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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Harsha rebuffs CB’s rosy EPF story

Harsha rebuffs CB’s rosy EPF story

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1Harsha rebuffs CB’s rosy EPF story Empty Harsha rebuffs CB’s rosy EPF story Wed May 23, 2012 12:54 am

sriranga

sriranga
Co-Admin
* Parliament told EPF has lost Rs. 4.2 b in value over investments in five listed companies alone
* Last audited accounts of EPF presented in Parliament was for year 2009 only


The main Opposition UNP yesterday in Parliament stepped up its charge on alleged mismanagement of funds of the EPF by the Central Bank, raising fresh queries as well as revealing latest losses.

The attack by the UNP comes a day after the Central Bank denied allegations of fraud over EPF investments by the Opposition.

Yesterday, opening the debate in Parliament on Regulations under the Imports and Exports (Control) Act, UNP firebrand and consultant economist Dr. Harsha De Silva revealed that despite claims by the Central Bank that it hadn’t lost money or that its investments were sound, in effect Rs. 4.2 billion in value had already been lost on five EPF share market transactions alone.

He listed them as Rs. 1.2 billion on investment in Laugfs voting shares and Rs. 387 million in non-voting shares, Rs. 1.02 billion in investment in Ceylon Grain Elevators, Rs. 854 million in investments in Brown and Company, Rs. 581 million via investment in Galadari Hotel and Rs. 102 million via The Finance stake.

In fact UNP MP John Amaratunga separately raised fresh queries on EPF’s 13% investment in Galadari Hotels made in 2010 as well as Grain Elevators and Laugfs. EPF bought Galadari shares at Rs. 34 each whilst this week it had slumped to Rs. 13 level. The listing of losses over five transactions was to counter Central Bank claims that its investments are sound. In fact Monday’s statement from the CB said the EPF has so far earned Rs. 1.5 billion via dividends and capital gains from its equity investments and the figure in 2011 was Rs. 2.5 billion.

Dr. De Silva reiterated that Investment Guidelines for EPF clearly states that it must stick to blue chips and queried whether Galadari and Grain Elevators were blue chips. The Galadari is saddled with Rs. 9 billion retained losses in addition to facing serious loss of capital.

“The Central Bank must be honest in its answers and must conduct itself in a professional manner. Both were absent judging by its statement released on Monday,” the UNP MP charged.

He also told Parliament that as confirmed by the Secretary General, the last audited accounts of EPF presented to the House were that of 2009, whereas reports of 2010 and 2011 hadn’t been tabled in Parliament.
The Central Bank via its statement on Monday (see yesterday’s Daily FT front page or via online http://www.ft.lk/2012/05/22/epf-rejects-unp-mps-allegations-of-fraud/) said the EPF denies accusations of fraudulent transactions in the stock market.

It said: “It is quite normal in all stock exchanges in the world, the large-scale institutional investors have the capacity and the ability to hold onto their portfolios without having to dispose of their investments during a downward trend in the market, and in Sri Lanka where the EPF is clearly one of the largest institutional investors, the EPF will act in a similar manner. Hence, there is clearly no risk of the EPF incurring any real loss during this bearish phase of the stock market. In these circumstances, the EPF wishes to reiterate that its portfolio of stocks has intrinsic value, and therefore would hold onto certain stocks where the market values may have temporarily reduced below cost, because such stocks have potential to yield satisfactory dividends, and also make substantial gains when the ASPI move up in due course.”

The Central Bank also said the EPF, whose fund is now over Rs. 1 trillion, invests around 93% of its funds in government securities and around 6% in the stock market. The balance 1% is invested in corporate debentures and short-term government securities. The investments in the stock market are made with a long-term focus to generate profit and enhance the fund’s capital base over the longer term.

It described the UNP MP’s attack as “vituperative and misleading” and said statements read in conjunction with several past statements of a similar nature made seems to be designed to systematically discredit the EPF, discourage its investment activities, and precipitate a collapse of the stock market.

Though noting the political bias in the UNP’s comments, the Central Bank said that since there appeared to be a clear and mischievous motive to tarnish the reputation of the country’s largest retirement fund and to destabilise the economy through such a strategy, the EPF had decided to issue the statement on Monday.
In response, Dr. De Silva told Parliament that if a single person could destabilise the economy, then it was a compliment to him, but lamented the lack of honesty and harsh tone of the CB/EPF statement.
http://www.ft.lk/2012/05/23/harsha-rebuffs-cbs-rosy-epf-story/

http://sharemarket-srilanka.blogspot.co.uk/

2Harsha rebuffs CB’s rosy EPF story Empty Re: Harsha rebuffs CB’s rosy EPF story Wed May 23, 2012 8:34 am

Whitebull


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Simply speaking, ETF fund managers have acted like amateur retailors.Therefore now serious losses.....but thanks to holding power hope there will be no real losses.

But those actions and qualifications of those fund manegers have to be thoroughly investigated.They should not be allowed to work under cover of long term investment veil.

3Harsha rebuffs CB’s rosy EPF story Empty Re: Harsha rebuffs CB’s rosy EPF story Wed May 23, 2012 8:40 am

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Whitebull wrote:Simply speaking, ETF fund managers have acted like amateur retailors.Therefore now serious losses.....but thanks to holding power hope there will be no real losses.

