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Tuesday, April 23, 2024

9 years since Bond Scam which incured LKR 20 B loss for ETF

The 27th of February marks nine years since the infamous bond scam of 2015. This initiated a forensic audit, conducted in 2019, on irregular transactions of the EPF, Sri Lanka’s largest superannuation fund.

The forensic audit reports reveal significant losses, with nearly Rs. 10 billion (Rs. 9,826 million) lost in bond market transactions from 2002 to 2015. The report also outlines losses in the share market, with a total loss of Rs. 9,470 million in listed equity and Rs. 389 million in unlisted equity from 1998 to 2017. These losses, stemming from both the bond market and the share market, amount to nearly Rs. 20 billion!



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