AG already filed action on UPF: PM

The Attorney General had already filed legal action to recover the additional revenue of Rs 140 million earned by Perpetual Treasuries by selling bonds to University Provident Fund (UPF), Prime Minister Ranil Wickremesinghe told Parliament yesterday.

Mr Wickremesinghe said this in response to a query by JVP MP
Nalinda Jayatissa in the House last afternoon.

The Premier said the Government had already frozen Rs 11 billion held by Perpetual Treasuries. This amount, he said belonged to the Central Bank.

The Prime Minister said that the revenue earned by the University Provident Fund in 2014 was Rs 695,364,000.

“It earned Rs 1.059 million in 2015, Rs. 1,404,336 million in 2016, Rs 1,404,336 million in 2017 and Rs 741,174,000 as of June 30 2018,” he said.

He said the interest rate which UPF had earned from bonds had ranged from 10 per cent to 14 per cent.

The Prime Minister said that the yield for bonds have declined in 2017, while yield in 2012 to 2014 had been high as interest rates were greater during this period.

Mr Wickremesinghe said the total value of UPF as of January 1, 2018, had been Rs 38 billion.

He said there were 39,822 UPF account holders out of which 22,718 were active accounts, while 17,104 accounts are inactive. (Yohan Perera and Ajith Siriwardana)


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