Criminal Investigation Department (CID) sleuths probing the Golden Key Credit Card scam brought former Deputy Chairman/CEO Khavan Michael Perera to the company’s Duplication Road office last week, when files and documents were removed from his second floor office.

"Wearing a black trouser and blue shirt, Perera was brought in handcuffs by a CID team", company sources said. "He smiled at employees while he was being led upstairs".

The CID had opened some filing cabinets and cupboards and searched the former Deputy Chairman’s spacious room for four hours, the sources said. "He was not permitted to talk to anybody".

When the Golden Key Credit Card fraud case came up for hearing again on January 30, the CID sought Mt. Lavinia Chief Magistrate and District Judge, Harsha Sethunga’s permission to take Perera from remand prison to his office to take charge of some documents from his room.

These files are required in connection with the ongoing investigation into the multi-billion rupee financial scandal, the CID told court.

Meanwhile, a group of depositors had met with Ceylinco Consolidated Chairman Lalith Kotelawala again last week, amidst growing anger and frustration over the delay in paying back deposits.

"The Chairman reassured that all deposits will be settled in keeping with the pledge he had made in public", company sources said.

"A re-payment plan is being worked out in consultation with the Attorney General to be presented to court when the case comes up for hearing again on February 13", they said.

The refund of deposits beginning with the smallest value was announced by Kotelawala early last month, but depositors complain that Golden Key has still not even paid Rs. 300,000 deposits in full — almost one and a half months since the repayment process commenced.

"That’s true. We have still not honoured those deposits in full", company sources conceded. "We are only paying 25% of their value".

"We have been left in the lurch as we have neither our capital nor the interest", a desperate depositor cried. "How can we meet our financial commitments - this is grossly unfair".

A depositor who had invested Rs. 100,000 said that he was asked to call over at a Ceylinco office in Colombo, where his money was paid back.

"I had to wait for so long to get my money back, which was relatively a low value deposit", he complained. "Depositors are going through a nightmare".

Counsel for depositors told court during the last hearing that Golden Key is employing ‘delaying tactics’ in settling the dues of poor depositors who had invested their life-long savings because of the trust and faith they reposed on Chairman Lalith Kotelawala.

"A practical scheme should be worked out to repay depositors", they said.

Chief Magistrate Harsha Sethunga directed Golden Key to submit the re-payment plan to court on February 13, 2009.

"Of course, we are aware of people who had deposited their retirement benefits running into a couple of millions and existed on the interest earned", company sources acknowledged. "They have been reduced to paupers".

"They come and cry here but we are also equally helpless as it’s beyond us", they pointed out. "The ball is now in the Chairman’s court".

The number of depositors in the collapsed company, which pioneered credit cards in Sri Lanka, has been placed at around 9,500 with the bulk of them believed to be big-timers with substantial investments.

The deposit base is placed at Rs. 26 billion though different figures ranging from Rs. 14 to Rs. 15 billion have also been offered.

In a shocking disclosure, the Attorney General had informed court that Rs. 14 billion had been misappropriated while another Rs. 5 billion had gone missing.

Media reports had indicated that there are scores of depositors with investments of Rs. 100 million and above.

In an explosive eruption of ire, a group of depositors set upon some of the directors of Golden Key after the January 30 court hearing. The frightened men had fled leaving behind their luxury vehicles and hopped onto slow-moving buses to escape the wrath of depositors, amongst whom were many women.

Carrying placards, the furious depositors later staged a protest against the inordinate delay in refunding their money.

While a group of depositors had formed as association, Golden Key employees have also organized themselves into a union to fight for their rights against attempts to terminate their services.

While the cars of executives have already been withdrawn, they have been served with ‘termination of service’ notices which they are resisting.

"We have done no wrong", they protested. "We are being made to pay for the sins of others".

With Khavan Perera, the company’s Finance Director Saradha Sumanasekera, Manoj Chaminda, an employee and Nalalan Tuan, an auditor are still on remand in connection with the case, described as the biggest financial scandal in Sri Lanka.