Ceylinco Chairman Lalith Kothalawala Remanded For Financial Mismanagement

Sri Lanka’s well known businessman Mr. Lalith Kothalawala has been remanded by the Mt.Lavinia magistrate this afternoon. Mr. Kothalawala is a top businessman in Sri Lankan who has more than 250 businesses where most of them are financial institutions such as banks, finance companies and real estate companies.

The controversial Golden Key credit card company which was owned by him crashed off recently due to the financial mismanagement. It is believed that the billions of customer deposits have been swallowed by the company. Recently Mr. Kothalawala announced that he will sell his stake in Saylan bank to repay the customer deposits of Golden Key company and after that feared customers of the bank started withdrawing money.

A warrent has issued to remand his wife Cecile Kothalawala also and magistrate has also ordered to repay the customer deposits within 10 days.         

Ceylinco Chairmen Lalith Kothalawala has been Mobbed at BMICH

Mr. Lalith Kothalawala has been mobbed by a group of Golden Key customers at a function held at BMICH this afternoon. The Goldenkey credit card company which is owned by the Ceylinco group, announced that they have revealed a major credit card scam and will take quick actions to minimize the effect on their customers. As the first step, they had organized two day meeting to discuss about this problem with GoldenKey customers.

According to the available information this credit card scam has been initiated and continued by the chairmen of the Goldenkey LTD and later he has resigned from the company. He has also resigned from the posts he held in Seylan Bank as well as The Finance Company.