A lead has finally emerged regarding the whereabouts of Golden Key's missing billions.

A former employee of Barter Card Lanka Limited has disclosed that Golden Key CEO Khavan Perera was also chairman of Bartercard's Sri Lankan subsidiary for over 10 years, and alleged that under his management billions of Ceylinco funds had been embezzled through the firm's cashless trading scheme.

Bartercard which enables businesses to swap goods and services without using cash is a legitimate Australian company which operates in a number of countries.

However it is alleged that Khavan Perera badly mismanaged the company's Sri Lankan franchise and used Bartercard's unique trading mechanism to embezzle funds taken from Golden Key.Until2004 the franchise for Bartercard in Sri Lanka was held exclusively by the Ceylinco Group and the company was effectively run as Khavan Perera's private property. During this time it is claimed that "he evicted all the professionals from top management in the company and appointed a number of his associates and relatives to key positions."

The former Bartercard employee continued that " they worked together and violated all the country's accounting standards."

According to CEO of Bartercard Lanka, Iftikhar Aziz  "Bartercard international was not happy with Ceylinco's management they (Ceylinco) made a mess of things."

He claimed that Bartercard International took steps to diversify the ownership of Bartercard Lanka away from Ceylinco. "We're trying to wash our hands off Ceylinco. Bartercard is a reputed company we don't want to be associated with the goings on at Ceylinco."

Despite the CEO's claims however Khavan Perera continues to be Bartercard Lanka's Chairman, and Ceylinco Golden Key remains a major Bartercard shareholder therefore the company relationship with Golden Key continued to be an intimate one right up to the point of Khavan Perera's arrest.

Bartercard Lankawas not declared amongst Khavan Perera's assets, which is in itself suspicious, as he continued to be the company's chairman, and the Golden Key Bartercard connection is yet to be investigated.

Bartercard Lanka has so far been shielded from the fall out of Golden Key despite the fact that its chairman is currently in jail - "We don't want to have anything to do with Ceylinco" insisted Iftikhar Aziz. "We have nothing to do with Golden Key, we have nothing to hide."

Now that details of Khavan Perera's relationship with the company have emerged it is time for the authoritiesto put theseclaimsto the test.