The Supreme Court yesterday allowed a fundamental rights violation application by two depositors of the Golden Key Credit Card Company Limited against the Monetary Board of the Central Bank, the Ministry of Finance, the Governor of Central Bank, the Golden Key Credit Card Company, its Directors and the Ceylinco Consolidated Pvt. Limited.

The Court granted the petitioners interim relief by ordering the Director of the Monetary Board, who has functioned in terms of Section 11(1) of Finance Companies Act No. 17 of 1988, to submit a report to the Monetary Board, on the basis of the Investigations done by the special investigation officers of the MB in respect of the activities of the Golden Key Credit Card Company Limited. Failure to take action in respect of this report by the officers in 2006, amounts to a prima facia case, in respect of theviolation of the petitioners’ right to equality before the law, the Court ruled.

The Court also granted interim relief to the petitioner by restraining the Golden Key Credit Card Company, its Directors and the Ceylinco Consolidated Private Limited from taking steps to sell or alienate, the property owned by them.

The Court also retrained the Golden Key Credit Card Company, its Directors and the Ceylinco Consolidated Private Limited, from transferring or closing down any foreign bank accounts maintained by them, except in accordance with the directions given to them by the Central Bank.

The Court also granted further interim relief by restraining the Golden Key Credit Card Company and the Ceylinco Consolidated Private Limited from entering into mergers with third parties.

The interim orders are valid till March 30, 2009, the next date of mention of the petition filed by Roshan Fernando and Ishani Fernando.

During the support of the petition for leave to proceed the Court referred to a document prepared by two investigating officers of the Monetary Board in the year, 2006.

The Chief Justice said that the Board paper of the Central Bank decided against the findings of these officers who investigated the function of the Golden Key Credit and Company.

The Court read the report of the investigation officers of the Central Bank and observed that the report said that the accounts were fundamentally incorrect.

Court - The Board paper of the Central Bank has white washed the findings of the Investigation officer.

Court - The draft of the Board paper said what the Investigation officers said.

Justice Shirani Tilakawardene - But the final Board papers is different. It seems to be advised by the founder of the group of companies. Senior state counsel Mr. De Silva said he received the report only last Friday.

At the outset the Chief Justice Sarath N. Silva observed that the Central Bank has the right to query, how a finance company could pay a high interest. When People’s money is jeopardised the Central Bank should regulate, and take action.

M. A. Bastian appeared with Sudath Jayasundera instructed by K. Kaneshayogan, for the petitioner.

The Bench comprised the Chief Justice Sarath N. Silva, Justice Shirani Tilakawardene and Justice K. Sripavan.

Meanwhile The Supreme Court directed the Registrar to keep as special documents, the papers given over by the Senior State Counsel, referring to the observations made by the two investigating officers of the MB, in 2006.