No Proper Probe On Suspect EPF Investments: Harsha De Silva

December 9, 2013 |

The United National Party said yesterday that the Parliamentary Accounts Committee (PAC) has failed to resume inquiries into the controversial investments of workers’ savings in the Employees Provident Fund (EPF) for the last 11 months, raising serious questions about financial irregularities, the Daily Mirror Newspaper reports.

Harsha

The newspaper quotes UNP MP Dr Harsha De Silva as saying that the PAC abruptly ended inquiries into such investments of EPF savings in the Colombo   Stock Exchange on February 6, and since then nothing had moved on in this regard.

He said the PAC would not meet again for this year and therefore it would be a serious question for those interested in knowing   the predicament of their savings in the EPF, the largest fund in South Asia with savings running to the tune of one trillion rupees.  Also, the UNP MP charged EPF had not submitted its audited account reports to Parliament due for even 2011.

“We are now at the end of 2013. But, we are yet to receive the 2011 accounts report. I do not know why there is such a delay,” the newspaper quoted him as saying.

Dr. de Silva who is also a PAC member representing the opposition, said EPF savings had been invested in companies such as Hotel Galadari and Laugfs Gas. Deputy Finance Minister Dr. Sarath Amunugama is the current Chairman of the PAC.