21 July, 2019

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RTI Commission Orders Central Bank To Release Details Of EPF Investments

In an Order seen by Sri Lanka’s financial analysts as having far reaching impact on accountable investments of EPF funds, the Right to Information Commission yesterday (27thNovember) directed the Central Bank of Sri Lanka (CBSL) to release details of all govt. securities market transactions of the EPF in 2015 and 2016.

Details ordered to be released related to secondary transactions of the EPF including date of purchase, date of bill/ bond issue (if different from the date of purchase), ISIN number of the bill/bond, coupon rate of the bill/bond, yield to maturity (net of taxes) of the bill/bond, face value of the bill/bond and purchase cost of the bill/bond.  

The twenty-one page appeal Order obtained by Colombo Telegraph was handed down by Commission Chair/Commissioners Mahinda Gammampila, Kishali Pinto-Jayawardena, Selvy Thiruchandran and Somapala Punchihewa observes that the public interest in the matter was high, given that the competitive advantage of the EPF must be weighed with the requirement of maintaining transparency and accountability which is also in the interests of the EPF and its members. 

It was also pointed out that the CBSL was investing the monies of 17.3 million EPF members collectively i.e. public money, who are mandated by law to contribute to this retirement fund and who do not have the choice of investing their money in other places.  

in response to an appeal filed by Verite Research following several appeal hearings before the Commission. Its executive head Dr Nishan de Mel released a message on the social media network Twitter yesterday hailing the decision and pointing out that RTI is the first step in stopping grand corruption. 

In a detailed decision, the Commission has dismissed the initial objection raised by CBSL in refusing the information as an unwarranted invasion of privacy. Dismissing two other objections taken before the Commission by CBSL’s senior management based on commercial confidence and the fact that the release may impact on ongoing criminal investigations in relation to alleged frauds, the Commission determined that apart from a query sent by the CBSL to the Attorney-General’s Department requesting the status of the investigation to which no response had been received at the close of submissions, the PA had been unable to demonstrate the prejudice that may conceivably be caused. 

It was concluded that the PA has failed to demonstrate how that information, in this instance completed transactions/ past data can be used with certainty by competitors to their advantage and to the disadvantage of the EPF. 

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Latest comments

  • 18
    0

    More Mara’s, Cabral’s and cabals’ more skeletons would come to the open by this. The crimes those who did the pump and dumb in the market using the public fund of EPF would be exposed and should be ready to face the consequences.

    • 1
      0

      RTI, Congratulations pl. keep up your excellent work.
      Also pl. order the Central Bank to release the information regarding Sri Lanka’s sovereign debt from 2006-2018 which is held by Capital Market bond traders at very high interest rates?
      We need info. re. the dates of issue and the rate of interest of Lankan sovereign bonds so that we may identify and hold accountable the corrupt and crooked Finance Ministers and Central Bank governors who are responsible for Lanka’s post-war, debt trap and falling currency, that has put Lanka in the Washington Consensus IMF-WB -ADB and Paris Club Middle Income Country Debt trap and bailout business.
      In other words, this information will tell us who is responsible for Sri Lanka’s debt trap and lost Economic Sovereignty?

      55% of Lanka’s

  • 14
    0

    Great going RTI Commission! Here’s a well deserved bow!

  • 15
    0

    The Lankan Games have begun. Who is the biggest thief???? Who lied most???? Who looted most???? Who murdered most???Who raped most???Who is less criminal???? The whole purpose of this is for the public to pick the next worse criminal to lead the country. For people who are always quoting other countries for our shit, FYI, these criminals are put in prison( or kicked out) and not in election ballot. Here are some examples for you. Bangladesh, Sherif in Pakistan, Jeya and Lalu in India, Nepal, Maldives, Now in Malaysia about bank fraud,Singapore, South Korea, Japan, Silva in Brazil, Argentina,US, UK,Australia,Europe,Peru —-etc—-etc.Recently Nissan CEO was kicked out, Only in country like no other called Lanka the retards paradise they are put in electoral ballots. Good Luck Morons.

  • 7
    0

    Looks like the purpose of RTI is for political vendetta.Other than political mud slinging , I have not seen any thing purposeful out of RTI yet. In India Jeya, Lallu, so many civil servants, higher authority are already behind bars because of RTI, There are active civil movements and activist who act upon this information, which was not available to the public in past. At times it is misused by politicians but the courts are still vibrant. Even big corporate, government agencies, judiciary , civil servants are now under the scanner of RTI . And the concern and fear has brought some sanity. Where as RTI in Lanka will be used to punish the poor man and enable the real crooks and politicians to use it for vendetta and mileage.

    • 2
      0

      Punish the ‘poor man’? What rot people write. In this paradise isle, only RTI has benefited the poor man in ways that are not even known to many as they are not interested.

  • 8
    3

    So we will all know the truth about Ranil and his UNP !

    • 1
      0

      Very “fortunate” that the 10 years pre 2015 have not been investigated, no?

