Good Governance activist, Chandra Jayaratne has urged Minister of Labour & Trade Union Relations, W. D. J. Seneviratna to ensure that the investor rights of the Employees Provident Fund (EPF) Members are safeguarded.
Chandra Jayaratne
In a letter sent on Tuesday, Jayaratne said, “I write with further reference to my letter of 3rd June 2016, where it was stressed that the Trustee responsibility and overall oversight responsibility of the pool of investments held in Trust for the members of the EPF by the Central Bank of Sri Lanka, lies with You, the Ministry of Labour and Trade Union Relations, as well as the Commissioner of Labour and Superintendent of the Employees Provident Fund.”
In his letter, Jayaratne emphasized upon the ‘Statement of Investor Rights’ developed by the Chartered Financial Analysts Institute and endorsed by the Securities and Exchange Commission of Sri Lanka.
“This explicit undertaking must be secured by you from the Central Bank and EPF Officials engaged in providing services in the investment and management of the pool of funds, as well as other financial services intermediaries retained by the Central Bank and/ or the Employees Provident ( including but not limited to Primary Dealers engaged in facilitating investment of EPF funds) in that connection, in order that they all continue to retain the confidence and trust of the Employees Provident Fund Members,” he told Seneviratna in the letter.
Jayaratne’s request to the Minister comes amidst mounting concerns about the financial state at the Central Bank, amidst allegations of back to back bond scams at the Bank, allegedly perpetrated by Governor Arjuna Mahendran.
Full text of the letter is below;
7th June 2016
Registered Post
Minister W. D. J. Seneviratna,
Minister of Labour & Trade Union Relations,
Ministry of Labour & Trade Union Relations,
Labour Secretariat,
Colombo 5.
Dear Mr. Minister,
Safeguarding the Investor Rights of Employees Provident Fund (EPF) Members
I write with further reference to my letter of 3rd June 2016, where it was stressed that the Trustee responsibility and overall oversight responsibility of the pool of investments held in Trust for the members of the EPF by the Central Bank of Sri Lanka, lies with You, the Ministry of Labour and Trade Union Relations, as well as the Commissioner of Labour and Superintendent of the Employees Provident Fund.
I this context, I wish to draw the kind attention of yourself and those copied in this letter, to the Statement of Investor Rights developed by the Chartered Financial Analysts Institute and endorsed by the Securities and Exchange Commission of Sri Lanka. (Copy Attached)
In the due discharge of the aforesaid Trustee responsibility and overall oversight responsibility, it is incumbent upon you, the Ministry of Labour and Trade Union Relations, as well as the Commissioner of Labour and Superintendent of the Employees Provident Fund to demand from the Central Bank, as the Fund Manager and Administrator of the Fund Assets, that all independent financial services providers engaged by them in the investment of funds of the EPF, do adopt and conform to fundamental ethical principles, including those set out in the Investor Rights Statement, especially the under noted commitments as highlighted;
- Honesty, competence, ethical conduct and compliance with the law
- Independence and objectivity
- Placing the interests of the EPF Members as a priority, in preference over those of the entity
- Fair treatment
- Disclosure of any existing or potential conflicts of interests
- Understanding the circumstances of the EPF members
- Clear, accurate complete and timely communications
- Explanation of fees and costs charged
- Confidentiality
- Complete recording in support of work done
This explicit undertaking must be secured by you from the Central Bank and EPF Officials engaged in providing services in the investment and management of the pool of funds, as well as other financial services intermediaries retained by the Central Bank and/ or the Employees Provident ( including but not limited to Primary Dealers engaged in facilitating investment of EPF funds) in that connection, in order that they all continue to retain the confidence and trust of the Employees Provident Fund Members.
I remain confident that this appeal made to you, in the interest of upholding transparency and good governance and duly delivering on the aforesaid Trustee responsibility and overall oversight responsibility owed to nearly 2.5 million members of the EPF, will receive your immediate careful consideration.
Yours Sincerely,
Chandra Jayaratne
cc. President
Prime Minister
Secretary Finance,
Secretary Ministry of Labour & Trade Union Relations
Governor Central Bank
Commissioner of Labour,
Superintendent of EPF
Media for Publication
Suresh / June 9, 2016
[Edited out]
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Lal De Mel / June 9, 2016
The National Labour Advisory Committee (NLAC) of the Labour Ministry should demand a meeting with the Labour Minister to discuss the concerns raised by Chandra Jayaratne. NLAC consists of representatives of the Employers,Trade Unions and the Labour Ministry and is Chaired by the Minister of Labour.
