Aug 27, 2018

EPF seeks permission to sell its shares in Weligama Properties Featured

The Central Bank is yet to decide on a request by the EPF for permission to sell its shares in Weligama Hotel Properties Ltd. to a private entity.

CB sources say it should first be looked into if the transaction will cause a loss to the EPF.

The EPF is increasing its losses in investment in shares of loss-making institutions.

A presidential commission was told how the EPF money was swindled in the CB bond sales.

The EPF was brought under the CB’s purview in 1956 to guarantee its safety.

However, there have been instances of irregularities in the EPF even under the CB.