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Cabinet could be held responsible for the controversial investments made out of the EPF and ETF funds at the Colombo Stock market (CSE) opposition Leader Ranil Wickremasinghe said.
Opposition Leader Ranil Wickremesinghe today demanded that the Government inform the House of the present position of the investments made by utilizing the funds belonging to the Employees Provident Fund (EPF) and Employees Trust Fund (ETF). Making special statement in Parliament, the Opposition
Jun 21, Colombo: Responding to a statement made by the rating agency Standard & Poor on the country's private sector retirement fund, Employees' Provident Fund (EPF), the Central Bank Wednesday said that there is no conflict of interest as a result of the EPF investing in shares of banks.
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 ...
, Employees Provident Fund (EPF).
Jun 12, Colombo: A parliamentary committee appointed by the leader of Sri Lanka's main opposition United National Party to inquire into the widespread allegations of irregularities in managing the private sector retirement fund, Employees' Provident Fund (EPF), is to hand over its report next week
“The demoralising, destructive character of the patriotic degeneracy….” Sebastian Haffner (Germany: Jekyll and Hyde) By Tisaranee Gunasekara It was the Oxford Debacle all over again. The events were drearily predicable. Sri Lanka, like every Commonwealth nation, received an invitation for the Diamond Jubilee celebrations of Queen Elizabeth II. President Rajapaksa, unlike most Commonwealth leaders,...
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
Sri Lanka’s Employees’ Provident Fund which is the largest private pension fund in the country once again reiterated that it has diligently followed all internal guidelines in relation to the assessment, analysis and investment in the Stock market. It also says the investments it had made in the stock market had the approval of the Investment ...
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’. ...
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).
The Central Bank has said that the Employees Provident Fund is safe and it is not exposed to any danger. Superintendent of EPF of the Central Bank Kalyani Gunatllake stressed that the propaganda, being spread by certain opposition groups is baseless. Certain political groups in the opposition
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 JVP yesterday vowed to take legal action against the investments made by the Government in the Colombo Stock Exchange (CSE) using the money of the Employeesandrsquo; Provident Fund (EPF).
Video: Eran Wickramaratne talks about ASPI and EPF
May 29, Colombo: A private sector trade union in Sri Lanka is to lodge a complaint today with the Commission to Investigate Allegations of Bribery and Corruption calling for an inquiry into the investing of Employees Provident Fund (EPF) monies in the Colombo Stock Exchange (CSE).
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 ...
Stealthy move madelast year under wraps Reliable sources revealed to LAKBIMAnEWS that the Bank of Ceylon (BoC), the Peoples’ Bank (PB) and the Employees Provident Fund (EPF) have acted in cahoots to purchase shares worth Rs 344 million from crumbling entity, The Finance Company (TFC
the Employees’ Provident Fund (EPF). Ceylon Grain Elevators PLC, Laugfs Gas PLC ...
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