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Golden Key depositors tried to avoid tax

2013 Jul 19

By Stanley Samarasinghe

 


Chief Justice, Mohan Peiris, yesterday noted that had the depositors of the Golden Key Credit Card Company deposited the Rs 26 billion in banks, it would have been an investment to the country, when the government was in dire need of money.

 

 

He said, instead, the depositors chose to put their money in the Golden Key Credit Card Company, in order to avoid paying taxes.

 

 

The investors have now lost their money and the Court is making every effort to get back their deposit, the Chief Justice added.

 

 

CJ Peiris made this observation when several Fundamental Rights cases, filed by Golden Key depositors, were taken up before the Supreme Court.

The Bench also included Justices K. Sripavan and Chandra Ekanayaka.

 

 

One of the depositors, with the permission of the Court, submitted he was not opposed to the plan formulated by the Central Bank to raise funds for the depositors.

 

 

That plan has to be implemented according to the advice given by Ernest and Young, the firm of Auditors, which in its report stated that there are some shortcomings in the plan. The report noted that Rs 11 billion has been distributed among 3,279 depositors, when there are 8,172 depositors, the depositor said.

 

 

It was at that stage the CJ told him that depositors deprived large amounts of money and tax due to the State by depositing their money in a private company.

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