Dec 09, Colombo: Sri Lanka's main opposition United National Party (UNP) says the Parliamentary Accounts Committee (PAC) has failed to resume the investigation into the controversial investments of monies in the Employees Provident Fund (EPF), the retirement fund servicing the employees in Sri Lanka's corporate and private sector.
UNP parliamentarian Dr. Harsha de Silva told the media that the PAC has failed to resume the investigation for the last 11 months.
Explaining that the PAC had abruptly ended inquiries into controversial investments made by the EPF monies in the Colombo Stock Exchange on February 6th, the MP said the matter has raised serious doubts about the financial irregularities in the country.
Trade unions in the country have accused the authorities of swindling monies of the working masses in the Fund.
According to Dr. de Silva, the EPF had also not submitted its audited account reports to Parliament due even for the year 2011.
EPF savings were reportedly invested in companies such as Hotel Galadari and Laugfs Gas.
The Central Bank, which administers the country's largest private sector retirement fund, has asserted that t no fraudulent stock market transaction has ever been made by the EPF and that all transactions have been carried out with utmost care, diligence and professionalism.