Sicille Kotelawala, who was involved in the infamous Golden Key financial scam, and was absconding from police, was arrested today by immigration officers at the Bandaranaike International Airport, upon her return to Sri Lanka.
Sicille Kotelawala
Sicille Kotelawala, who is the wife of Lalith Kotelawala, has been in Sri Lanka’s wanted list in connection to the financial scam amounting to billions of rupees at the Golden Key company.
Soon after her arrest, she was handed over to the Criminal Investigations Department (CID).
She fled the country in 2008 and was reportedly living in the United Kingdom.
Spring Koha / February 4, 2016
Tcha, this is only the consolation prize.
Still for her small part, let her endure a bit of misery so that she can understand what her poor decent victims suffered.
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Spring Koha / February 4, 2016
Suddenly, an old song has come alive…….
“You picked a fine time to return Sicille
With no hungry investors and our friends back in town
I’ve had some bad times, lived through some sad times
But this time we have got a deal
You picked a fine time to come back, Sicille
Credits to Kenny Rogers…and apologies.
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SB / February 5, 2016
When is Sri Lanka going to enact laws to throw racketeers like the kotelawalas in jail and confiscate the all their wealth .One should not forget the henchmen who were also involved in these theft .I see that the top executives of ceylinco have not been punished at all,
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Snowden Edward Asange / February 5, 2016
Nivad Cabraal..MR and a whole lot of others also need to be thrown in jail…
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Sinchoappu / February 5, 2016
I only know This man Kothalawala was given titles as no other was offered.
That was done by Rajapakshes.
He said in an interview, he does not have even OLEVELS to be awarded with Dr Title.
I wonder why Wimalawathie was not awarded with the Dr Title.
This country was taken to all law levels by Rajapakshe regime.
So called Devleopment filled their pockets in the same time.
Some said, every leader was corrupted, but to the manner Rajapakshe did it – no other leader were able to.
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Komisiripala / February 4, 2016
Please, call me ‘madam’.
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vishvajith / February 4, 2016
Will she join young Yoshitha Putha in the Govt Hotel ?
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Lakshman / February 5, 2016
She’ll be given bail quick smart
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vishvajith / February 5, 2016
It must be the agreement, that got her to return.
On the broader case, defense will argue, ” The finance ” invested, these investments failed, many other global financials institutes also failed around 2008. Under limited liability of the organisation, the directors are not personally liable and the case will be dismissed.
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ParegedaraDayawathie / February 5, 2016
You are wrong, Yoshita darupatiya is not in hotel.
He is though fed by home mother made food. I think MOTHER Rajapakshe must not pay a visit to the prison almost every day. Why cant we see young patikios are not going to visit him in jail. Together with Namal baby, colombo posh girls have been the prey to these offsprings as I read somewhere.
These men are BTW thick skinned – they may live even on iron rods, though dady is telling the world that the boy has been learning for an exam these days.
Why cant he on the other hand continue learning being in the HIRAKUDUWA.
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Snowden Edward Asange / February 5, 2016
Mostly Russian whores.. they came they saw they conquered the lil Rajapassas kiddos souls……all 3 of em…
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A.D.J. Perera / February 4, 2016
Most of the 10,000 depositors duped by the heartless Lalith Kotelawala invested in Golden Key due to the respect they had for the good name of the family of Sir John. They never expected they were walking into a Ponzi scheme eventually inflicted on them by an egoistic Lalith K.
His wife lived in splendour with the looted funds in London while several depositors died and many were thrown into the streets. Many upper middle class families were ruined by Lalith K and his greedy team.
It is understood the current value of the GK and Kotelawala unencumbered assets are in excess of the Rs.29 billion due to GKCCC depositors only. The Sirisena-Ranil government is not like the avaricious, thieving family of the Rajapakses. The latter gave a damn to the suffering depositors but instead tried to steal from Lalith K himself. This is why Lalith K escaped a long term in jail. Finance Minister Ravi K gave an assurance all depositors will be paid, initially, 67% of their deposits. Likely dates were proposed.
