Labour Minister admits: EPF unsafe



by Dasun Edirisinghe


The Employees’ Provident Fund (EPF) is without protection even under the Central Bank (CB) as evident from the recent bond scams, it will however not be removed from the CB supervision, Minister of Labour and Trade Union Relations W.D.J. Seneviratne says.

A special investigation commissioned by the Monetary Board of the Central Bank of Sri Lanka has revealed that bond scams under the current government have caused a staggering loss of about Rs. 10 billion to the EPF.

Minister Seneviratne told The Island yesterday he expected the government to take action to recover the loss after the conclusion of the investigation by the Presidential Commission of Inquiry into the controversial bond transactions.

He said it was the bounden duty of the government to protect the EPF as millions of workers were left with only their savings therein upon retirement.SLFP Spokesman and State Minister of Highways Dilan Perera claimed that the loss to the EPF due to the bond scams had been revealed as President Maithripala Sirisena had appointed a special commission to investigate the bond scams.

He said UPFA General Secretary Mahinda Amaraweera had been the first to complain to the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) regarding the fraud.

Minister Perera said that if the presidential commission had not been appointed, the bond scams would have been deemed a civil offence, but with the incriminating evidence now surfacing a criminal case could be built against those responsible for the bond scams.

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