![]() ![]() We found out that there was a minute which said this. Then, we also called for the record as to how a finance company, with all the safeguards of this Act, came to be this. But, there were monies of the depositors which had even gone into the Seylan Bank and other places, from the perusal of the documents. There was some sort of arrangement where the Government would to take it over and run it. So, what we did was, we released the Seylan Bank (from any freeze on funds disbursement). ![]() If that collapsed, 14 other finance companies may have collapsed and there would have been a huge economic crisis in this country. The moment they come to know that there is a little problem with the bank everybody withdraws the monies and that would collapse. So, when going through it, we suddenly realised that if we stopped all transactions, the Seylan Bank transactions would also have to stop. This is not the ordinary one person vs somebody else case. ![]() I really used to sit with these people because this was a new thing for us. We were studying it we used to stay till 11 0′ clock or midnight. So, what we did was, we immediately stayed all action. So, we had this whole thing before us and there was no experience anywhere else in the world as to how we are going to handle this. In the MadOff case, up to date, nobody has been paid one cent. We just had experience of the Madoff case in America. So, we had to immediately put a ‘Stay Order’ that no transactions would take place because the money had been siphoned off and it is what you call a Ponzi scheme. When we took even a cursory examination of the documents, we found that the money that should have been credited to the Golden Key Credit Card Company had gone to the rest of the Ceylinco Holding Companies. One was, there was a collapse of the Golden Key Credit Card Company. So, immediately, we had to maintain the status quo because there were two important things that were happening. It became a public interest litigation and we halted the number of applications coming into court because if not, we would have had 9,000 applications. Article 126 was there on fundamental rights and we took that up. When these kinds of things happen and the law cannot meet what is there, one feels almost ineffective and one has to do something. In other words, it was a scam.Īctually, I was partly responsible because I had a very big burden. – who had good faith, deposited their monies in the Golden Key Credit Card Company and who found that the Credit Card Company had failed because it was what you call a pyramid or for which various terminologies were used. We found thousands -I think it was 9,000 odd depositors. Justice Tilakawardene: If you recall at that time, before it came to courts, there was a huge outcry in the country. That would be very helpful to the Select Committee. I also think it would (have) needed for me to actually explain why the Supreme Court took the drastic step because after all, it was a matter of a finance company. Justice Shirani Tilakawardene: I can just give you what I knew about it. Janaka Ratnayake, Chairman of Trillium Residencies also revealed some hitherto unknown and incriminating facts when he gave evidence before the PSC.įollowing are excerpts of Justice Tilakawardene and Mr Ratnayake’s submissions made to the PSC: Supreme Court Judge Shirani Tilakawardene, giving evidence on 7th December 2012 before the Parliamentary Select Committee (PSC) that probed the impeachment charges against former Chief Justice Shirani Bandaranayake, made many interesting revelations on the investigation on the Golden Key Credit Card Co. Supreme Court saga of the Golden Key case ![]()
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