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Message: <blockquote data-quote="vishamacharya" data-source="post: 31462075" data-attributes="member: 564005">There's much more to this story than what is being mentioned here.Golden Key issued credit cards by taking FDs as security, unlike other credit cards. This business model was from the 1980s.This business model didn't require maintain a statutory reserve ratio according to CBSL laws at that time and they didn't maintain liquidity.Lalith Kotelawala was planning to be the UNP presidential candidate. He had also converted to Christianity so he had enemies. But he also had the money to buy political support.As a result, organised groups started buying Ceylinco group shares gradually, pumped it up and started disposing at once. This was one of the very first pump and dump acts in Sri Lanka. As a result, value of Ceylinco group companies plummeted, projects stopped and FDs could not be serviced.</blockquote>

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