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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Private sector trade union in Sri Lanka to bring motion in parliament on retirement fund monies

Private sector trade union in Sri Lanka to bring motion in parliament on retirement fund monies

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Jun 16, Colombo: A private sector trade union in Sri Lanka affiliated to the Marxist party Janatha Vimukthi Peramuna (JVP), the Inter Company Employees Union (ICEU) is to get a private member's motion moved in parliament to ensure the safety of monies in the private sector retirement fund, Employees Provident Fund (EPF).

ICEU Secretary Janaka Adhikari says the motion would be presented to the House through the party and the union is currently discussing the details with JVP parliamentarian Sunil Handunnetti.

Adhikari has said that EPF has lost billions of rupees after investing in shares of loss-incurring companies.

He has observed that these transactions have taken place in violation of EPF's investment regulations.

The Central Bank, which administers the fund, asserts that the fund has followed all internal guidelines in relation to the assessment, analysis and investment in the stock market and advises the public not to be misled by the "unfounded and politically motivated allegations."

The ICEU a few weeks back lodged a complaint on the matter to the Commission to Investigate Allegations of Bribery and Corruption.
http://www.colombopage.com/archive_12A/Jun16_1339854189CH.php

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