CB says long-delayed EPF, ETF annual reports to be released soon

The much-delayed annual reports of the Employees’ Provident Fund (EPF) and Employees’ Trust Fund (ETF), which have been finalised now, would be released shortly Central Bank Governor Dr. Indrajit Coomaraswamy said. 

During a press conference held last week, responding to a media query, whether the release of these annual reports was delayed due to the bond scam, the governor said, “The 2016 annual reports are finalised and they will come out shortly.” 

Meanwhile, he also noted that civil cases are filed to recover the losses of the EPF, ETF, University Grants Commission, Sri Lanka Insurance Corporation and National Savings Bank, due to the bond scam. 

“We have done some calculations and we asked the AG’s Department to initiate civil action to recover that money,” Dr. Coomaraswamy said. 

He also noted that he has visited the CID on the recommendation of the Monetary Board to assist criminal investigation. 

However, Dr. Coomaraswamy refused to reveal the losses incurred by five state institutions and said “during the case, the calculations will come out”. 

According to media reports, the Attorney General has filed five lawsuits in the Colombo District Court against Perpetual Treasuries Limited to recover the losses incurred to five state institutions during two controversial bond auctions held in 2015. 

The five institutes reportedly have incurred Rs.8.5 billion in direct losses.

The Central Bank also recently called for Expression of Interests (EOIs) to conduct a forensic audit with the involvement of international audit firms into Treasury bond issuances and the EPF investment decisions during the 2008-2014 period. 

In this regard, Dr. Coomaraswamy said five EOIs have been received so far and the Cabinet has already appointed a Technical Evaluation Committee and a tender board to evaluate and award the tender to the most suitable bidder. 

The Central Bank is expected to close the EOIs on the 25th of this month. (NF)