But those actions and qualifications of those fund manegers have to be thoroughly investigated.They should not be allowed to work under cover of long term investment veil.
I do not think that this is a case of their qualifications but a case of intent. affraid

The problem with Harsha is that his Tv talks are too technical and simple mass (including me) cannot understand much of the jargon uses there. confused



Last edited by Kithsiri on Wed May 23, 2012 8:41 am; edited 1 time in total (Reason for editing : spelling errors)

4Harsha rebuffs CB’s rosy EPF story Empty Re: Harsha rebuffs CB’s rosy EPF story Wed May 23, 2012 8:49 am

Whitebull


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Kithsiri wrote:
@Whitebull wrote:Simply speaking, ETF fund managers have acted like amateur retailors.Therefore now serious losses.....but thanks to holding power hope there will be no real losses.

But those actions and qualifications of those fund manegers have to be thoroughly investigated.They should not be allowed to work under cover of long term investment veil.
I do not think that this is a case of their qualifications but a case of intent. affraid

The problem with Harsha is that his Tv talks are too technical and simple mass (including me) cannot understand much of the jargon uses there. confused

Qualifications should also be looked into.Most of these people have came through political channels...not because their qualified....I can remember someone has questioned the qualifications of Cabral to hold his current position.

5Harsha rebuffs CB’s rosy EPF story Empty Re: Harsha rebuffs CB’s rosy EPF story Wed May 23, 2012 9:56 am

manula


Vice President - Equity Analytics
Vice President - Equity Analytics
@Whitebull wrote:Simply speaking, ETF fund managers have acted like amateur retailors.Therefore now serious losses.....but thanks to holding power hope there will be no real losses.

But those actions and qualifications of those fund manegers have to be thoroughly investigated.They should not be allowed to work under cover of long term investment veil.

The main problem is not the qualification.. any one can think about the current prices/future etc at leaset... main thing they are behind the commison/money and finally they know they can eascape. That the only think they are thinking.

6Harsha rebuffs CB’s rosy EPF story Empty Re: Harsha rebuffs CB’s rosy EPF story Wed May 23, 2012 10:18 am

K.Haputantri

K.Haputantri
Co-Admin
@Whitebull wrote:
@Kithsiri wrote:
@Whitebull wrote:Simply speaking, ETF fund managers have acted like amateur retailors.Therefore now serious losses.....but thanks to holding power hope there will be no real losses.

But those actions and qualifications of those fund manegers have to be thoroughly investigated.They should not be allowed to work under cover of long term investment veil.
I do not think that this is a case of their qualifications but a case of intent. affraid

The problem with Harsha is that his Tv talks are too technical and simple mass (including me) cannot understand much of the jargon uses there. confused

Qualifications should also be looked into.Most of these people have came through political channels...not because their qualified....I can remember someone has questioned the qualifications of Cabral to hold his current position.

This is what happens when time tested processes & procedures are ignored by so called patriotic clan appointed to high posts. ? Where is high posts committee in Parliament. Our representatives in Parliament have an obligation to safeguard public institutions.

7Harsha rebuffs CB’s rosy EPF story Empty Re: Harsha rebuffs CB’s rosy EPF story Wed May 23, 2012 10:20 am

K.Haputantri

K.Haputantri
Co-Admin
@manula wrote:
@Whitebull wrote:Simply speaking, ETF fund managers have acted like amateur retailors.Therefore now serious losses.....but thanks to holding power hope there will be no real losses.

But those actions and qualifications of those fund manegers have to be thoroughly investigated.They should not be allowed to work under cover of long term investment veil.

The main problem is not the qualification.. any one can think about the current prices/future etc at leaset... main thing they are behind the commison/money and finally they know they can eascape. That the only think they are thinking.

?Is Bribary & Corruption Commission inoperative at present or no complaints made to them on these day light robberies.

8Harsha rebuffs CB’s rosy EPF story Empty Re: Harsha rebuffs CB’s rosy EPF story Wed May 23, 2012 10:33 am

Whitebull


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@manula wrote:
@Whitebull wrote:Simply speaking, ETF fund managers have acted like amateur retailors.Therefore now serious losses.....but thanks to holding power hope there will be no real losses.

But those actions and qualifications of those fund manegers have to be thoroughly investigated.They should not be allowed to work under cover of long term investment veil.

The main problem is not the qualification.. any one can think about the current prices/future etc at leaset... main thing they are behind the commison/money and finally they know they can eascape. That the only think they are thinking.

I agree with but always quilifications should also be looked into.When he/she is a qualified he thinks twice atleast to protect his dignity but when a unquilified man in that position he has nothing to protect as he is protected by politicians.I may be wrong but this is my opinion.

9Harsha rebuffs CB’s rosy EPF story Empty Re: Harsha rebuffs CB’s rosy EPF story Wed May 23, 2012 11:12 am

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
At last things seems to be coming out in black and white. When that happens Cabral would be like "sarama andan oluwen hitiya wage"

10Harsha rebuffs CB’s rosy EPF story Empty Re: Harsha rebuffs CB’s rosy EPF story Wed May 23, 2012 11:51 am

manula


Vice President - Equity Analytics
Vice President - Equity Analytics
@K.Haputantri wrote:
@manula wrote:
@Whitebull wrote:Simply speaking, ETF fund managers have acted like amateur retailors.Therefore now serious losses.....but thanks to holding power hope there will be no real losses.

But those actions and qualifications of those fund manegers have to be thoroughly investigated.They should not be allowed to work under cover of long term investment veil.

The main problem is not the qualification.. any one can think about the current prices/future etc at leaset... main thing they are behind the commison/money and finally they know they can eascape. That the only think they are thinking.

?Is Bribary & Corruption Commission inoperative at present or no complaints made to them on these day light robberies.

never heard about the Bribary and Corruption Commission from long time...must be sleeping ... Sleep Sleep See what happen to the cope report ??? ... no action.. how many unpaid loans (some thing around 200b) going to be wiped out.. and these day light robberies.. Sad Sad

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