The depositors have seen the erosion of the value of their funds in the last 7 years. The Sirisena-Ranil government must ensure all depositors are paid their deposit sums plus interest – priority should be given, as agreed, to the smaller depositors (i.e. those with under Rs.5 million)
It is understood the return of Mrs. Sicille K is on a quid pro quo arranged by the present administration. Ravi K, CBSL and other relevant authorities must step in and ensure this sad episode is brought to a close soon – very soon. There has been too much of dilly-dallying and false hopes to over 10,000 once well-to-do families by more than one government.
A.D.J. Perera
Rajagiriya
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just saying / February 4, 2016
The greed was on the side of the depositors – who would put money into a credit card company that did NOT have credit cards and who would believe that inordinate amounts of interest will be paid out compared to banks and other stable organizations?
What I do not understand is why we as citizens, need to pay from the treasury money to compensate greedy fools who were gullible enough to ‘invested’ in a defunct credit card company?
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rizvi / February 5, 2016
Please dont just say things….
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Richard / February 5, 2016
‘Just Saying’, I’ll tell you why the treasury need to pay the depositors. The GK company operated as a credit card company and took deposits for their operation which was audited by the Central Bank before it collapsed. The CB never informed the company to stop this nor did it inform the depositors. When GK collapsed CB tried to cover up their involvement. The MR govt stepped in and appointed their bandits and rogues to manage GK and other Ceylinco companies who stripped its assets like ‘Janaka Ratnayake’. The CB also took over SEylan Bank where Kothalawela had Rs6.0 billion worth of shares and diluted his holdings. MR’s siblings Basil rushed through a bill in parliament to acquire private property and took over the Hyatt project in Kollupitiya. So, Kothalawela’s assets to pay off GK depositors ‘inn full’ was spirited away by MR, CB governor Cabral and Finance Min (then) Sec P.B. Jayasundera. SO THAT IS WHY THIS GOVT HAD TO USE STATE FUNDS TO PAY 41% (ONLY) TO THE AGGRIEVED DEPOSITORS.
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Nimal / February 8, 2016
I feel sad for the Cylinco group and GK and not for the greedy depositors.
It’s beggars belief that Lalith and his directors have put themselves in this Ponzi scheme. I think he was mislead by his directors and the previous regime pull the rug under this company resulting of it’s demise. Many of my close relative have lost millions with GK and I don’t pity them because I warned them that no business could generate income and growth to give that kind of high interest.
CB should be charged with negligence and fraud charges should be brought against some people asset stripping the company, like fishing in troubled waters.
I warned my people that it is not viable as I previously suffered loss in millions by investing in a company in Moratuwa called Stambo and Stambo which lost it’s business due to the insurgency times in late 80s.
Cylinco too previously suffered another knock when their life policies,in 60s when the then government nationalized or stole the polices to the newly formed Insurance Corp.
During that gloomy times, where I as a teenager had my office in that building,room 4E,so to myself the desperate struggle Lalith’s father one Senator Justin Kothalawala and my uncle one Justin Silva put up to stay afloat. They both worked hard while the newly formed Insurance Corp staff were just idling. They were on the same floor separated by the lift.
They were generous within reason, where Justin Silva donated his house in Havlock road to his driver and servants and the house he built for his unmarried sister in Nawala to their sevenths as well. They were my role models to me and pitied me for leaving the island for good, because of corruption in politics then that harmed and obstructed our thriving business. My success in life due to good people in UK,like the banks and no thanks to Sri Lanka.Now I have given employment to many in SL seeking no return as I earn enough for my self. Sinhalese in SL never would like to give another Sinhalese a chance, unless one is a boot licker of the dirty politicians.
I hope the government will investigate the primary reasons for GK’s collapse.
I am sure LK will give what he has to pay back the greedy investors where CB and the people in the previous government should be made accountable.
This case of a company collapse is very much similar to that of Emil Saundaranayagam’s collapse of his Marine Insurance company in London in 1967 where some here in UK never liked a foreigner like him holding a company like his and the poor chap died in prison.
Sorry to correct any grammar as I am pressed for time.
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cynic / February 5, 2016
Exactly correct! Why should government funds be used to bail out depositors who went for 3 times normal interest rates? In case GK did not crash, would these depositors have shared their spoils with us?
I do not dispute that “Lady Dr.” Sicille Kotelawala should be locked up, if only for her hypocritical self-promotion prior to the crash.
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A.D.J. Perera / February 6, 2016
Reader who goes under the name of Just Saying makes some mistakes and erroneous assumptions.