  • 6
    0

    ETI should also order Central Bank to release the names of the Sri Lanka’s sovereign bond holders from 2006-2018.
    The LK rupee is crashing due to the Debt Trap caused by sovereign bond sales, and 55% of Lanka’s sovereign debt is held by Capital market bond traders. 25% by Japan and ADB these are concessionary loans.
    London Club and Paris club members have colluded with corrupt Sri Lankan politicians, particularly Bondscam Ranil, are responsible for crashing economy and a sort of IMF-backed ‘economic war’ against people of Lanka today. This is the neoliberal project that has played and preyed on Argentina, Greece, Venezuvela, Haiti, Puerto Rico. Lanka is being targetted because of Cold War against China in Indian Ocean.

  • 9
    0

    Pity that they only asked for 2015 and 2016 data. the rot started a decade earlier

  • 4
    0

    Well done, RTI commission, keep up our great work!

  • 3
    1

    This is the sort of yahapalanaya the country needs.

    In 2015, it was all a CIA orchestrated campaign of mud slinging against an administration that defied the international mafia orders of Miliband and Kouchner. The inability of the (former) yahapalanaya to get a single charge of corruption (or murder) against the key members of the administration or their family members proved the dishonesty of Ranil’s campaign to piggyback on President Sirisena in to power.

    Alas, look what happened.! His honesty cloak is shred to pieces by theft of the Central Bank, and he is lying at Temple Trees, fatally rejected by the country and his own party he manipulated for so long to keep under his rule. The people don’t pay any attention to his sacking, and are relieved.

    The man has to go. Can’t wait till December 7.

    • 3
      0

      Hey Ajit, to his credit, it was Ranil who let the natural process of RTI unfold! Our poor Sira would not know what RTI means if anyone asked him except to yap some nonsense,

      So give the devil his due. For all his faults, the problems with Ranil is within the democratic circle not like thugs and murderers like Mara who appear to be your chosen favourite..

      You are waiting till December…why? Do you think that Ranil will be kicked out by SC?

      Oh dear, such hopes!

    • 0
      0

      You must be one of the Actor Randeniya (nee Perera) family from Kurunegala side, aren’t you? Ravindra Randeniya (Perera) was a big mouth piece for the ‘Jarapassa’ family in the past if I am not mistaken. Get a life man.

  • 1
    0

    Thanks RTI

    Why only 2015 and 2016 why not previous years as well.

    Verite Research should pursue information regarding previous years as well and RTI facilitate and what about follow up?

    Chase should continue relentlessly until all corrupt deals are exposed,money recovered and the criminals punished..

    • 1
      0

      Good luck. The rogues and pump and dump agents of the previous govt. that managed looted money have now returned to power and been appointed to top posts with the blessings of Sira So nothing will happen.

    • 2
      0

      @Sri-Krish, I think the good Commissioners can only go by what is asked. And yes, it is puzzling that the previous years were not asked for by the charming Doctor de Mel.

      Why not?

      ‘Million dollar’ question?

  • 4
    2

    This is kid stuff and a big joke. Mahinda scraped all the epf funds during his term to spend on election campaigns. The paradise isle has gone to dogs. The Mustacho dictator has started his loot. The poor citizens of the country deserve Rs 5000 a month from the Mara-Sira loot.

  • 0
    0

    Or is it the ‘grand design forethinking’ for an CB SL Governor sack?

  • 1
    0

    Sri Lankans have long been obsessed with safe pensionable jobs, or failing that a Provident Fund. For many workers this represented the socialism that we thought was the only decent way in which countries should be run.
    .
    So this proof that the Rjapaksas cared naught for the workers and peasants will be critically damaging to their image.
    .
    I also hope that readers will listen to a 45 minute speech in easy-to-follow Sinhalese by a very senior SLFP figure, Kumara Welgama.
    .
    I knew nothing of Welgama; what impresses me here is the fact that he doesn’t seem to stand in awe of the Rajapaksas. His is an appeal for ridding ourselves of hypocrisy and facing up to the realities of life. Much of what he says will certainly resonate with people in the South. He doesn’t have much to say about the minorities, but that seems to be the way to win Sinhalese support. That speech is certainly worth discussing. Perhaps I should provide the link right here:
    .
    https://www.youtube.com/watch?v=NojjuYFcJwo
    .
    I was looking for the entire speech, but found only those twenty minutes. Encased there probably are the most important section of this speech.

  • 0
    0

    Pro Pseudo Republica can you list some of the benefits to the poor man from RTI in Lanka . Oh Forgot , sorry Dude, two of MS guys were found to receive bribe only to be pardon soon.

  • 0
    0

    Republica by poor man you mean members of the committee who have benefited from RTI. The optimal way to to establish is keep it independent from politics and government, It is a people court. The commission should be of independent by appointing reputable individuals with no leaning who are appointed by the public, headed or over seen by a retired judge selected by the public, and the complaints are heard in independent special courts formed for this purpose with assistance from retired judges, lawyers and others.The whole purpose of this to overcome the judicial maladies ( Sarath, Mohan, Eva the girl friend, Shirani, GLP, government appointed proxies in courts, bribe, favors)which has been the norm in Pseudo Republica.

  • 0
    0

    Need not release; people already know the main culprits.

    Prosecute them, grab them from their collars & put behind bars.

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