CABINET RESPONSIBLE FOR EPF LOSSES : RANIL

Cabinet could be held responsible for the controversial investments that the EPF and ETF had made in the Colombo Stock market(CSE)opposition Leader Ranil Wickremsinghe said on Thursday.

Making a statement on the issue in Parliament yesterday, Mr. Wickremsinghe said that the Cabinet of Ministers and individual ministers were responsible to the House both with regard to government as well as subjects and functions com-

Market manipulation which includes push and pump strategy …. the loss of five companies is alleged to be in the range of Rs 4 billion.Ranil

ing under ministries according to article 148 of the Constitution. Besides he said ETF monies could be invested in shares with the approval of the Cabinet.Also he said it is imperative that Parliament takes action to fulfill its obligations as a body which oversees state finances.

“Inactivity on the part of the House will not be excused especially after the NSB scandal,” he said.

Quoting recent media reports, Mr. Wickremsinghe told the House that market manipulation which includes push and pump strategy in which speculators had pushed up the value of shares had resulted in a loss of funds for EPF and ETF. He said the loss of five companies is alleged to be in the range of Rs 4 billion.

He also highlighted that Standard and Poor Industry Country Risk Assessment had given an economic risk score of 8 which reflects a high risk for Sri Lanka’s banking and financial sector.

In the meantime the Opposition leader said the issue of controversial transactions that had subjected EPF and ETF to risk is also going to be taken up by the ILO.