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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Sri Lanka's EPF to get property stock for bus SOE arrears

Sri Lanka's EPF to get property stock for bus SOE arrears

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DS Wijesinghe


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

ECONOMYNEXT. State-run Sri Lanka Transport Board will transfer unutilised land to a property firm that will issue stock to the Employee Provident Fund in lieu of retirement contribution arrears.
The Department of Public Enterprises said a company called Provident Property Lanka Limited had been set up to take over EPF liabilities of 6.0 billion rupees, along with some unutilised land.

Ordinary or preference shares will be issued to the EPF in exchange for the liability, and the instruments will be redeemed after the land is sold.

The SLTB had owed 11.932 billion rupees in unpaid employee contributions to the EPF.

By end 2016, the liability had been reduced to 6,618 million rupees.

Meanwhile, taxpayers had forked out 6.5 billion rupees for a voluntary retirement scheme for 3,822 excess workers.

The state transport firm was built by expropriating private citizens and has been used as a 'job agency' by successive transport ministers to employ their supporters.

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