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* FCID investigations reveal irregularities in investments of EPF funds
Wed, Jan 23, 2019, 11:05 am SL Time, ColomboPage News Desk, Sri Lanka.

Jan 23, Colombo: The Financial Crimes Investigation Division (FCID) of police Tuesday informed the Colombo Fort Magistrate's Court that investigations have revealed that irregularities have taken place when moneys of the Employees' Provident Fund (EPF) were invested in Treasury Bonds.

The FCID informed Colombo Fort Magistrate Priyantha Liyanage that the management of the fund, together with two entities trading at secondary market level, and a bank, have been involved in the fraud, and when Rs. 8.15 billion were invested, a loss of Rs. 83 million had occurred.

The transaction had taken place on the 8th of January 2016.

The FCID informed the court that investigations were carried out in response to a complaint lodged by the Prime Minister's Secretary, Saman Ekanayake in an e-mail message on the 8th of April 2018.

The FCID further stated that investigations are being conducted into the alleged misappropriation of funds of the Employees' Provident Fund, investigations into criminal breach of trust and investigations into whether any money laundering has been carried out.

The FCID told the court that four institutions, including Perpetual Treasuries and Wealth Trust Securities are involved in the transactions and they are investigation whether two top officials of the EPF have illegally earned money.

The Magistrate ordered the FCID to conduct relevant investigations and report to the court.


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