GKCCC did have a Credit Card system.
As to “greed” – as far as I know, most depositors wanted to shield themselves from galloping inflation, exacerbated by continuous mismanagement of the economy by politicians. Middle class families had to live and pay recurring monthly bills. Many of them sold the family silver – land, houses etc – and trusted Lalith Kotelawala’s family name with the safety of their lives savings and the fate of their children and families.
The average interest they earned varied from 15-19%
Some big investors, at the latter stages, may have got more but by then insiders knew GKCCC was on unsteady ground. They passed this information to those close to them.
Depositors had no intention to defraud the government. It is true they were in some form of guilt in avoiding taxes on the Interest. But, this viewed from the angle of the average depositor, trying to shield his/her immediate family from an economy going haywire, may be considered in mitigation.
From a humane point of view, the suffering GKCC depositors deserve sympathy. Minister Ravi Karunanayake and Governor/CBSL should honour their pledge to pay all depositors their dues, with reasonable Interest, soon. In doing so the Yahapaalanaya lot can establish to the country the Rajapakses were nothing but wolves. We recall Basil Rajapakse came into the scene with promises to bring relief to the depositors. But he eventually opted out – perhaps – because there was nothing for him here,
A.D.J. Perera
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Jagath Fernando / February 5, 2016
I am lost for words. Would like some explanation please.
1 depositors were greedy for the 20-30% interest paid by GK and not the 10% offered by NSB. Hence higher the reward higher the risk.
2 this was a private company and not a bank or financial institution and depositors knew that.
3 GK did not have a state guarantee such as given to NSB
4 The court judgment was flawed since depositors are unsecured and should be paid last after secured creditors such as banks.
Why should govt bail out depositors ?????????
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f=ma / February 4, 2016
what a shameless [Edited out] to have returned to SL. Should be tried for manslaughter and every single rupee must be taken from the duo for all the people who committed suicide and lost their wealth. I bet her [Edited out] flew first class while their investors are finding it hard to afford their next meal.
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Plato. / February 4, 2016
The Kotelawalas too have experienced the Zenith to Nadir syndrome.
Sicille is the daughter of a former Minister of Justice- Sam.P.C.Fernando.
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Amarawathi / February 4, 2016
Don’t forget those who invested in Ceylinco Shriram too who lost millions of their hard earned money. The shameless Khavan Perera – son of former army commander and ambassador to Australia. Is this how offsprings of VIPs conduct themselves??? He should be jailed together with Yoshitha baba and the rest…
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bo / February 5, 2016
Now that the government has paid the debts this lady has come back to enjoy her ill gotten riches. Sling her in the jail until she vomits out all she is hiding. No sympathy at all, the miserable woman and her hubby and all the directors stripped people of their savings. More rogues!
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Depositor / February 5, 2016
What I (as a GK depositor) don’t understand is why only a percentage of the deposits are being returned, when the Kotalawelas are living in luxury instead of being jailed for their crimes, their assets being disposed of and the depositors being reimbursed in full.
This should be done, regardless of the time it takes.
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Nimal / February 10, 2016
Depositor
He is entitled to live in ‘luxury’by your standards but normal by the way a CIO of a big company should live.Do you expect him to live in a cave? Judiciary must allow her to live with her husband until they settle their debts.
where are the other bandits who set the Ponzi trend and escape the country and justice.CB and government must take the blame and responsibility too.
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shankar / February 5, 2016
see that she shares the cell with wimal’s wife and hirunicker.
she must be forced to eat the prison food for her own good,however much she says she will fast to death.
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ELDORADO / February 5, 2016
The Depositors of GKCCC, Ceylinco Shiram, F and G, and all other CEYLINCO CO’s that crashed like a pack of cards, deposited/invested their hard earned money openly with a view to rightly earning maximum interest possible for themselves; that in my book is not greedy as asserted by some. They did not resort to corrupt practices of accruing illegal moneies like our Politicians and their siblings have done and are doing.Nor did they resort to broad daylight highway robbery like what todays rogues are resorting to. These are criminal acts done with malicious greed at the expense of society. But the majority of depositors of those failed Ceylinco Co’s cannot be termed greedy; even our biggest Corporates in the Private Sector invest their monies where max Profit accrues, both for their shareholders, their Companies, and for themselves. What Kotelawella, his board of Directors inclusive of Sicille his wife, and his Management did was downright fraud. They knowingly and intentionally mishandled, mismanaged,and misplaced the investments made in their Companies by those trusting Depositors who were ultimately robbed of their entire life savings.
