An opportunity has been created through the share market to plunder the EPF that belongs to the working people complains the President of Inter Company Employees Union (ICEU) Wasanthe Samarasinghe. He revealed that Rs.3000 million had been used from EPF funds deceitfully to buy shares of Laugfs Gas and Grain Elevators Company.
Mr. Samarasinghe said a share of Laugfs Gas was valued at Rs.35/-, 36/- and 37/- in the share market but this price was falsely increased to Rs.48/- and Rs.1500 million from the EPF funds has been invested to buy shares at Rs.46/- Immediately after this deal the shares had come down to Rs.40/- he pointed out.
He also revealed that a similar deceitful deal has been carried out with Grain Elevators Company. He said when the value of a share of this company in the market was Rs.75/-, it was artificially increased to Rs.236/- and funds of the EPF was invested in buying shares of the company. Now, a price of a share of the company has come down to Rs.102/- said Mr. Samarasinghe.
The President of ICEU said prices of shares going up in the share market is a normal procedure. However, shares that instantly go up and come down instantly is a sign of a serious deceitful act in the share market.
Mr. Wasanthe Samarasinghe emphasized to the President that steps should be taken to stop the plunder of funds belonging to 6.5 million working people in the country by companies of individuals that support the government.
He said investing funds of the EPF should be approved by its Investment Committee. He said whether such an approval has been obtained for the aforesaid investments is a question and added that millions of rupees from the fund have been given fraudulently via the share market to government supporters.
He said if the plunder of the funds is not stopped herewith, workers will have to take to the streets.