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)