The Golden Key Credit Card Company

Supreme Court approves refund of security deposits of cardholders

Pursuant to the fundamental rights application Nos. 191/2009 with 192/09 & 197-216/09 & 225-226/09, 244-255/09, 315/09 & 335/09, 365/09 & 372/09 the Supreme Court appointed a three member Committee of Chartered Accountants to examine the assets and liabilities of The Golden Key Credit Card Company Ltd. and to prepare a scheme for the refund of security deposits of cardholders.
Having considered the repayment plan prepared by the Committee of Chartered Accountants, the Supreme Court, on 23 October 2009, approved the refund of security deposits of cardholders of The Golden Key Credit Card Company Limited whose balances are Rs.1 million or below. Accordingly, a part payment was made for those who had confirmed their balances subject to a maximum of Rs.100,000.
The Committee has now made arrangements to make a part payment of security deposits of 2,506 cardholders whose balances are between Rs.1 to 2.5 million. The initial refunds of deposits under this category will be subject to a maximum of Rs. 100,000 as per The Golden Key Credit Card Limited IMAS computer system as at 31 December 2008. The cheques in settlement of the above will be dispatched by registered post.
The Committee also wishes to inform that further payments on account of security deposits will be made in due course after obtaining necessary approvals from the Supreme Court.