When I was a member of this policy making body, the dynamic Minister Labour Mahinda Samarasinghe. He ensured that meetings were held monthly. NLAC called the EPF CEO and pointed out that it is the private sector employees retirement funds that are managed as a Trustee by the EPF, under the management of the Central Bank and the need to have representatives of Employers & Trade Unions in the Board of EPF. Strict guidelines were given on the investments in the Stock Market.
NLAC should invite Chandra and the representatives of EPF to brief the NLAC on irresponsible investments by EPF. There after NLAC should request the Minster of Labour to take the necessary corrective action.
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nimal fernando / June 9, 2016
Mr Chandra Jayaratne and Mr Lal De Mel,
This is all well and good and long overdue.
But can you two esteemed gentlemen answer a very simple question that baffles the plebeians out her.
Why only now?
The methodical swindling of working-man’s EPF started with our good buddy Cabral with the tacit encouragement of the great champion of the working-man and the true father of the nation like Mao, Lenin, …. and the rest of the towering figures of nation-building, henceforth will be known by the single name Mahinda.
Where were your concerns for the working-man’s EPF when Cabral and his buddies were pumping and dumping with gusto?
I just love it, when you esteemed Lankan financial-crime-fighting super heroes, forgetting the past history, start your fights and concerns, from a specific time and a date!
I suppose, St. Mahinda and apostle Cabral kept things ship shape and then the new lot took over …… Presto! Then there was corruption eh?
Humbuggery! This is the special gift us Lankans are blessed with. What would we do without it in the sunny island of paradise, eh?
Everyone blames the “common man” for voting in rascals but the common man is a lot smarter, he who has lived the “common life” knows whichever way he votes things remain the same. It’s only the “educated” intellectual-powerhouses that live in hope expecting things to change! A smattering of “education” makes us live in hope even though living in hope is what kills us all in the end.
The “common man” has no such illusions, for him Lankan politics is nothing but – as good old Gerald Celante would say – “Reality TV for Ugly People.” There’s only entertainment value.
They are hip to all the tricks.
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Funlover / June 9, 2016
Nimal Fernando, here’s a simple answer for you.
Before 9th January 2015 the Finance Ministry the Central Bank and the White Van Menace were under the direct control of Mahinda Rajapaksa, Terrorist King of Sri Lanka.
It is quite understandable that honest, educated, decent, citizens did not want to lose their lives.
Mr Nimal are you suggesting that these decent folks should continue to keep silent when the Ra-Siri Combine start the looting all over again?(Raa as in toddy; Siri as in ammata siri; or oh!fuck). Perhaps unknown to ordinary folks like us you were shouting from roof tops about the marauding Jarapaksas.
Look at your self in the mirror Mr Nimal. Do you see a hypocrite?
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nimal fernando / June 9, 2016
Funlover,
“Mr Nimal are you suggesting that these decent folks should continue to keep silent when the Ra-Siri Combine start the looting all over again?”
Buddy, where have I even hinted that these two esteemed gentlemen should stay silent? Please do not pass hallucinations in your head as my suggestions.
The point I am trying to make, if your mind can get around it, is, these gentlemen are going on as if all the corruption started with Mahendra. And there is not one murmur about Cabral! Not then, but now when the “White vans” have stopped roaming. Strange isn’t it?
The new top guy at the CB is a crook alright and should be got rid of, but he did not start it. He just walked into an utterly corrupt system set up by Cabral and just carried on.
“It is quite understandable that honest, educated, decent, citizens did not want to lose their lives.”
Yes, that was then but now why not even a murmur about Cabral? Cabral is the main culprit who primed-up the CB for unprecedented corruption. It’s pointless going after only Mhendren – it’s like going after Narahenpita OIC insted of Gota or Namal! People who are honest, educated, decent, …… and whatever more you want to add …… should go after both Cabral and Mahendra. I guess, the point I am trying to make may be beyond you. Anyway if it eludes you, don’t bother. One of us will die of old age before that! :))
“Perhaps unknown to ordinary folks like us you were shouting from roof tops about the marauding Jarapaksas.”
Oh! boy, give me a break. Have I set myself as a crime fighting super hero? Like many here, I just comment to kill some time. One man, one vote. Just another solitary voice among 20 million.
” Look at your self in the mirror Mr Nimal. Do you see a hypocrite?”
Is that the best you can do? You can call me names and I can call you even worse. But let us let children play that game. :))
Have a nice day!
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Don Stanley / June 9, 2016
Enough is enough! Civil society activists and organizations should go on the street and protest outside the Central Bank.
JVP should organize this protest with civil society groups.
Mahendran must go!
