CJ says directors are personally liable for the GKCCC's transactions

A three-bench panel chaired by the Chief Justice made the order after considering a petition filed by the depositors of Golden Key Credit Card Company (GKCCC).

GKCCC chairman Lalith Kotelawala and its directors are accused of misusing around 26 billion rupees of depositors' money.

The Attorney General in a report submitted to the court has revealed that the company and the directors have properties worth 6000 million rupees.

'Appoint' a committee

CJ Sarath Nanda Silva observed that the directors of a company are personally liable for all transactions.

The Central Bank was ordered to appoint a committee, including a chartered accountant and a valuer, to monitor the selling of the property.

Earlier, the Central Bank of Sri Lanka had ordered Bank of Ceylon to take over another troubled bank.

A statement issued by the Central Bank said that it has also decided to discontinue the services of the Board of Directors of Seylan Bank.

Both Seylan Bank and GKCCC are part of Ceylinco Group of Companies, chaired by Lalith Kotelawala.