You're absolutely right, and as a privately held company Golden Key Credit Card Limited was except from some of the regulations and scrutiny that publicly held companies are subject to. Not the best environment to park your money but still it doesn't mean Golden Key Credit Card Limited could misrepresent themselves when canvassing for deposits or knowingly manupilate financial loop holes when conducting business.
In addition to Golden Key Credit Card Limited going under, the trial is bring out a lot of abnormalities that occured at Laith Kotelagama's publicly traded companies as well. For example, the main holding company c******o Consolidated is a publicly traded company. The board is answerable to us the common shareholder and their role is to ensure the CEO and upper management is running the company in our best interests. Its assets cannot be treated as the extended property of its CEO and the board of directors should not be manipulated or intimidated by the CEO to do his bidding. Unfortunately though it looks like that's precisely what happened. The CEO and upper management at CC allegedly transfered funds into private accounts, investments abroad and gave themselves huge unauthorized pay offs. Its not been proven conclusively, but so far all fingers point at Laith Kotelawala. Like I said, the trial is airing out a lot of dirty laundry...