He does not have the qualifications to head the Sri lanka central bank. Look at the qualifications of the Head of the Reserve Bank of India, Dr. Rajan (RBI) and then compare with the third rate Singapore bond scammer.
Arjuna Mahendran should be ARRESTED immediately and tried for criminal activity at the Central Bank if he has ordered erasure of Bond issue information;
Deleting information on Bond transactions is a criminal offense and Mahendran should be fired on the spot for violating transparency and accountability protocols at the Central bank. Mahendran wants to cover up the money laundering trail of fraud with Perpetual Treasuries which operates and sponsors Business seminars for Sri Lanka in Singapore, where the fraudulent Bond issue of the Central Bank funds were deposited by HSBC and other banks.
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KA Sumanasekera / June 9, 2016
The Prez brought a NC Motion against the Singaporean soon after he fixed the Inaugural Yahapalana Bonds to the tune of LKR 10 Billion, at 2.65 % more than the going rate.
One single vote from the Singaporean’s mate Batalanada Ranil, sent it to the dust bin.
What hope this Labor Minister has?.
Who is the Labor Minister anyway?..
Instead, our EPF members should organize a little procession in front of Batalanada PM’s Office to demand that their investment records are not deleted by the Singaporean’s enthusiastic staff working O/T, to erase all the Yahapalana Bonds from the Central Bank Computer. .
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BBS Rep / June 9, 2016
Good on you Chandra.
But you will not win. Nagananda Kodituwakku has not won even once though each time he was right.
The Bond Scam fraud is already committed. The vast money made has most probably gone underground.
Sri Lanka is and will always be a country governed by the corrupt for the enrichment of a few over the majority.
Yours is a lost cause.
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DPJ / June 9, 2016
Well said Nimal Fdo. Yes what was Chandra Jayaratne [CJ] etal doing & where were they when Cabral and MARA were rampaging in the Central Bank [CB] with Greek Bonds, Commonwealth games, retention of PR firms in New York, going hammer & tongs with the appointment of MARA loyalists to CB staff etc. How come CJ was silent when Mihin Air, Sri Lankan Airlines, The Finance and Seylan Bank were being pumped with EPF funds in billions. Hypocrite. CJ you must also look into the affairs of Muiseous College, where you are the big boss of the Board where your Bd members are asking for 2 to 5 laks, to admit children. And Don Stanley, I suggest that before Mahendran is arrested MARA and Cabraal tohether with Namal Rajapaksa, Aluthgamage, Rani Jayamaha and Dheerasinghe should be arrested in connection with Greek Bond scandal etc.
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janz / June 9, 2016
Mr Chandra it is so sad to see that you are acting in a dubious manner.When the previous government robbed the hard earned savings of the public by taking the money as investments from captive sources such as EPF ,SLIC and state banks to cover the government debt requirements , you were silent .You never spoke when the bonds were sold through private placements.why did you do that ?
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Mudson Silva. / June 9, 2016
[Edited out]
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Jayampathy Ranaweera / June 10, 2016
How can the ILLEGAL GOVT TAKE ACTION AGAINST THE BOND SCAM HORA WHEN THE PM SUPPORTS HIM TO LOOT MORE & MOPRE SRI LANKAN PEOPLES’ HARD EARNED MONEY????
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N .Wimaladasa / June 12, 2016
MR Chanadaa Jayaratahana is person with common senses of economic and politics of National interest of all Sri Lankan.
I admire his writing are useful to the commoner that current uncertainties of nation instability run and created by UNP regime policies of New Liberal political-economy.
We are in the bad status of overall system has been undermined by UNP regime led by Ranil W… MS and CBK!18 Months.
2015 January 9th MS has came to power by promised that he will redressed whole political, economic and social ills by 100 days.
That has been evaporated to air by unknown corruptions of CB Bonds inside trading led by Governor Arjuna Mahandaran has been appear that the back by the political team work of the UNP leadership.
In fact Chandara.J… has revealed this crook of issues of that Bonds by CB Governor. We need read more details of Chandra essays to learn important facts behind Bond related issues.
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Pucci / June 12, 2016
CJ.
Tired of seeing your sour tired face & accusations.
The Governor is above board.
You didn’t utter a word, for 10 years because Neil Umagiliya, your bil was on the monetary board.
I can’t fathom, how he ever got to that post.
He let Cabraal do whatever was needed to loot the Country with his cohorts the likes of Anura Fernando & Dinal Wijeymane.
So shut that garbage trap of yours.
All their dirty laundry will be out soon.
Then u too will disappear from the media & probably the universe.
GROBR
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Plato. / June 12, 2016
What was Chandra Jayaratne doing until Jan:08th 2015?
Hiding under the bed eh?
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