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Jun 03, Colombo: Sri Lanka's main opposition United National Party (UNP) has appointed a committee to study and make proposals on the private sector retirement fund, Employees' Provident Fund (EPF), monies that have been lost due to bad investments in the Colombo Stock Exchange (CSE).
Opposition and UNP Leader Ranil Wickremasinghe has appointed a committee headed by party general secretary Tissa Attanayake to look into the matter.
The committee also includes parliamentarians Ravi Karunanayaka and Dr. Harsha de Silva.
The committee is to report back with proposals including the legal action that could be taken with regard to the issue.
The EPF has reportedly lost Rs. 4 billion due to the investing in stocks of loss making companies in violation of guidelines that state EPF monies could only be invested in government securities.
The EPF Department of the Central Bank says only around 6 percent of the fund is invested in stock market and the investments in the stock market are made with a long term focus to generate profit and enhance the Fund's capital base over the longer term.
According to the Central Bank, the EPF has realized Rs. 2.5 billion as capital gains and dividends in 2011, and realized over Rs. 1.56 billion as capital gains and dividends, so far in 2012.
http://www.colombopage.com/archive_12/Jun03_1338740965CH.php
Opposition and UNP Leader Ranil Wickremasinghe has appointed a committee headed by party general secretary Tissa Attanayake to look into the matter.
The committee also includes parliamentarians Ravi Karunanayaka and Dr. Harsha de Silva.
The committee is to report back with proposals including the legal action that could be taken with regard to the issue.
The EPF has reportedly lost Rs. 4 billion due to the investing in stocks of loss making companies in violation of guidelines that state EPF monies could only be invested in government securities.
The EPF Department of the Central Bank says only around 6 percent of the fund is invested in stock market and the investments in the stock market are made with a long term focus to generate profit and enhance the Fund's capital base over the longer term.
According to the Central Bank, the EPF has realized Rs. 2.5 billion as capital gains and dividends in 2011, and realized over Rs. 1.56 billion as capital gains and dividends, so far in 2012.
http://www.colombopage.com/archive_12/Jun03_1338740965CH.php
