COLOMBO (News 1st) – The University Grants Commission (UGC) says that it would seek advice from the Attorney General to recover money if it had suffered any disadvantage from investing money from the Universities Provident Fund in treasury bonds.

The UGC said it had informed the Central Bank of the manipulating prices of the Perpetual Treasuries in the secondary market and thus generating an illegal profit.

In a statement, the UGC pointed out that as per the provisions in circular number 01 of 2015 for the Universities Provident Fund, a committee has been vested with the power of making investments. The UGC says its funds have been invested in treasury bonds and fixed deposits in State Banks and affiliated Financial Institutions.

The Commission notes, competitive prices were called and evaluated and thereafter the Investment Committee had decided to make the investments for the highest available interest rate. The University Grants Commission stressed that there was no transaction whatsoever directly or indirectly with the Perpetual Treasuries Limited.

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