FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

LISTED COMPANIES

Submit Post



Poll

Can there be another Covid-19 wave in Sri Lanka?

 
 
 

View results

STOCK MARKET TRAINING
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



Latest topics

» BROWNS INVESTMENTS PLC (BIL.N0000)
by D.G.Dayaratne Today at 10:46 am

» TOKYO CEMENT COMPANY (LANKA) PLC
by samaritan Today at 9:22 am

» EXPOLANKA HOLDINGS PLC (EXPO.N0000)
by samaritan Today at 9:16 am

» PEOPLE'S INSURANCE PLC (PINS.N0000)
by LHW Yesterday at 10:14 pm

» LOFC AND CLC Target Price??
by reyaz Yesterday at 3:44 pm

» KOTAGALA PLANTATION
by reyaz Yesterday at 3:33 pm

» GUYS LOOK IN TO JKH / JKL NOW
by reyaz Yesterday at 3:25 pm

» LOFC LOFC LOFC
by smnsam Yesterday at 2:25 pm

» The stock market can be a great place to make money; it can also be a great place to lose money. Stock market for beginners
by D.G.Dayaratne Yesterday at 7:33 am

» What is "Introductions" in Upcoming listing in CSE?
by Nandun Sat Sep 18, 2021 1:46 pm

» Glove stocks fall after Top Glove posts weaker 4Q results
by ResearchMan Sat Sep 18, 2021 1:37 pm

» Top Foreign Trading today
by SAGA Fri Sep 17, 2021 6:32 pm

» Top crossings today
by SAGA Fri Sep 17, 2021 5:01 pm

» Amana Takaful ATL & ATLL
by kanishkaecomm Fri Sep 17, 2021 12:17 pm

» Best Time to Collect Cic X
by Value Pick Fri Sep 17, 2021 8:15 am

» Why is First Capital Holdings being dumped?
by Berryfund Fri Sep 17, 2021 6:29 am

» AGST can move
by Zayden River Thu Sep 16, 2021 11:58 pm

» COMMERCIAL CREDIT AND FINANCE PLC (COCR.N0000)
by newone Thu Sep 16, 2021 11:57 pm

» AGSTAR PLC (AGST.N0000)
by Zayden River Thu Sep 16, 2021 11:57 pm

» RAIGAM WAYAMBA SALTERNS PLC (RWSL.N0000)
by Bakkabwoi Thu Sep 16, 2021 8:10 pm

EXPERT CHRONICLE™

MARKET CHAT


CHRONICLE™ ANALYTICS


ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

LATEST TWEETS

You are not connected. Please login or register

FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Private sector trade union of Sri Lanka to lodge complain against investing retirement fund monies in stock market

Private sector trade union of Sri Lanka to lodge complain against investing retirement fund monies in stock market

2 posters

Go down  Message [Page 1 of 1]

Hanoifortune

Hanoifortune
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
May 29, Colombo: A private sector trade union in Sri Lanka is to lodge a complaint today with the Commission to Investigate Allegations of Bribery and Corruption calling for an inquiry into the investing of Employees Provident Fund (EPF) monies in the Colombo Stock Exchange (CSE).

Head of the Inter Company Employees' Union (ICEU), Wasantha Samarasinghe told ColomboPage that a complaint would be lodged today calling on the Bribery Commission to investigate into the alleged fraudulent transactions of EPF monies in the stock market that have resulted in the Fund incurring billion rupee losses.

He says that EPF monies have been invested in stocks in an arbitrary manner resulting in the Fund incurring a Rs. 4 billion loss.

The Fund has invested Rs. 7.2 billion in the CSE.

According to Samarasinghe, the government has failed to take any action to inquire into these losses incurred in the stock market or to prevent the further loss of EPF monies.

However, the Employees' Provident Fund Department of the Central Bank says only around 6 percent of the fund is invested in stock market and 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.

Samarasinghe said the Fund is formed of monies from private sector employees and it is therefore the working masses that would have to bear the losses.

"It is the hard earned money of the private sector workers that the government has swindled and action need to be taken," Samarasinghe charged.

The EPF administrators say their policy of investing in stock market has resulted in the fund recording substantial gains.

According to the Central Bank, the EPF has realized Rs. 2.5 billion as capital gains and dividends in 2011, and realized over Rs. 1.56 billion as capital gains and dividends, so far in 2012.


K.Haputantri

K.Haputantri
Co-Admin
They should have done this much earlier. By now huge sums have been already invested.

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum