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"We expect all reports must be true and accurate. Today I found in the FT that what I said (yesterday) is reported in three sentences (reference to 5 July Daily FT’s Page 1 story titled ‘Ranil calls for suspension of EPF investments’). I want to bring this to your (House
Opposition Leader Ranil Wickremasinghe has called for the suspension of all EPF investments in the Colombo Stock Exchange until a Parliamentary Select Committee is set up and investigation is completed on alleged fraudulent transactions. The latest stand is after Wickremasinghe made a scathing
By R.M.B. Senanayyake Dr. Harsha de Silva has good grounds perhaps for his criticisms of the EPF investments in the stock market, but his criticisms are having a destabilising effect on the stock market, which was stabilising after a long decline. There are some facts about investment in the stock
Financial accountability is accompanied by a question mark in Sri Lanka. A host of challenges from the Golden Key scandal to improper auditing of State assets, including the transparent management of Employees Provident Fund (EPF), have regularly hit headlines for years. In addition
It is with great pleasure and keen interest that I associate myself with a wide range of distinguished stake holders in the inauguration of this workshop under the patronage of Institute of Policy Studies of Sri Lanka (IPS), World Bank and Department of National Planning. It is expected through this consultation process to provide a ...
Sri Lanka’s Main Opposition, United National Party (UNP) yesterday claimed that the state-controlled pension fund Employees’ Provident Fund’s (EPF) share portfolio at the Colombo Stock Exchange (CSE) has made losses to the tune of a staggering Rs.12.2 billion.
UNP MP Dr. Harsha De Silva in a statement said yesterday that notwithstanding the almost daily statements by the Employees Provident Fund (EPF) defending its investments in the Colombo Stock Exchange (CSE), violating its own published Investment Guidelines it has now been revealed that the EPF
Extending the debate on the controversial Standard and Poor’s report, UNP MP Dr. Harsha de Silva yesterday pledged to continue demanding transparency on Employment Provident Fund (EPF) transactions. He pointed out that in the subsequent clarification Standard and Poor’
The Employees Trust Fund donated Rs. 75 million as a scholarship grant to nearly 5000 students who excelled in 2011 Grade Five scholarship examination, at Temple Trees on Wednesday. The EPF Board Chairman K.M.A. Godawaththa presented the cheque to President Mahinda Rajapaksa in the presence
The Employees’ Provident Fund (EPF) yesterday welcomed the clarification made by Standard and Poor’s (S&P) that there was “no information of any specific incidences occurring” of “a potential conflict of interest” due to the Central Bank’s oversight
Perhaps to calm a boiling banking industry over its assessment or in an apparent move to give greater clarity to its rational Standard and Poor’s has addressed some contentious issues to provide better read though Central Bank and Sri Lanka Bank Association have refuted the original report. In a Credit Frequently Asked Questions (FAQ) titled ...
Standard & Poor’s Ratings Services recently assigned Sri Lanka to its Banking Industry Country Risk Assessment (BICRA) group ‘8’. That was S&P’s first assessment of Sri Lanka’s banking industry under its BICRA methodology. This article addresses questions investors and market participants may have about S&P’s rationale for assigning Sri Lanka t...
Calls for Govt. to table details of investments in listed securities from January 2010 to April 2012 Says the two funds and Central Bank come under Finance Ministry and accountable to Parliament In a strong move, Opposition Leader Ranil Wickremesinghe yesterday urged the Government to table in Parliament full details of all investments in listed ...
Ahead of its Annual General Meeting next week, The Lighthouse Hotel has finalised plans for a Rs. 430 million expansion that will see the addition of 23 deluxe rooms and two suites. The upgrade will also include a new restaurant and a bar with an extension to the spa in addition to the refurbishment of ...
