EPF receives Rs.231mn in Laugfs Gas share manipulation case

The Employees’ Provident Fund (EPF) received Rs.231 million for the loss it made in October 2011, due market manipulation with regard to the purchasing of shares of Laugfs Gas PLC.
The Securities and Exchange Commission (SEC) yesterday shared that the said funds were credited to the EPF and Compensation Fund of the SEC, respectively.
Action was filed by the SEC against W.K.H. Wegapitiya, U.K. Tilak N. de Silva and T.I. Hulangamuwa for the offences of conspiracy to commit market manipulation and committing market manipulation, under the provisions of the then Securities and Exchange Commission of Sri Lanka Act No. 36 of 1987.An application was made in court by the counsel representing Wegapitiya, de Silva and Hulangamuwa, in order for the SEC to consider compounding these offences.“Having considered the loss caused to the EPF at the time since the said offences were committed, the accused agreeing to settle the loss caused to the EPF, other pending litigation connected to this case and the absence of previous convictions, the commission decided to consider the application to compound the said offences upon the payment of a sum of Rs.6.6 million to the Compensation Fund of the SEC by this accused,” the SEC said.
The amounts were settled to the EPF and SEC in open court on July 19, 2024.