Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka's private sector retirement fund yet to publish accounts for 2011 - Opposition MP
Sat, Apr 19, 2014, 11:01 am SL Time, ColomboPage News Desk, Sri Lanka.

Apr 19, Colombo: Parliamentarian of Sri Lanka's main opposition United National Party (UNP), economist Dr. Harsha de Silva says the Rs 1.3 trillion private sector retirement fund, Employees' Provident Fund (EPF) has still not submitted to Parliament its audited accounts for the year 2011 as required by law.

MP de Silva issuing a statement has said that although the issue has been constantly raised in parliament, the EPF has failed to release its annual audit reports. "It is a national tragedy," the MP said.

Explaining that currently, the trillion-rupee plus fund of 2.5 million private sector employees is managed exclusively by a unit at the Central Bank, the opposition MP said the authorities have failed "miserably" in their duty to submit the audited accounts fund for the last two and a half years.

"This is notwithstanding the cynical press releases by the Central Bank 'warning' the public not to be misled by 'certain politicians' who have been repeatedly alleging that EPF's audited accounts have not been submitted since 2010," Ceylon Today quoted the MP as saying.

He claimed that many allegations have been made on massive stock market manipulation rackets involving the EPF and certain white collar criminals.

The MP explained that the criminals manipulating the stock market have sold shares at highly inflated prices to the EPF and become billionaires while in the process EPF is losing billions. Most of these rackets took place between 2010 and 2012, he noted.

MP de Silva charged that the country's share market regulator, Securities and Exchange Commission (SEC) however, has not taken any action against these fraudulent "pump-and-dump" mechanisms.

The MP said the time has come for drastic reform in the way the EPF is managed to ensure that the pension fund is managed properly and the agent becomes accountable to its principals.

He suggested that at least two to three employee representatives to be appointed to the investment committee of the EPF so that the fund will be safeguarded until the reforms are undertaken.

MP de Silva pointed out that the millions of private sector employees who contribute part of their earnings every month so that they could retire in peace must ask for this to be done immediately.

ColomboPage - Recent 10 Stories
Two Universities Visit at Indiana Buddhist Temple
-- [1 hour and 0 minutes ago]
President Obama intends to nominate Atul Keshap as Ambassador to Sri Lanka and Maldives
-- [4 hours ago]
Suspect attacked Sri Lankan President's brother surrenders
-- [6 hours ago]
Sri Lanka Freedom Party MPs attend rally in Ratnapura despite party directive to stay away
-- [7 hours ago]
Sri Lanka to participate in the universal exposition World Expo 2015
-- [7 hours ago]
Sri Lankan court orders probe into former Defense Secretary's bank accounts
-- [7 hours ago]
Sri Lankan minster writes to President and PM asking not to nominate the 'corrupted' for elections
-- [7 hours ago]
Atmosphere and receptivity during third round Indo-Lanka fishermen talks better - spokesperson
-- [8 hours ago]
Indian Navy squadron to arrive in Sri Lanka for training exercise
-- [9 hours ago]
Police unable to deliver court order to former President's brother Basil Rajapaksa
-- [9 hours ago]

Copyright © 2000, 2014 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.