Sri Lanka’s EPF says, an opposition MP is trying to destabilize the economy

EPF blames opposition MP for trying to tarnish its image

Sri Lanka’s largest retirement fund, the EPF today blamed an opposition MP for trying to tarnish its reputation and also trying to destabilize the economy through such a strategy.

However the EPF did not name the Opposition MP.

Issuing a statement, the EPF rejects the accusation made by the opposition MP, who has accused the fund saying it has got engaged in fraudulent transactions in the stock market,

It also says, the same MP in the past has made several similar statements aiming to systematically discredit the EPF, discourage its investment activities, and precipitate a collapse of the stock market.

“There appears to be a clear and mischievous motive to tarnish the reputation of the country’s largest retirement fund and to destabilize the economy through such a strategy”.

The Fund goes onto explain that the EPF invests around 93% of its funds in government securities and around 6% in the stock market.

The balance 1% per cent is invested in corporate debentures and short-term government securities.

“The investments in the stock market are made with a long term focus to generate profit and enhance the Fund’s capital base over the longer term”, the EPF statement further said.