Central Bank safest place for EPF, ETF – Mahendran … but no objection to funds being moved elsewhere
Posted on November 11th, 2015
by Zacki Jabbar Courtesy Island
Insisting that the Central Bank was the safest place to keep Employees Provident and Trust Funds, Governor of the Bank Arjuna Mahendran said yesterday he had no objections to the monies being moved elsewhere.
He told The Island that according to the law both Funds came under the Labour Ministry and that was its logical place. “It was in the 1950s that the Labour Department handed over EPF monies to be managed by the Central Bank. If the government now wants to move the Funds to another body, there is no objection on our part.”
Asked whether the proposed Public Trust would come under the Labour or Finance Ministry, Mahendran said the possibility was the latter, but it would be better to wait until the budget was presented to get a clearer picture.
The Central Bank Governor emphasised that he did not agree with Deputy Foreign Minister Harsha de Silva, who told a news conference in Colombo on Monday that EPF and ETF funds would have more security if placed under a different body.
“I think the Central Bank is the most secure and safest place for both funds. Its members have also got good returns over the years in comparison to what most secure institutions could offer,” he noted, adding that Harsha de Silva was correct with regard to the conflict of interest that arose when the Central Bank not only managed EPF and ETF monies but also invested them in banks which came under its purview.
November 11th, 2015 at 4:53 pm
Has Arjun Mahendran been cleared of all wrong doing by the Parliamentary committee regarding the insider trading scam in the Central Bank. I do not think people have much confidence in him or RW when it comes to money in Central Bank till this matter is cleared in the public mind.
November 11th, 2015 at 5:44 pm
Central bank was the safest place to deposit EPF and ETF accounts before Mahendran became the governor. Now he is encouraging to keep these funds in Central bank so that he can vanish with them before the next elections. It is like giving valuables to a thief for safe keeping. This crook has no shame.
November 11th, 2015 at 6:23 pm
First the BOND FRAUD.
Now EPF and ETF monies also ROBBED.
Next will be the gold deposits of central bank. MARK MY WORD.
Shameless ILLEGAL IMMIGRANT.
November 12th, 2015 at 11:13 am
FOX INVITING THE HENS TO COME TO HIS DEN, THAT HE WILL LOOK AFTER THEM, AS IT IS THE SAFEST PLACE.
ARJUN DOODLE DOO.
TYPICAL ARZOLE.
November 13th, 2015 at 8:31 am
People of Lanka know the facts behind the C’Bank Bond Scam headed by Arjun Mahendran. Some 115 senior officers of the Cental Bank were transferred to protect Mahendran and enable him to stay on as the Governor of the C’Bank.
Now Mahendran wants the People of Lanka to ‘trust’ him further with the EPF & ETF money.
By the way, wasn’t it Shirani Bandaranayake’e husband, Kariyawasam, who is supposed to have pilfered the Tea workers’ EPF money ? MR govt had to chop down govt owned trees to sell timber to make good that loss !
Yahap is all about easy money for the favored few.