Activists call for explanation from UGC over investments

COLOMBO (News 1st) - Executive Director of the Centre for Human Rights and Research Sri Lanka, Keerthi Tennakoon says the administration of the University Grants Commission should provide an explanation as to how money worth one billion rupees belonging to the UGC Provident Fund was invested in Perpetual Treasuries. Issuing a media release the Centre for Human Rights and Research Sri Lanka says that the University Grants Commission has incurred a loss of 141 million rupees as a result of this investment. The release notes that a loss of 5 million rupees was incurred to the UGC provident fund as a result of the first bond scam. As per the gazette notification which allows university funds to be invested the chairperson of the UGC, the Secretary, as well as the head of the finance unit are all accountable for the transactions. Keerthi Tennakoon in his letter says the former chairperson of the UGC, Prof Kshanika Hiruburegama, the current chairman Prof Mohan Silva, Secretary Dr. Priyantha Premakumara as well as accountant Ubhayakula Ranaweera should provide an explanation regarding these transactions. News 1st spoke to the former chairperson of the UGC regarding the allegations that have been raised. She said that since it has been three years since she left the post she does not remember the details accurately. Our attempts to contact the current chairman and the secretary of the UGC over the phone were not successful.