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EPF loses Rs. 8.1 billion

19 December 2013 01:28 am - 15     - {{hitsCtrl.values.hits}}

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The irregular investments of monies of the Employees Provident Fund (EPF) in the stock exchange had resulted in the loss of a whopping Rs.8.1 billion, as per the present market prices, Parliament was informed yesterday.

Making his remarks during the committee stage of the budget debate,   United National Party (UNP) MP Dr. Harsha de Silva said the Central Bank had invested EPF money in 65 companies   despite some of them making huge losses.

Of these companies where EPF money was invested, he said, Grain Elevators purchased 5,350,549 shares by June 20, 2012   at Rs.187. The market price had dropped to 35.70 percent per share by December 10, 2013, causing a loss of Rs.814 million.  Also, 6,449,645 shares of Browns PLC had been purchased at 266.41 each. The market price had dropped to Rs.81.70 by December 10, 2013, leading to a loss of Rs.1.1 billion. Dipped Products, Laugfs Gas Co., Lanka Indian Oil Company and Galadari Hotel were among other companies with low investment portfolios where EPF money was invested.

Dr. de Silva tabled the necessary documents outlining the     total losses. He charged that these investments had been made regardless of guidelines set out for it by the EPF.  Though it is clearly stipulated that EPF money should not be invested in financial institutions and banks, that principle had been violated by the Central Bank this time. He said the EPF should invest only in the optional shares of Blue Chips.
“It means they cannot invest in the optional shares of other companies,” he said. (Kelum Bandara and Yohan Perera)
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  Comments - 15

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  • kane Thursday, 19 December 2013 05:26 AM

    Bindu and boru porundhu.

    Nihal Amarasekera Thursday, 19 December 2013 05:41 AM

    EPF akin to a bank? Invest/loan out for a higher interest than the interest paid to Account Holders & accrue profit?

    Fact Thursday, 19 December 2013 05:45 AM

    True!

    Nihal Amarasekera Thursday, 19 December 2013 05:45 AM

    Smart Guy, we need a few more, even in the shadow.

    Lanka Shantha Thursday, 19 December 2013 06:21 AM

    Who advised them to invest in these companies?
    Now check those people's close relative's bank balance and their wealth

    mahajanaya Thursday, 19 December 2013 06:28 AM

    Who are the Directors of all the companies ?

    Ravi Thursday, 19 December 2013 07:47 AM

    After retirement do politics then can earn unlimited.

    Perumal Thursday, 19 December 2013 02:36 AM

    All are playing an uncertain game with monies belonging to others; the Government Politicians, Private entrepreneurs, Semi-government institutions, all, all, all. This is a virtual Casino!

    Be Fair Thursday, 19 December 2013 02:56 AM

    welcome to reality...............
    by the time I retire it will only be the word EPF left and not the money.... so wake up guys look at additional savings from now

    Ajithkumar Thursday, 19 December 2013 08:54 AM

    No point talking to our masses,who loves cardboard patriots, vote for them, and complain the opposition is weak.....

    ANTON Thursday, 19 December 2013 03:19 AM

    NOW WHAT ARE WE GONNA GET AFTER RETIREMENT ?

    taurus Thursday, 19 December 2013 03:19 AM

    Such issues do not concern majority of the population.

    Calistus Jayatilleke Thursday, 19 December 2013 09:44 AM

    Great exposure - but the tragedy is how many citizens of the country are really going to understand the gravity of such a situation as the majority are suffering from a disease called pseudo patriotism.

    zorro Thursday, 19 December 2013 09:49 AM

    state of the country is such, that there is no check & control is given. for this purpose we need a free media and civil courage to put the right questions to politicians. But in our country everything is burried under patriotic carpet and anybody dare to ask questions will vanish or excommunicated. thanks for blind patriotism!

    mohamed asfar Thursday, 19 December 2013 04:13 AM

    why cry ? it is just 8.1 billion. come on cheer up.


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