The Sundaytimes Sri Lanka

EPF Boss and the Labour Commissioner must explain


There have been many newspaper articles in your paper about the EPF investments and the recent TFC deal and Central Bank’s stony silence on that issue. To date the CB and the Governor who generally have a solution to every problem in the country has remained silent other than saying TFC is now out of the woods. When the value of TFC shares was negative to the tune of Rs 27 per share, the Chairman of TFC Preethi Jayawardana, said to be a Chartered Accountant, praised the transaction and even held press conferences to justify the purchase made by a public owned bank.

Mr. Jayawardana in this instance shamelessly sacrificed his professional integrity to defend a transaction when as an accountant he must surely know what negative value means? Mr. Jayawardana is a member of one of the CB advisory boards and Commercial Bank of Ceylon. Are these the plums for singing hosanna for the wrong doers?� I am worried for those institutions if this is the type of people who are appointed to look after the nation’s assets. The much criticised EPF investment in Laugfs, Galadari and Grain Elevators is thankfully under scrutiny by Parliament. The person in charge of investing the EPF money, the Labour commissioner and the EPF superintendent should be asked to explain as to why they made investments in unproductive private sector companies at such high prices. They should be reported to the Bribery Commissioner. I sincerely hope the President will weed out all the corrupt officials who have been appointed for their past service sitting on various institutions who are ruining his name

Nihal Dias

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