Unrealised profits from EPF’s share portfolio pass Rs.10 bln mark, Central Bank says
View(s):The net unrealised profits of the EPF share portfolio passed the Rs 10 billion mark on September 11, the Central Bank (CB) said on Friday, in another counter to growing criticism over its management of these funds.
In a media release, it said realised capital gains and dividends have amounted to Rs. 3.4 billion so far, this year. “This milestone was particularly significant since during the first half of 2014, there were allegations levelled at the EPF that its share portfolio had suffered large unrealised losses during the period spanning early 2012 to early 2014,” the regulator said.
“However, as always maintained by the EPF, such claims have now been proved baseless, with the unrealised losses turning into substantial unrealized gains in the second half of this year,” it said.
It said the audit of EPF’s Financial Statements for 2012, has been completed by the Auditor General and the Annual Report for 2012 has already been printed and submitted to the Ministry of Labour for tabling in Parliament in the near future. The EPF’s Financial Statements for 2013 are currently being audited by the Auditor General, and after finalisation of the audit, the Annual Report for 2013 is due to be tabled in Parliament by October 2014, the Bank said.