The Golden Key Credit Card Company (GKCCC) was a leading Sri Lankan financial institution specializing in credit card services, and a subsidiary of the Ceylinco Consolidated.[2] Founded on June 3, 1977, it was a wholly-owned subsidiary of the Ceylinco Group, an extensive conglomerate with more than 300 subsidiaries. GKCCC played a pioneering role in establishing the credit card industry in Sri Lanka in the early 1980s. Notably, it was responsible for setting up the initial Merchant Network utilized by all credit card companies in the country.[3][4][5]
However, in 2008 it was revealed that the Chairman (Lalith Kotelawala[6][7][8]
) and Board of Directors[9] had engaged in a lengthy embezzlement scheme, spanning from 1999 to 2008. The embezzled sum amounted to a staggering Rs. 26.5 billion, approximately US$200 million, from 9,054 depositors. Consequently, these actions led to the indictment of the chairman and Directors on 91 charges, including criminal misappropriation and breach of trust.
This financial scandal had far-reaching consequences, impacting Sri Lanka's financial sector and leading to substantial regulatory reforms and increased scrutiny of the industry as a whole. This led to a severe liquidity crisis in the final weeks of 2008. The GKCCC scandal and its repercussions had a profound impact on Sri Lanka's financial sector, resulting in significant regulatory reforms and heightened industry oversight.[10][11][12][13]
^"Golden Key collapse". ft.lk/. Wijaya News. Archived from the original on 2018-09-06. Retrieved July 11, 2011.
^"More FR petitions by Ceylinco Depositors". sundaytimes.lk.
^"Sri Lanka depositors of collapsed Ceylinco F&G asked to return reimbursed properties | Asian Tribune". Archived from the original on 2012-05-31. Retrieved 2011-10-24.
^"Sri Lanka's collapsed Golden Key strikes historic repayment deal | Asian Tribune". Archived from the original on 2012-03-22. Retrieved 2011-10-24.
^"Sri Lanka Ceylinco chief says Golden Key mismanaged, boss resigned - LANKA BUSINESS ONLINE". Archived from the original on 2012-05-06. Retrieved 2011-10-24.
^Swindlers list
^"Dilemma of depositors". sundaytimes.lk.
^"Around The World With 'Ceylinco' Kotelawala". Archived from the original on 2021-06-16. Retrieved 2023-10-23.
misappropriation of 26 billion rupees of investments from the failed GoldenKeyCreditCardCompany . Lalith Kotelawala was born to Senator Justin Kotelawala, a...
homegrown creditcard and they also had a partnership deal with Western Union which is a global money transfer system. The collapse of the GoldenKeyCredit Card...
naming rights to the Credit One Stadium. In 2021, the company announced an affinity creditcard for the WWE Championship. The Credit One Bank logo and the...
nearly USD 200million for disgruntled depositors of failed GoldenKeyCreditCardCompany, F&G (Finance and Guarantee) PLC, Ceylinco Shiram PLC The scandal...
payments made by customers and became the largest card payment processing organization (debit and credit cards combined) in the world surpassing the two...
Company Ltd. pp. 86–89. ISBN 978-0-7021-7749-1. Hart-Fanta, Leita (2011). Accounting Demystified. McGraw Hill. p. 118. Difference between CreditCard...
products including student loan refinancing, mortgages, personal loans, creditcard, investing, and banking through both mobile app and desktop interfaces...
Capital Management, GoldenKeyCreditCardCompany and Finance and Guarantee Company Limited belonging to the Ceylinco Group of Companies and taking up further...
through the National Credit Union Administration (NCUA). Ascend has over 240,000 members and $4.4 billion USD in assets. The company has locations in 21...
technology and bank holding company headquartered in Austin, Texas. It is the world's largest prepaid debit cardcompany by market capitalization. Green...
and due to the unethical behaviour, frauds and allegations of GoldenKeyCreditCardCompany, which was a subsidiary of Ceylinco Consolidated in early 2000s...
Capital One Financial Corporation is an American bank holding company specializing in credit cards, auto loans, banking, and savings accounts, headquartered...
Announce CreditCard Partnership". Ballpark Digest. December 11, 2018. Retrieved 14 May 2020. Akers, Mick (10 September 2019). "Allegiant's Golden Knights...
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in a small, standard creditcard size form, it is usually called an identity card (IC, ID card, citizen card), or passport card. Some countries issue...
one of the largest creditcard issuers. It also provides asset–based lending to private equity firms and middle market companies. PNC operates one of...
a wallet or pocket). Alternative names for this form factor include "creditcard", "hockey rink", and "wallet-size". The cards are designed to hold about...
government) sold this division. By 1968, the company created its own creditcard. The card, known as "The Everything Card", was promoted as a kind of East Coast...
Digital Payments Score to scale up credit economy in India". Business Standard. Retrieved 10 February 2024. "NPCI wins Golden Peacock Award for BHIM UPI" (PDF)...
items was money obtained through creditcard fraud and identity theft, by Santos allegedly using donors' creditcard information without their knowledge...
The company would still have allowed nudity on some grounds. The reason for this shift was initially reported as pressure from creditcardcompanies including...
and research on a broad array of financial products including equities, credit, rates, commodities and their derivatives. They are also heavily involved...
for their fare by waving or tapping credit or debit bank cards, smartphones, or MTA-issued smart cards. The MetroCard is managed by a division of the MTA...
offerings, Chinabank entered into a creditcard partnership with Mastercard in 2013, initially launching three creditcard types: Chinabank Prime, Chinabank...
private creditcard program and also the acceptance of all bank credit cards, such as Visa and MasterCard, in 1982. In this way, the company was able...
consumer finance company Aozora Card Co., Ltd., later renaming it Rakuten Card Co., Ltd. The company began offering a Rakuten creditcard in 2005. By November...
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