As per the proposal made by the Minister of Finance through his interim budget, the government is to begin the disbursement of payment to the deposit holders of the defunct Golden Key Credit Card Company Ltd (GK) from July 24th.
The Cabinet of Ministers gave its approval last week to the payment schedule proposed by the Finance Minister in order to solve the long standing issues faced by the GK depositors. Accordingly, the depositors who have had their account balance up to Rs two million will be paid within one month from July 24th.
The General Treasury will provide Rs 544.3 million needed for this first tranche and the recovery of this fund will be made through the liquidation of the assets of the GK Ltd with the permission of the Supreme Court where a petition in this regard is being heard.The Supreme Court had earlier given a ruling to pay 41 percent of the account balance to the depositors. Earlier in January this year, all depositors of the GK Ltd were given an interim payment up to Rs 300,000.00 irrespective of their account balance.