Friday September 22, 2017
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Sri Lanka's EPF to get property stock for bus SOE arrears

Aug 21, 2017 08:05 AM GMT+0530 | 2 Comment(s)

ECONOMYNEXT - State-run Sri Lanka Transport Board will transfer unutilised land to a property firm that will issue stock to the Employee Provident Fund in lieu of retirement contribution arrears.

The Department of Public Enterprises said a company called Provident Property Lanka Limited had been set up to take over EPF liabilities of 6.0 billion rupees, along with some unutilised land.

Ordinary or preference shares will be issued to the EPF in exchange for the liability, and the instruments will be redeemed after the land is sold.

The SLTB had owed 11.932 billion rupees in unpaid employee contributions to the EPF.

By end 2016, the liability had been reduced to 6,618 million rupees.

Meanwhile, taxpayers had forked out 6.5 billion rupees for a voluntary retirement scheme for 3,822 excess workers.

The state transport firm was built by expropriating private citizens and has been used as a 'job agency' by successive transport ministers to employ their supporters.

 


 

2 Comments

  1. EPF contributor August 21, 09:56 AM

    Bloody hell. Gov taking advantage of the captive source again. What does our custodian (CBSL) doing? You guys are bloody mad people.

  2. sacre blieu August 21, 08:29 AM

    Going by the trend of scams and frauds that is still happening , despite denials, this would also end up in the same direction. What with the PM appointing his own UNP commission of inquiry and his intention to sweep it under the carpet.
    Political interference is the main cause of the bankruptcy of the CTB, and even dishonest employees. The public are well aware of this and are in a state of disgust. Look at the present way the CTB operates , a bare faced looting and in partnership with the private bus associations.

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