EPF reiterates it has followed Investment Policy Guidelines

Thursday, 7 June 2012 01:24 - - {{hitsCtrl.values.hits}}

The Employees’ Provident Fund (EPF) in a statement yesterday reiterated that all internal guidelines in relation to the assessment, analysis and investment in the stock market have been diligently followed. This position has been publicly confirmed by the EPF on many previous occasions too, but regretfully, certain Members of Parliament of the Opposition, have chosen not to acknowledge such clarification, and have continued to allege that internal guidelines have been violated, as if no response has been received from the EPF.

In that context, the EPF wishes to once again firmly and categorically, state that its investments in the stock market have been made in accordance with internal guidelines and has had the approval of the Investment Committee and the ratification of the Monetary Board.

In this background, it is now clear that this repeated allegation that is being made by certain Members of Parliament of Opposition is without foundation.

Therefore, this unfounded allegation could be categorized as a part of a systematic attempt which is designed to provoke a disturbance to the stability of the financial system, since the EPF is a substantial element of the total financial system. Accordingly, the public is advised not to be misled by these unfounded and politically motivated allegations.