Presidential race grips Ceylinco depositors

Vice President objects politicisation

By Santhush Fernando

With just three weeks remaining for the 2010 Presidential Election, six unions of depositors of troubled finance companies are unifying under an umbrella body, in a bid to support a presidential candidate; reportedly Sarath Fonseka.
The Bottom Line learns that depositors of five troubled Ceylinco entities – Golden Key Credit Card Company Ltd, Ceylinco Finance and Guarantee (F&G), Ceylinco Investment and Realty (CIR), Ceylinco Profit Sharing Ltd, Ceylinco Shriram, along with depositors union of Sakvithi are to declare as to which candidate they will support at a press conference scheduled for tomorrow.
President of Golden Key Depositors’ Association Anusha Emmert told The Bottom Line that six unions have unified under one umbrella as in their view all resorts to remedy the grievances of depositors who are placed in similar predicaments, have failed.
“The Central Bank of Sri Lanka (CBSL), along with other bureaucrats, has failed us so far. Nearly one year has passed without anyone being able to resolve this crisis. So, we have decided to unite and support a Presidential candidate whom we think is capable of resolving our issues. Talks with the Attorney General following orders of the Supreme Court, have not yielded any fruits. We will declare whom we are supporting at tomorrow’s press conference,” Emmert said.
However, a close confidante of GK Depositors’ Association revealed to The Bottom Line that GKDA, which had been right throughout influenced by the Janatha Vimukthi Peramuna (JVP), would support Sarath Fonseka.
“Emmert’s father was an ardent supporter of the JVP, and so we (as depositors) were told that Fonseka has given an assurance that the depositors would be repaid under his regime, in the event he is elected. However, we backed out, as the only objective of the association should be to ensure repayment without aligning with any political party,” he said.
She refuted the claim that another group of depositors had met President Mahinda Rajapaksa three weeks ago. Recently, the Golden Key depositors split into two with both groups charging the other for embezzlement of association’s funds.
“She has no authority to represent the depositors. What we are asking the government is to award an equal percentage to all depositors rather than separating them into categories according to their size of investments. We have evidence that there are enough assets to pay depositors, if you pool all assets of Ceylinco subsidiaries,” Emmert said.
She added that when India underwent a similar financial crisis, it took over all such troubled finance companies and brought them under one management. That’s how they were able to keep a contagious effect taking place,” she added.
Vice President of the Ceylinco Depositors’ Committee and former Treasurer of GKDA, Dushanthi Hapugoda said that supporting one presidential candidate would lead to the politicisation of the movement and thereby jeopardise it.
“We don’t need to get involved in politics. We only met President Rajapaksa as he is the incumbent President. We can expect a solution only from the President whoever it may be. Just because they (depositors) believe us, we should not force them telling whom to vote for,” she added.
However, she said that although the government could solve this within 24 hours the bureaucratic red tape hampered the process.
“Although the President is firm, bureaucrats especially the Central Bank, are complacent. For instance nearly one year had passed but they are still auditing accounts of Golden Key,” Hapugoda said.
However, both agreed that aggrieved depositors along with their depositors numbered over seven hundred thousand, which was a significant vote base for any candidate.