It is learnt the two main depositors association are due to meet the President on his arrival from UNGA in New York and we hope they will have some reason to be happy momentarily as it appears the total resolution of the matter is likely to take many months and perhaps years.
EDITORIAL
(September 26, Colombo, Sri Lanka Guardian) We take pride our efforts in espousing the cause of thousands of depositors who entrusted their life's-savings to the Kotelawala name, are showing results. We assure those who approached us expressing their appreciation for coming to their aid, we will continue to seek early relief to them.
We learn the Supreme Court has ordered the 2nd instalment of Rs.200,000 to about 7,000 depositors. Although this order is reported to have been made early last August these many thousands have still not received this badly needed payment. Presumably,the SC made the order only after the Panel of Chartered Accountants submitted their report to the SC making this recommendation after making certain of the availability of funds. The total required for the 2nd instalment is less than Rs.1,500 million - while the value of the assets of GKCC properties held is believed to be well over Rs.28,000 million. We share the view expressed by many depositors both the SC and the Governor/CBSL should look into this matter and help early payment to these stricken depositors.
We might add while the Sri Lanka Guardian's main focus is the welfare and interest of the millions of the working class and the marginalised, we are resolved to come on the side of the GKCC depositors - clearly from the middle class - because almost all of them are now virtually thrown into the streets, children unable to continue their education and many unable to meet the bare minimum of providing food and clothing to the children and the family. Some have committed suicide, while many have died of shock, some families are broken due to disputes between the parents in arguments over investing with the Kotelawalas and many other.
It is learnt the two main depositors association are due to meet the President on his arrival from UNGA in New York and we hope they will have some reason to be happy momentarily as it appears the total resolution of the matter is likely to take many months and perhaps years.
It is hoped CBSL will provide the widest media publicity in all three languages of periodical payments made in this regard because there is every chance in today's climate of social depravity there can be elements out to make an unconscionable and fast buck by delaying payments to these pathetic thousands - who have engaged catastrophe for no fault of theirs.
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