Mar 27, 2017

EPF lost Rs. 9,500 m in treasury bond investments Featured

The EPF has incurred a Rs. 9,500 million loss from its investments in treasury bonds, an internal inquiry by the Central Bank has revealed.

The loss was officially intimated in an investigation report to the CB monetary board’s meeting on March 23.

Assistant governor Kumuduni Sarawanamuttu led the investigation into the EPF’s investments in government securities in 2015 and 2016, CB monetary board sources say.

It found two top officials of the CB - an assistant governor and an official of the EPF Department - had been directly involved, through a primary dealer.

CB monetary board members Nihal Fonseka and Krishantha Perera demanded that the duo be immediately suspended and disciplinarily dealt with.

However, finance secretary Dr. R.H.S. Samaratunga and M. Ramanathan had kept silent over their request.