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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka opposition party appoints committee to study retirement fund losses in stock market

Sri Lanka opposition party appoints committee to study retirement fund losses in stock market

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Kumar

Kumar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Jun 03, Colombo: Sri Lanka's main opposition United National Party (UNP) has appointed a committee to study and make proposals on the private sector retirement fund, Employees' Provident Fund (EPF), monies that have been lost due to bad investments in the Colombo Stock Exchange (CSE).

Opposition and UNP Leader Ranil Wickremasinghe has appointed a committee headed by party general secretary Tissa Attanayake to look into the matter.

The committee also includes parliamentarians Ravi Karunanayaka and Dr. Harsha de Silva.

The committee is to report back with proposals including the legal action that could be taken with regard to the issue.

The EPF has reportedly lost Rs. 4 billion due to the investing in stocks of loss making companies in violation of guidelines that state EPF monies could only be invested in government securities.

The EPF 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.

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.
http://www.colombopage.com/archive_12/Jun03_1338740965CH.php

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
If committee could well establish the point of losing a vast amount of public money in crafty investment decision making, it will be an added minus point for sinking popularity of the government & its policy makers.
Important fact is to demonstrate & disclose the manipulation process & the most benefited parties out of these shrewd transactions but not the fund owners. This will lead to unavoidable dissension from fund owners island wide & no option for authorities other than the restructuring the entire system & punishing the parasites.

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
@worthiness wrote:If committee could well establish the point of losing a vast amount of public money in crafty investment decision making, it will be an added minus point for sinking popularity of the government & its policy makers.
Important fact is to demonstrate & disclose the manipulation process & the most benefited parties out of these shrewd transactions but not the fund owners. This will lead to unavoidable dissension from fund owners island wide & no option for authorities other than the restructuring the entire system & punishing the parasites.

You are absolutely right.
Practically the opposition committee can say what ever they want, but super power create another scene (or story)and we public forget about this issue in another couple of months.
Sorry to say but that is the fact.

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