The Employees’ Provident Fund (EPF) yesterday categorically rejected the statement allegedly made by an Opposition Member of Parliament as reported in several news papers on 15 May 2012, where the EPF has been accused of fraudulent transactions in the stock market. "Such statement, read

May 21, Colombo: The Employees' Provident Fund Department of Sri Lanka's Central Bank today rejected the allegations of fraud involving the retirement fund ,Employees' Provident Fund (EPF) made by an opposition legislator in the parliament recently.

The National Chamber of Commerce of Sri Lanka will hold a Workshop on ‘Industrial Relations and Labour Laws’ from 9a.m. to 4.30p.m. on Tuesday 22 May at the Chamber Auditorium No 450 D.R. Wijewardene Mawatha, Colombo-10. Resource person will be Ananda Sahabandu, an Assistant Commissioner of   Labour. Sahabandu is also an Attorney at Law having ...

It is very tragic that Sri Lanka may lose the confidence of the business world both locally and internationally courtesy of the Government-appointed nominees of the State. I like to highlight just two such incidents with no bias. The first was the rundown of foreign reserves. The Central Bank went on saying there is no ...

Dealing a fresh blow to the contentious deal legal, experts say NSB’s decision to buy a 13% stake in The Finance Co. Plc (TFC) last month had contravened the National Savings Bank Act. They said as per Section 39 of the NSB Act No. 30 of 1971, the savings giant before investing in a particular ...

Listed below are some observations which need clarification from the relevant authorities. Lieu leave on 07.05.2012 Government has declared 7 May 2012 (Monday) as a Public and Bank Holiday in lieu of the Statutory Holiday falling on Sunday 6 May 2012.  No lieu leave needs to be granted to Government employees who are enjoying Statutory ...

President Rajapaksa paid floral tributes to the statue of late politician and writer T.B. Ilangaratne this morning.The commemorative ceremony was held at Navam Mawatha in Colombo. It was organized by the People’s Bank. He was elected to Parliament from 1958 to 1977 representing the Kandy, Galaha, Hewaheta and Kolonnawa electorates and had held several Cabinet ...

Rs. 50 per share paid in deal worth Rs. 400 m for Rs. 9.4b loss carrying and negative networth finance company giant was a hefty premium as per some analysts Others say given lack of liquidity, price for 13% strategic block was good; NSB eyeing future upside with likely further buying; TFC to get big ...

As  a minority shareholder I thank Daily FT for highlighting the highway robbery committed by the directors of leading banks, which are ultimately owned by the public via the shareholdings of SLIC, EPF and ETF. What you have highlighted in your article is only the tip of the iceberg, in terms

It is hard to put a price on time, but we all know that time is money. Given the propensity of workers to strike in this country, it is interesting to look at the results as measured by the Central Bank annual report. The report says that although the number of strikes and man-days lost ...

National Transport Commission (NTC) has decided open Employee Provident Fund and Employees Trust Fund accounts for bus drivers and conductors working in the public transport sector from May, NTC chairman Roshan Gunawardena said. He said insurance coverage will also be provided for drivers and conductors.  

A great deal may be done by severity, more by love, but most by clear discernment and impartial justice. -Johann Wolfgang von Goethe-Justice as quoted by Eckerman This column dedicated to the notion of making Sri Lanka the Wonder of Asia turns its spotlight on that great trait of judicial activism as sometimes exhibited by ...

Former Attorney General Mohan Peiris PC is tipped to be appointed as the new Chairman of the Seylan Bank. The appointment on a non-executive capacity follows the resignation of veteran banker Eastman Narangoda at Seylan’s Annual General Meeting for 2011 held last month after a three year stint. Peiris is currently the Senior Legal Advisor ...

Parliamentary accountability The Parliament, as the country’s foremost representative institution, has the sole authority over national resources and financial allocations and concurrently has a prominent role to play in fiscal responsibility, the budgetary process, economic development and effective transparent economic and financial management, with a view to assuring sustainable growth an...

Employees Provident Fund (EPF) yesterday bought a 5% stake in Piramal Glass Plc for Rs. 280.5 million increasing its overall holding to near 10% thereby becoming the single largest local shareholder. Prior to yesterday’s purchase, EPF held 4.11% stake as at end 2011, up from 1.94

The UNHRC resolution was very unfortunate. This is the first time our country has been subject to this kind of scrutiny. As a fan of the President, it is very unfair that he has been subject to such humiliation. The President has been let down by his advisors. In the recent weeks we have seen ...

Veteran banker Eastman Narangoda is tipped to step down as the Chairman of Seylan Bank at its Annual General Meeting scheduled for today. The move is despite Narangoda being listed in AGM’s agenda for re-election as Chairman and Director as he retires by rotation in terms of Article 82 of the Articles of Association of ...

The bourse breathed a sigh of relief at Friday’s trading on the knowledge that sanctions, at least in the immediate future will not be imposed on the island despite Thursday’s Human Rights (HR) resolution against Sri Lanka at Geneva which resulted in it returning a higher Rs. 926.9 million turnover on Friday compared to low ...

Avurudhu Rupee Commitments Bear on Exporters The exchange rate (ER) held at the Rs. 130 levels to the US dollar ($) at Wednesday’s, Thursday’s and Friday’s trading as exporters began encashing their $ proceeds to meet their local commitments, a market source told this reporter. “In the event they persisted in holding on to their ...

Rupee recovers on State bank dollar supplies; stocks down Reuters: TWO State banks sold dollars to boost the rupee on Tuesday after it hit a record low of 131.60 a day earlier, despite strong importer demand for greenbacks due to the forthcoming April festive season. The rupee, however, retreated to close at 129.90/130.00 a dollar, ...

The country’s forex market encompassing highly dependent importers and key source exporters was yesterday rocked by what analysts described as the sharpest day gain in the US dollar exchange rate. Before mid-day the Rupee touched a new low of Rs. 127 and then on to Rs. 128 prompting many to assume the rate had bottomed ...

Continuous foreign buying in to select listed companies saw the year to date net inflow top the Rs. 20 billion mark by yesterday. The Colombo stock market began a fresh week with year to date net inflowing being at Rs. 17.7 billion and a further Rs. 2.5 billion was added bringing the total to Rs. ...

Instead of 'Employees', one could call it the ‘Empathetic’ Provident Fund (EPF) considering its unprecedented move of sharing the mega sale of 8.4% stake or 71 million shares in premier blue chip JKH for Rs. 13.77 billion (Rs. 194 per share) on Friday to Malaysia’

The entry in to Sri Lanka by Malaysia’s sovereign wealth fund Khazanah Nasional Berhad via John Keells Holdings (JKH) is being hailed as a all round boost for the country, the Colombo stock market as well as the premier blue chip. JKH which has many first to its credit is also the first stock on ...