at the Hyatt project! Building was stopped 1 and half years back by MAGA as they were not paid. GK,TFC funds were taken out to pay the contractors. He is the smiling pickpocketer. |
veritas
Joined: Dec 2008
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15 Jan 2009 17:24:13 GMT Report for Abuse
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| At last the people are coming to know the Jekyll and Hyde character of Lalith Kotelawala. I fully agree with Vasu that the entire Ceylinco Group should be investigated and LK who is the chairman of the Group, if found guilty of swindling the public, should be severely dealt with according to the law.All the evidence now gradually coming to light involving the entire Ceylinco Group points to massive frauds and deceptions perpetrated by a criminal mastermind. And what better insurance could he have had than posing off as a philanthropist with a heart, to carry out his financial scams on unsuspecting people.The only scam that appears to have happened at Golden Key is the one that was hatched by Lalith Kotelawala himself personally, to cover up his dirty tracks and mislead the general public. |
777ROGGER
Joined: Dec 2008
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15 Jan 2009 17:45:32 GMT Report for Abuse
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Timely action by the government is commendable. However the intervention should be to regularize, make the system work, safe guard the investors and make its exit ASAP for the business to function smoothly.
The former AG appearing in courts for the Ceylinco group has to be viewed pathetic and a disgrace to the Law profession in SL. Why should high officials step down to appear in courts where the bona fide of the case is very doubtful.When officials of such high esteem loose their values, How do you expect to maintain public confidence in the Judeciery system in SL.
On the other hand one wonders why Mr Kothalawala has to appoint an ex employee of Golden key who had been asked to leave for frodulent activity on a property to call for bids which appears to be in the News papers?
From the events that are unfolding one gets to feel Mr. Kothalawala is being misled, which does not look good on him.
The CID which brought about the action at the first hearing in courts appeared to have been impartial to most. However it appears Ceylinco group employs ex CID officials and have undue influence in the CID Dept and there is concern that Mr. Kothalawa may use his influence to frame charges against the CEO and other employees of GK, as this case has been filed through the CID.Hope that the learnered Judge and the relevant authorities including the AG will take interest to resolve this case justly and speedily in the best interest of all.
At this point of time the management and relevant authorities should also be mindful& look in to the well fair of the employees of GK who are bound to face hardship due to this situation. |
mari08
Joined: Oct 2008
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 15 Jan 2009 19:36:56 GMT Report for Abuse
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| Sorry people, like I said before, with 30% interest all alarm bells should start ringing. Exactly a year ago someone tried to talk me into it. I told the person in question he better take his money out immediately since the credit card business would be the next bubble to collapse. I hope he did. And keep in mind for most of them it's all black money, so don't feel to sorry for those people, they have just been plain stupid and too greedy. |
upananda7
Joined: Feb 2005
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 15 Jan 2009 20:48:41 GMT Report for Abuse
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I have very good experience in dealing with Lalith Kotelawala and his crooks legally. He is a person who tries to buy the whole legal system if possible by spending others money (company's funds). Since there are gentleman judges and lawyers still in Sri Lanka, he cannot win each and every court case against him. Then he will bribe the necessary personnel for coming to a settlement out of the court and then in front of the judge, lawyers of both parties will say that we are going to settle and finally other party has no choice and even there is no way of claiming even legal charges.
Likewise, I understand that certain officials who are involved in investigations have been bribed in advance by way of giving scholarships to their children for foreign education and various other means.
But I am confident that The President as a Minister of Finance and Presidential Adviser, Mr. Vasudeva Nanayakkara, need culprits to be brought to justice on behalf of innocent depositors.
Upananda Karunaratne (USA) |
mari08
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15 Jan 2009 21:18:27 GMT Report for Abuse
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They might be brought to justice, although I doubt it, they might as well bring all the bankers in the world to court. It's scum, just like the big boys in the building business, real estate, politicians and so on.
But whatever they do, people will not get their money back, that's long gone. |
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