Unions go to SC over improper EPF investments

5 October 2012 11:07 pm - 6     - {{hitsCtrl.values.hits}}

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Eleven trade unions filed a fundamental rights violation petition before the Supreme Court challenging improper investments made by the Employees’ Provident Fund (EPF) in loss-making companies listed in the Colombo Stock Exchange.

They are seeking the SC to Direct the Attorney General to carry out a full investigation into the alleged fraud and market manipulation.

The petitioners are the Free Trade Zone and General Services Employees’ Union; Ceylon Bank Employees’ Union; Inter Company Employees’ Union; Jathika Sevaka Sangamaya; Lanka Jathika Estate Workers’ Union; Commercial and Industrial Workers Union; Federation of Media Employees’ Union; Independent Port Employees’ Union; Insurance Employees’ Union; United General Employees’ Union and Ceylon Estate Staffs’ Union.

They cited the Monetary Board, its Chairman and Central Bank Governor Ajit Nivard Cabraal, Treasury Secretary P.B. Jayasundara, Monetary Board Members Nimal Welgama, M. Ramanathan and Neil Ajantha Umagiliya; the Labour Chief Pearl Weerasinghe, the Securities and Exchange Commission and the Attorney General as respondents.

The petitioners asked the Court to give an order directing the respondents not to invest EPF funds in any Company and Banks except in Blue Chip Companies.

They are seeking the Court to declare that the policy to invest any percentage of the EPF can only be made with proper consultation process with Employees and with the full disclosure of the details of the investments.

There are seeking the Court to direct that all Equity investments in Banks be immediately withdrawn and appropriate order be made restraining the respondents from making any such investments in Banks in future. (S.S. Selvanayagam)
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  Comments - 6

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  • Cobra Saturday, 06 October 2012 01:35 AM

    ...and all will finally come to naught!!!

    EPFlover Saturday, 06 October 2012 09:34 AM

    Given SL's current state of governance, your doubts are well founded. Yet, even to test that, somebody has to make a move. Let's wait and see how the judiciary will look at the case.

    dhammika Saturday, 06 October 2012 02:45 AM

    Good move and good luck

    Calistus Jayatilleke Saturday, 06 October 2012 04:56 AM

    Excellent move, long overdue. It is high time somebody put a stop to the blatant misuse of poor employees provident fund benefits to fatten their pockets. It may be too late even now but at last the trade unions have come together to nullify these underhand dealings carried out with the full blessings of those at the top.

    Mason Saturday, 06 October 2012 01:38 PM

    Trust the Supreme Court will come out with a verdict to safe guard the EPF monies

    vat and hedging Friday, 05 October 2012 11:31 PM

    Good move. go ahead.


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