Eleven trade unions that sought relief from Sri Lanka's Supreme Court alleged that stocks have been bought in companies in an alleged violation of a publicly declared investments policy of Sri Lanka's Employees Provident Fund in documents filed in court Thursday.
The EPF, which is a forced saving scheme, is managed by Sri Lanka's Central Bank.
The unions alleged that stocks - including those in Colombo Stock Exchange's second tier board- have been bought at inflated prices in violation of a publicly disclosed investment policy.
In addition, stocks have been bought in banks leading to a situation of insider dealing as the Central Bank being the regulator of the banks was privy to non-public information, the unions have alleged.
The plaint said ministers of the ruling administration has said in parliament that the investment policy has been changed, though unions or beneficiaries had not been consulted on the move.
The trade unions asked for a criminal investigation into the stock trades.
The unions also asked for the new policy if to be made public if it exists, and also asked courts to order the EPF to reveal information relating the trading of stocks, the buyers and sellers, the prices and quantities, which have not been revealed to the members of the EPF.
People with records of criminal misappropriation have been appointed as bank directors since state purchases of stocks commenced, the plaint alleged.
Sri Lanka's trade unions have earlier sought relief from the Supreme Court over an attempt by rulers to start a third state managed forced savings pension pensions scheme out of private sector worker money but no relief was given.
The administration abandoned the move after protesting workers were shot dead by police.