Mahapola Fund in State Banks and Central Bank Bonds
View(s):Cabinet, this week, approved a proposal by Higher Education & Cultural Affairs Minister Dr Wijeyadasa Rajapakshe, for the Government to invest all the funds owned by the Mahapola Higher Education Scholarship Trust Fund (MHESTF), in State Banks and Central Bank Bonds.
Cabinet also gave the go ahead to liquidate the functions of the National Wealth Corporation Ltd., and the National Wealth Securities Co., both fully owned by MHESTF, to formalise the investments. Addressing Wednesday’s Cabinet media briefing, Co-Cabinet Spokesman Minister Gayantha Karunathilake said the aforesaid move was because the activities of the 2 Companies had been disadvantageous to the Mahapola Fund.
Meanwhile, Cabinet also approved a separate proposal presented by Minister Rajapakshe to amend the name of the Mahapola Higher Education Scholarship Trust Fund Act No.66 of 1981 as Lalith Athulathmudali Mahapola Higher Education Scholarship Trust Fund Act No.66 of 1981.