Jan 06, Mt. Lavinia: Sri Lankan Courts today remanded three senior officials of the Golden Key Credit Card Company, including its former Chief Executive Officer Khavan Perera till January 16 over the recent credit card fraud following mismanagement of the company.

Narada Sumanasekera, Finance Director of the Golden Key and Chaminda Jayalath one of the directors of Ceylinco Insurance were the other two suspects remanded.

Hearing the case this morning Mount Lavinia Magistrate Harsha Siritunga granted Rs. 250,000 bail each.

Golden Key Credit Card Company, the Ceylinco group firm has run into severe liquidity problems, with estimated customer liabilities in billions of rupees. Chairman of the company Dr. Lalith Kothalawala and 11 others have been charged on this issue. The Attorney General’s Department told the court that the fraud at Golden Key Company was Rs. 78 billion.

Sicilia Kothalawala wife of the chairman and another director of the company did not appear in the courts this morning as she is out of the country and her lawyer said she would be present on the next court date.

Golden Key pioneered the credit card industry in Sri Lanka and was responsible for setting-up the initial Merchant Network that is being used today by all other credit card operators in the country.