Sicille has returned to the Country after a luxurious 7 year holiday in London at the expense of these played out depositors in the ASSUMPTION THAT ALL DEPOSITORS have been settled of their deposits. (there was a recent report in one of the dailies saying that the last of the GKCCC depositors have bee paid their 41% )Somebody has sent her this report and so she thought she could come back and spend the rest of her holiday in Sri Lanka without worry. She little realises that the balance monies due to these depositors have to be paid and until then she her husband and the rest of those fraudsters will continue to be hounded by the Law.
How sad, that she was given an Ambulance ride at state expense to a Private Hospital after having absconded and evaded the State’s Judiciary and Interpol’s clutches for nearly a decade after having an open warrant out for her arrest. It also opens out a new thinking to this whole case as one is made to wonder whether there had been manipulation of the highest order in her not being traced and arrested for so long, after all London is not like Argentina, or Tajikistan.
This I suppose is the way big time crooks are handled by the State and its legal luminaries. If it was a ‘sprat’ who had a couple of gold biscuits hidden in her Bra she would have been whisked away in a Black Maria to the State Remand Prison. But a Rs 29 Billion fraudster is given top class kid glove treatment.
What a message to send out to Sri Lankan’s Citizenry !!
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Ajantha / February 5, 2016
Please please do not make the people fools. This woman’s arrival is preplanned by the government. I will guarantee her release on bail by the CID. She will never be take to FCID for cheating thousands of poor people amounting to billions. This is how powerful the religion is.
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Nish / February 7, 2016
Out of all the comments, only you make sense, Ajantha.
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k.soysa / February 5, 2016
She is the daughter of the late Sam P.C.Fernando who was Minister of Justice under SWRDB. And she was very attractive. What power and greed does is amazing.
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K.A Sumanasekera / February 6, 2016
I thought galleon Ravi settled everything and paid the golden Key depositors with the help of Singapore Investors who got 12. 85 % in return.
What is this ? A distraction?
The real issues are Omalpe Sobitha offering LKR 45,000 to the widow of the man who was pushed over the balcony by the Yahapalana Police ASP in Embilipitiya..
And Sobitha was very kind to get this LKR 45,000 from his friend, one Dr Preiris in London.
How cool.
I just did a Currency conversion
This is not even f****** USD 300 in Diaspora money.
And Sobitha says Dr Peiris will travel all the way to Embilapitiya to deliver it personally to the poor Widow.
Wonder how much these London Doctors offered our war widows in the South.
Is USD 300 the value of a Sinhala Buddhist who even had a proper job.
Bodhipala Sirisena must have sold the souls of our Sinhala Buddhists to UNP London at clearance Sale prices.
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Snowden Edward Asange / February 7, 2016
Do NOT look the mouth of a gifted horse….goes an old saying…Atleast Ven Sobitha got a friend to donate…what have u done to the widow of this incident? donated to MRs gold pot? I say u should be questioned by FCID too…Keyboard Warriors galore…
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Paddy / February 6, 2016
If sicille was discharged from a hospital in UK, boarded the flight to SL, then it’s understandable that an ambulance was on standby to whizz her off to a Private hospital. She was not warded in any hospital prior to embarking but arrives first class with a lawyer and a doctor and is ‘arrested’ and sent to a PRIVATE hospital. Why not the prison hospital?
This reeks of a deal within a deal. Pretty obvious isn’t it?
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Spring Koha / February 6, 2016
File this one under ‘friends in high places’.
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MOHAMED MARZOOK / February 7, 2016
There have been several instances that mal-practices resorted to by big-wigs connected to the UNP have been covered-up by SLFP Govts. A fake inquiry is held to hood-wink the people which concludes that the offenders were not guilty. Similarly offending SLFP big-wigs have been saved by UNP Govts. It is well-known that the Kotetalwelas have good coneections with UNP as well as SLFP politicians. So the ‘you scratch by back, I scratch yours’ game will go on.
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cynic / February 6, 2016
Why not compensate those who lost in the stock market crash of 2012?
The CSE is a government body, isn’t it, unlike GK ?
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