LOCAL

PTL made profits at the expense of the EPF – Voice against Corruption

Staff Writer

Colombo (News 1st) – The convenor of the Voice Against Corruption Organization Wasantha Samarasinghe states that the loss incurred by the Employees Provident Fund due to the Central Bank bond scam exceeds Rs. 15 bn.

According to Samarasinghe, the loss calculated by the first presidential commission stood at around Rs.8.5 bn. However, he notes that this commission only took into consideration losses suffered till the 31st of March 2016.

Wasantha Samarasinghe stated that they requested for another commission because Pepertual Treasuries Limited earned a profit of Rs. 6814 mn during the 6 month period from 01 April to 01 September 2016. He claims that during the entire period PTL has earned a profit of Rs. 23 bn.

Samarasinghe explained that according to their understanding, PTL earned over 80% of this profit by selling treasury bonds to the EPF in the secondary market.

The convenor of the Voice Against Corruption stated that the Government is currently drawing up plans to issue around 40% of the shares of the EPF in the stock market in order to revitalize the market which is in a desperate situation.

Categories