Our attention is drawn to a statement made by Standard and Poor’s that was issued yesterday, in which they seem to have drawn attention to a possible conflict of interest as a result of the EPF investing in shares of banks. In this regard, the EPF wishes to state that different departments
By Marianne David MP and consultant economist Dr. Harsha De Silva yesterday alleged that THE UNP’s criticism over the mismanagement of the economy and the Central Bank as well as the EPF’s investments in banking stocks have been emphatically validated by global rating agency Standard
Positive macro news and rumoured overhauling of SEC among other State entities trigger buying spree; some analysts insist rebound is due to attractive pricingThe Colombo Bourse on Friday shot up by over 100 points before losing some momentum, with the earlier development being linked by some analysts to positive macro news and a rumoured overhauling ...
The Government has dropped a bombshell admitting that the EPF’s Investment Policy was amended in 2009 enabling the biggest fund to take up equity stakes in commercial banks. “The investment policy statement and standards of professional conduct of EPF issued in 2002, which stated
The Employees’ Provident Fund (EPF) in a statement yesterday reiterated that all internal guidelines in relation to the assessment, analysis and investment in the stock market have been diligently followed. This position has been publicly confirmed by the EPF on many previous occasions
UNP yesterday vowed to prove the truth with regard to whether EPF investments in non-blue chips are legal or illegal. “We categorically dismiss the renewed claims by the Central Bank and the EPF that its investments in non-blue chips are within the law. We will get the correct advice
By Damien The Secretary to the treasury Dr. P.B Jayasundera recently made statement that the country is wasting the foreign currency on things that can be made in this country. I would like to add to this by stating that as a country we should have clear targets and policies that are aimed at both ...
The Central Bank on Saturday issued a statement to set the record right in respect of the news item that appeared in some newspapers on 28 and 29 May 2012 under the caption ‘An amount of Rs. 3,450 million recovered by the Commissioner of Labour through legal action has not been credited to member accounts’. ...
UNP MP Ravi Karunanayake has written to Committee On Public Enterprises (COPE) Chairman D.E.W. Gunasekara requesting him to summon officials of the Securities and Exchange Commission (SEC) and the Colombo Stock Exchange (CSE) over the fiasco in capital markets and boost investor confidence. Following is Karunanayake’s full letter to the COPE Chairman: Over the last ...
The Securities Exchange Commission has introduced some new rules to curb a repeat of the type of wrongful practice that seems to have prevailed in the NSB purchase of shares in the Finance Company. It must be stated at the outset that rules for public institutions should be rigorous because they are owned by the ...
I refer to the regulations enforced by the SEC subsequent to the questionable NSB-TFC share transaction. The SEC seems to have overstepped its authority by insisting that any share purchase in excess of Rs. 20 million by the NSB should be supported by a certified Board resolution. It is for the Finance Ministry to issue ...
By Cheranka Mendis UNP MP Dr. Harsha De Silva yesterday disgareed with Treasury Secretary Dr. P.B. Jayasundera’s assurance that new rules will be enforced to improve governance and prudence in stock market investments, urging the Government to first ensure existing laws are enforced. On Thursday, Dr. Jayasundera in response to questions from media said audit ...
By an Analyst There is no doubt and there is near unanimity that overregulation by the previous Securities and Exchange Commission arising from inexperience, lack of knowledge and lack of correct strategies was the prime cause for the market collapse witnessed today. The SEC without any foresight and professionalism has introduced ad hoc legislation detrimental ...
By Chamitha Kuruppu The main Opposition yesterday called for the appointment of a Parliamentary Select Committee to probe the contentious and later abandoned NSB-TFC deal as well as investments by other State funds, including the EPF, but the Government said appropriate action
Parliament told EPF has lost Rs. 4.2 b in value over investments in five listed companies alone Last audited accounts of EPF presented in Parliament was for year 2009 only The main Opposition UNP yesterday in Parliament stepped up its charge on alleged mismanagement of funds of the EPF
Central Bank of Sri Lanka yesterday vehemently denied allegations by United National Party (UNP) Parliamentarian and Economist Dr. Harsha de Silva that Employeesandrsquo; Provident Fund (EPF) was engaged in corrupt deals in the Colombo Bourse.andnbsp;