It also said that losses made on just the six stocks listed on the Secondary Board of the CSE in violation of its own EPF guideline that investments should be made only on ‘blue chips’, has resulted in a loss of Rs.2.7 billion or 22.5 percent of the total loss.

“Of this amount, the largest losses are from the investments in Laugfs amounting to Rs. 1.8 billion, Vallibel One amounting to Rs.740 million and Lighthouse Hotels amounting to Rs.87 million,” the statement said.“Some of the other massive losses are from the investments in LOLC Rs.1 billion, Browns Rs.945 million, Ceylon Grain Elevators Rs 713 million and Galadari Hotels Rs 470 million,” it added.

The UNP stressed that besides investigating the governance issues alluded to by the global rating agency S&P in issuing a very high risk rating for the entire banking system of the country, it will continue to push for an independent investigation in to the transactions of the entire EPF stock portfolio and thereafter for legal action in the event persons are found to have committed securities fraud.