Golden Key Credit Card Company is being rehabilitated after it was mismanaged and its chief executive has resigned, Sri Lanka's Ceylinco group chief Lalith Kotelawala, said in a newspaper advertisement.
Kotelawala said Khavan M Perera, chief executive director of Gold Key Credit Card Company Ltd has "admitted mismanagement and voluntarily handed over his passport."
He had also resigned from the directorates of Seylan Bank and The Finance Company, which are listed companies.
The Ceylinco group has a long history in financial services, and is involved in banking, finance services, property development and a numerous other activities.
"During the last three days, group chairpersons and I realized that The Golden Key Credit Card Company has been involved in a major Credit Card scam," he said.
"The employees of The Golden Key Credit Card Company are only now revealing to us Mr S Khavan M Perera's involvement."
Kotelawala said he will inform the public of the progress of a "rehabilitation plan" for Golden Key and "payment and protection" of customers.
Golden Key customers say they have been experiencing delays in getting cash out of the firm in recent days.
In a separate advertisement Golden Key customers have been summoned for a meeting at Colombo's BMICH hall at 2.00 pm on Tuesday.
For customers outside Colombo the meeting is on the next day.
Financial analysts say it is important to isolate the liquidity problem within the company.
In the past, when interest rates were high, and the property sector took a downturn firms outside the prime commercial bank sector were the hardest hit.
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