Central Bank says EPF accounts for 2011-2012 already released to the public
View(s):The Central Bank (CB) on Wednesday strongly denied claims by the opposition that the authorities have failed to provide details of accounts of the Employees Provident Fund (EPF) to the public for 2011.
“On several occasions the EPF has informed the public that its financial statements and key performance indicators for 2011 and 2012 have already been published in many newspapers on 10 May 2012 and 28 June 2013, respectively, in three languages,” the CB said in a statement on Wednesday in response to claims by opposition legislator Harsha de Silva that these accounts have not been submitted to parliament.
Referring to certain Members of Parliament repeatedly making allegations that the EPF financial statements have not been forthcoming, possibly with the intention of discrediting the EPF and realising their own political ends, the CB listed the following:
1. The financial statements for 2011 have been published in the newspapers on 10th May, 2012. Further, the financial statements were submitted to the Auditor General within the time frame as provided in the law, and now the audited financial statements of the EPF for 2011 along with the Annual Report have been submitted to the Cabinet by the Minister of Labour and Labour Relations. Therefore, in terms of Section 6(4) of the Employees’ Provident Fund Act No. 15 of 1958, the audited financial statements are due to be presented to the Parliament shortly by the Minister of Labour and Labour Relations.
2. The financial statements for 2012 have also been published in the newspapers on 28th June 2013. Further, the financial statements are presently being audited by the Auditor General, and the EPF is ready to submit the Annual Report to the Minister of Labour and Labour Relations once the audit report is finalised.
3. The financial statements for 2013 have also been prepared and in fact have already been approved by the Monetary Board as required under Section 5(1)(i) of the Employees’ Provident Fund Act. These financial statements have now been submitted to the Minister of Finance and Planning and Hon. Minister of Labour and Labour Relations, as provided for in the EPF Act.
“In this background, the EPF wishes to reiterate that it has also taken all measures as provided in the Act re. the annual report publication, as well as taken all necessary steps to ensure the safety and stability of the Fund. Accordingly, the EPF wishes to advise its membership not to be misled by politically motivated statements made by certain politicians,” the statement said.
| EPF accounts for 2011 yet to be submitted, says MP Harsha
Sri Lanka’s Ministry of Labour has once again failed to submit the audited accounts of the Employees Provident Fund (EPF) for 2011 by the finally promised deadline of end of March 2014, Opposition legislator Harsha De Silva said in a statement on Monday., “With Parliament having ended its sittings for March it is now not possible to table the documents at least till April. Even though these accounts should have been presented in 2012 various excuses have been forwarded every so often for the last two years to avoid tabling the most important accountability documents of the Fund said to be the largest in the region. In addition the abruptly adjourned Committee on Public Accounts examination of its 2006 to 2009 accounts in February 2013 has not been re-summoned by its Chairman to date even after multiple reminders,” he said, adding that “this is arrogance at the least and a possible attempt to cover up massive white collar crime at the worst. Either way this is a national shame and an infringement of the ethical and moral rights of the millions of private sector workers”. He said over the years with the EPF beginning to invest enormous amounts in the Colombo Stock Exchange during the period of massive share price manipulation, several allegations of fraud have been registered against the EPF. However, nothing has happened in terms of investigations. At least one case filed by workers unions in the highest courts of the land with regard to certain identified transactions has been dismissed outright by a bench headed by the recently appointed Chief Justice. “The more than trillion rupees of EPF money doesn’t belong to the government. Nor does it belong to the Central Bank. The money belongs to the hard working employees of the private sector. It is the duty and responsibility of the various agencies of the government to submit to Parliament the audited accounts of its activity. A two year delay, particularly when multiple allegations of fraud have been levelled at its managers, is totally and absolutely unacceptable. It is indeed a national tragedy and trampling of the rights of people,” he asserted, saying the audited accounts of the EPF for 2011 and 2012 should be immediately tabled in Parliament and the audited accounts for 2013 be submitted at the earliest possibility. |