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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.
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Dear EPF,
it’s well known fact that EPF acted as the cushion to some HNWIs who got struck by buying at high price levels, for example I got to know that some HNWIs who bought a gas company stocks above 50-60 region later had discussions with you to dump it at 49-50 range when it was trading around 40-43. later that deal went through the market, not a crossing.
And you Mr.&Mrs.EPF, you are so huge which makes even 6% is more than the value of many companies listed in the market. by the way this opposition MP has the gut to speak based on Facts which makes you guys feel bad.
Just release Rupee value of that 6% and the unrealized loss from those investments.
I don’t think news360 will have guts to publish this without any changes or censors.
How much is 6% of the EPF funds for the benefit of the public. Transparency is the key word