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


ADVERTISE
Poll

EXCHANGE RATE PREDICTION: 2022

 
 
 
 

View results

ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



Latest topics

» EXPOLANKA HOLDINGS PLC (EXPO.N0000)
by samaritan Today at 5:22 am

» Govt gets its priorities wrong
by samaritan Today at 4:55 am

» Ambassador assures U.S. support to Sri Lanka to find solutions to economic issues
by samaritan Today at 4:46 am

» IMF-Sri Lanka bailout talks end without a deal
by ChooBoy Today at 3:46 am

» Sri Lanka Breaks Into Hyperinflation Zone Amid Dollar Crunch
by CHRONICLE™ Today at 2:41 am

» Sri Lanka needs to do more on debt restructuring before a bailout package is finalised, says IMF
by CHRONICLE™ Today at 2:36 am

» Expolanka to continue its winning streak
by samaritan Today at 1:52 am

» Global COVID cases rise as BA.4 and BA.5 expand
by samaritan Today at 1:34 am

» POSITIVES & TARGETS BY IMTIAZ BUHARDEEN
by Gowri123 Wed Jun 29, 2022 11:08 am

» When will supply chain disruptions ease?
by Gowri123 Wed Jun 29, 2022 10:38 am

» We’re seeing a shift toward international and value stocks, says Schwab’s Kleintop
by target1 Tue Jun 28, 2022 9:10 pm

» Wall Street stumbles as consumer pessimism stokes growth fears
by target1 Tue Jun 28, 2022 9:04 pm

» Free Market Capitalism vs. Crony Capitalism
by target1 Tue Jun 28, 2022 9:00 pm

» Sri Lankan corporations reap large profits as workers and rural toilers face poverty and starvation
by CHRONICLE™ Tue Jun 28, 2022 1:07 pm

» අද රාත්‍රියෙන් පසු, යක්ෂයාගේ හෝරාව ඇරඹේ!
by God Father Tue Jun 28, 2022 12:43 pm

» Derana 360 with Minister Dhammika Perera
by samaritan Tue Jun 28, 2022 7:37 am

» CENTRAL INDUSTRIES PLC (CIND.N0000)
by LHW Tue Jun 28, 2022 3:54 am

» Breaking News- Kanchana to go to Qatar ; 2 more ministers off to Russia
by Beyondsenses Tue Jun 28, 2022 2:43 am

» PM thanks President Biden for assuring US support to Sri Lanka
by Beyondsenses Tue Jun 28, 2022 2:37 am

» Sri Lanka Stock Market heading toward ASPI 4500
by God Father Mon Jun 27, 2022 3:44 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™ » EPF loses Rs. 8.1 billion

EPF loses Rs. 8.1 billion

+2
K.Haputantri
Redbulls
6 posters

Go down  Message [Page 1 of 1]

1EPF loses Rs. 8.1 billion  Empty EPF loses Rs. 8.1 billion Thu Dec 19, 2013 4:33 am

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

The irregular investments of monies of the Employees Provident Fund (EPF) in the stock exchange had resulted in the loss of a whopping Rs.8.1 billion, as per the present market prices, Parliament was informed yesterday.

Making his remarks during the committee stage of the budget debate, United National Party (UNP) MP Dr. Harsha de Silva said the Central Bank had invested EPF money in 65 companies despite some of them making huge losses.

Of these companies where EPF money was invested, he said, Grain Elevators purchased 5,350,549 shares by June 20, 2012 at Rs.187. The market price had dropped to 35.70 percent per share by December 10, 2013, causing a loss of Rs.814 million. Also, 6,449,645 shares of Browns PLC had been purchased at 266.41 each. The market price had dropped to Rs.81.70 by December 10, 2013, leading to a loss of Rs.1.1 billion. Dipped Products, Laugfs Gas Co., Lanka Indian Oil Company and Galadari Hotel were among other companies with low investment portfolios where EPF money was invested.

Dr. de Silva tabled the necessary documents outlining the total losses. He charged that these investments had been made regardless of guidelines set out for it by the EPF. Though it is clearly stipulated that EPF money should not be invested in financial institutions and banks, that principle had been violated by the Central Bank this time. He said the EPF should invest only in the optional shares of Blue Chips.
“It means they cannot invest in the optional shares of other companies,” he said. (Kelum Bandara and Yohan Perera)
http://www.dailymirror.lk/news/40436-epf-loses-rs-81-billion.html

2EPF loses Rs. 8.1 billion  Empty Re: EPF loses Rs. 8.1 billion Thu Dec 19, 2013 4:58 am

K.Haputantri

K.Haputantri
Co-Admin

?What action the Hon. Minister of Labour propses to take against this reckless handling of money belonged to workers.
?Any leagal action initiated by trade unions and its progress.

Actually, these public funds would have been very handy to boost the ailing stock market at present, only if they did not misuse the funds through corrupt officials (ably assisted by corrupt polititions and with the support of higher officials who behave like deaf & dumb). They have killed a golden goose prematurely and escaped unscathed.

3EPF loses Rs. 8.1 billion  Empty Re: EPF loses Rs. 8.1 billion Thu Dec 19, 2013 5:05 am

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

This may be direct a result of manipulation of stock market to show artificial upward trend and making money for personal use.

Authorities should learn lesson at lest now

Stock market behavior after 2009 to date in sri Lanka  clearly shows that no one can ( Even The Central Bank Governor) play the pool with market forces and price mechanism

It appears that authorities do not learn a lesson from past

Boor Dynasty in France before french revolution did same mistake again and again Our people do  the same mistake again and again



Last edited by D.G.Dayaratne on Thu Dec 19, 2013 5:09 am; edited 1 time in total (Reason for editing : typing error)

4EPF loses Rs. 8.1 billion  Empty Re: EPF loses Rs. 8.1 billion Thu Dec 19, 2013 8:09 am

Leon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

I think is an unrealized loss yet. It will take a long time for GARN & Browns to reach those levels. But Laugfs and IOC will do better for them.

5EPF loses Rs. 8.1 billion  Empty Re: EPF loses Rs. 8.1 billion Thu Dec 19, 2013 9:44 am

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics

EPF gives about 10-11% interest rate for our money held with them. This means. they have to gain more than that to provide us that money.
Its time they analyse the good ventures to invest in rather than the mushroomic speculatives to show up their name.

What on earth they thought to have by investing millions in GRAN Above 150???? They may be looking at 6-10 years from 2012, but yet, their timing was really bad.

As per my memory, their stake at Laugfs (not sure of IOC) too should be loss making. At least Laugfs give out a handy dividend.

6EPF loses Rs. 8.1 billion  Empty Re: EPF loses Rs. 8.1 billion Thu Dec 19, 2013 4:21 pm

Monster

Monster
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

smallville wrote:
As per my memory, their stake at Laugfs (not sure of IOC) too should be loss making. At least Laugfs give out a handy dividend.
In late 2011, EPF collected 33 million shares LGL voting shares at Rs 48/- from Laughs Holding. Within few days Laughs holding collected the quantity 20% cheaper in the open market. Controlling share holder of LGL earned a handsome amount within short period with the help from public fund.

Therefore, still EPF holding these shares with unrealized loss.

7EPF loses Rs. 8.1 billion  Empty Re: EPF loses Rs. 8.1 billion Thu Dec 19, 2013 6:00 pm

Leon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

After their JKH exit, they still have another good opportunity to re enter. May be they are waiting till it goes higher.

Back to top  Message [Page 1 of 1]

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