The Supreme Court yesterday granted bail in Rs. 5 million cash and Rs. 100 million surety, with five sureties each, to the Chairman of the Ceylinco Group of Companies Dr. Lalith Kotelawala and Mrs. P. Karunanayake, a Director of the Golden Key Credit Card Company Pvt. Ltd.

The Court stipulated that the sureties should be tax payers who are resident in Sri Lanka.

The Court ordered that Dr. Kotelawala and Mrs. Karunanayake make a prior declaration on oath that they would not use any green card, travel document, visa, or a passport to leave Sri Lanka. They were directed to remain in the Western Province, and not to leave it without the permission of the Attorney General.

They were ordered to report to the Director of the CID once a week. Their passports were impounded.

The Court took into account that the respondents had co-operated with the State in the collection of assets of the Golden Key Credit Card Company Private Ltd. Thereby, arrangements had been made to pay 75 per cent of customers, who had deposited upto one million rupees and those who had deposited above one million and upto 2.5 million rupees.

It was pointed out by Counsel Faiz Mustapha PC, that Kotelawala had contributed personal assets to arrive at this solution. He informed the Court that the balance 30 per cent of depositors would be paid out of Rs. 13 bn listed as assets by Kotelawala.

The Attorney General, Mohan Peiris PC said that bail could be granted on the condition that the suspects would not leave the country or tamper with any investigation or prosecution.

The Supreme Court made order that they strictly follow the conditions laid down: otherwise bail would be revoked.

The Supreme Court directed that the investments by Golden Key, in the Ceylinco Companies, under the Deputy Chairmen, be transferred to the Dedicated Account to pay the Capital of the Depositors. Lalith Kotelawala would pay Rs. 120 million from his personal assets to this account. He was granted conditional bail for cooperating to pay the depositors.

The Court ordered that the assets held overseas by the Chairman and the Directors of GK be declared to the Supreme Court, prior to their release on bail.

Court also ordered that the assets of the Seylan Bank and the Ceylinco Insurance not be transferred to the Dedicated Account.

Faiz Mustapha PC, appeared for, Lalith Kotelawala and Romesh de Silva PC, appeared for Mrs. Cecille Kotalawala.

Sanjeewa Jayewardene appeared for Ceylinco Insurance Pvt. Limited.

M. A. Bastiansz appeared for the depositor of the Golden Key Credit Card Company Pvt. Limited. The depositors had complained that the GK, failed to return their deposits.

The Attorney General, Mohan Peiris, PC, appeared with Additional Solicitor General Uanjan Wijayatillake PC, and Senior State Counsel, Janak de Silva for the Central Bank of Sri Lanka.

The Bench Comprised Justice Shirani Tilakawardene, Justice P. A. Ratnayake and Justice S. I. Imam.

The other directors of GK, who are still in remand, will have to apply for bail to the Supreme Court.

The case will be called again on December 12, 2009.