EPF in 2013/2014 has diminished by billions: Reports

9 May 2016 09:06 am - 9     - {{hitsCtrl.values.hits}}

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Investments made by the Employee Provident Fund (EPF) in 2013/2014 in the share market, has diminished by billions, the EPF annual report which was presented to Parliament last Friday said.

“Out of the total long term and short term investments amounting to Rs. 71,690,881,118 made by the funds in 80 companies in the share market as at December 31, 2013, an investment of Rs. 52,092,805,864 made in 61 companies had diminished by Rs. 13,823,352,605 as at that date . The entire investment of the fund made in 93 companies in the share market as at June 30, 2014 had been Rs. 75,393,966, 488 while the share market value of the investment amounting to Rs. 45,533,044,007 made in 57 companies had diminished by a sum of Rs. 9,679,212,488 as that date,” the report revealed

“Eight companies in which the EPF had made long term investments amounting to Rs. 3,285,216,703 as at December 31, 2013 had incurred losses during the year 2013/2014 according to the annual reports of those companies. Two out of these companies in which investments of Rs. 199,555,228 and Rs. 711,242,903 were made had incurred losses continuously for a period of three years. The fund had not received no benefit whatsoever from these companies,” the report added.

The report further revealed that a surcharge alone which amounted to Rs. 194,273,332 that had to be recovered from 360 institutions from 2000 to 2013 had not been recovered even as at December 31, 2013. (Yohan Perera)

  Comments - 9

  • BuffaloaCitizen Monday, 09 May 2016 10:15 AM

    Lets increase the wages of CB Governor and Secy to Min. of Finance and perhaps even approve new vehicles for them.

    BUSHEL Monday, 09 May 2016 11:40 AM

    WELL DONE CB AND HEREWITH APROVE THE PROPOSAL. TO INCREASE WAGES

    usuf Wednesday, 11 May 2016 06:25 AM

    whatever Rajapakses explenation may be they were all crooks but will get elected again with a bigger majority via DM Android App

    truth Monday, 09 May 2016 05:04 PM

    people who blindly worship leaders of previous Government should take a note of these things. These are hard earned money of private sector employees. Now the question is who is accountable for these losses?

    Jagath Leanage Monday, 09 May 2016 05:34 PM

    One of the foolish thing to invest Employees Provident Fund in share market. Best place to invest these large funds are only should with Treasury Bill or Bonds.

    nivek Monday, 09 May 2016 06:10 PM

    Maybe its time to consider private placements. Monorail projects maybe a good start depending on the ROI and the partner

    anamda Monday, 09 May 2016 06:29 PM

    This is how the previous government invested our monies with bankrupt companies and made their money. via DM Android App

    Amir Monday, 09 May 2016 08:46 PM

    I would like to hear from Mahinda Rajapakse side of the story to make my judgment.

    inva Monday, 09 May 2016 11:26 PM

    this is a long term investment. hence performance should be checked against long term BM. via DM Android App


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