SC dismisses EPF case

Jayantha de Silva

The Supreme Court yesterday dismissed the petition filed by eleven petitioners in respect of investments made using the Employees' Provident Fund (EPF).

The Bench constituted Chief Justice Mohan Peiris, Justice Sri Pavan and Justice P.A. Ratnayake. Dismissing the petition, the Bench declared that it was prudent that EPF members be kept informed broadly of the principles with which investments are being made.

Among the eleven petitioners were the Free Trade Zone Employees' Union, Insurance Employees' Union, Media Employees' Union and an estate union. Among the nine respondents cited were the Monetary Board Chairman Nivard Cabraal, Treasury Secretary P.B. Jayasundera, Labour Commissioner Pearl Weerasinghe, MP Nimal Welgama, Neil Umagiliya and the Attorney General. The petitioners stated that they came to know through the media that EPF funds are invested in blue chip corporates and in secondary stock exchange markets.

The petitioners inter alia alleged that there was no transparency in respect of such investments. As a result, they claimed an irreplaceable loss to EPF members.

Furthermore they stated that members of the EPF have a right to know the investment structure and the policies of the EPF Fund.

Attorney-at-Law J.C. Weliamuna appearing for the petitioners claimed that investments lacks transparency.

Deputy Solicitor General Sanjeya Rajaratnam appearing for the Attorney General's Department refuted the allegations.