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UNP economics spokesman Harsha de Silva told parliament yesterday that the Employees Provident Fund (EPF) had lost Rs.8.1bn through bad investments, including some that went against regulations.
De Silva tabled documents showing that the Central Bank had invested EPF money in 65 companies, including some that had made huge losses. These included:
Harsha also said that although it is clearly stipulated that EPF money should not be invested in financial institutions and banks, that principle had been violated by the Central Bank this year
see more : http://www.therepublicsquare.com/politics/2013/12/harsha-epf-has-lost-rs-8-1bn-in-bad-investments/
De Silva tabled documents showing that the Central Bank had invested EPF money in 65 companies, including some that had made huge losses. These included:
- 5,350,549 shares in Grain Elevators were bought for Rs.187 each, only for the price to fall to Rs.35.7 by December – a loss of Rs.814m.
- 6,449,645 shares in Browns PLC were bought for Rs.266 each, with the price falling to Rs.81.7 by December – a loss of Rs.1.1bn.
- Dipped Products, Laugfs Gas Co., Lanka Indian Oil Company and Galadari Hotel were among other companies with low investment portfolios where EPF money was invested, according to the Daily Mirror.
Harsha also said that although it is clearly stipulated that EPF money should not be invested in financial institutions and banks, that principle had been violated by the Central Bank this year
see more : http://www.therepublicsquare.com/politics/2013/12/harsha-epf-has-lost-rs-8-1bn-in-bad-investments/
