Harsha hails trade union against EPF investments

By Cheranka Mendis

UNP MP Dr. Harsha de Silva yesterday commended the 11 trade unions that filed a Fundamental Rights violation petition before the Supreme Court against questionable investments of Employees’ Provident Fund (EPF) and rebuked the Government for not being proactive in stopping such actions when there was much going on in the stock market.

“With all that is going on in the stock market, with allegations of white collar crimes and security fraud by the mafia, the Government should have been more open in this regard and more proactive. Right now they are not even being reactive,” Dr. de Silva said.

He noted that the united efforts of the 11 unions which represented various colours of the country would not help boost confidence in Sri Lanka. “This does not build confidence on anyone in any matter; rather it is the opposite that happens. They came together because it is a necessity.”

Taking full responsibility for bringing the matter to the surface in 2010, he acknowledged that his question on EPF went unanswered for almost a year.



“They postponed it shamelessly for a month or two every time. There is no right to information in this country so no one knows what is going on. You cannot just change rules as you please. You must tell us why it was changed, when it was changed and what the new rules are.”

De Silva expressed hope that the petition would be appreciated in the spirit it had been presented and noted that the Central Bank must ensure that the actions were not detrimental to the petitioners. The framework the petitioners have designed and previously approved with the Central Bank should be put in place, he said. It is a very timely move, de Silva maintained.

Given that the issue was first brought into light in 2010, the gap of almost two years was necessary for the general public to understand the complexity of the case, he said.

“It was with the various happenings in the stock market and the SEC that the attention on the EPF issue was heightened. I am extremely happy that the representatives of the employees itself are taking up the fight.”

Giving reasons for not taking the issue to court before, de Silva said that he did not want it to turn into a political fight. “As the person who speaks on economic matters from the opposition, it was my duty to raise the issue. Even though it took time, I am happy that the unions have understood and appreciated what I have said in the past and taken the necessary actions.”

He said: “I have never opposed EPF investing in the stock market. What I oppose is EPF violating its investment rules and guidelines.” He maintained that the Central Bank was only an agent on behalf of the people and should have been doubly concerned before utilising the monies that were not rightly theirs.

Free Trade Zone and General Services Employees’ Union, Ceylon Bank Employees’ Union, Inter Company Employees’ Union, Jathika Sevaka Sangamaya, Lanka Jathika Estate Workers’ Union, Commercial and Industrial Workers Union, Federation of Media Employees’ Union, Independent Port Employees’ Union, Insurance Employees’ Union, United General Employees’ Union, and Ceylon Estate Staffs’ Union are the Petitioners.

Cited as Respondents were Monetary Board of Sri Lanka, its Chairman cum the Governor of Central Bank Ajit Nivard Cabraal, Finance Ministry Secretary Dr. P.B. Jayasundera, Members of the Monetary Board Nimal Welgama, M. Ramanathan, and Neil Ajantha Umagiliya as well as the Commissioner General of Labour Pearl Weerasinghe, the Securities and Exchange Commission, and the Attorney General.