Eleven trade unions filed a fundamental rights violation petition before the Supreme Court challenging improper investments made by the Employees’ Provident Fund (EPF) in loss-making companies listed in the Colombo Stock Exchange. They are seeking the SC to Direct the Attorney General to carry out a full investigation into the alleged fraud and market manipulation.
The petitioners are the Jathika Sevaka Sangamaya;Free Trade Zone and General Services Employees’ Union; Ceylon Bank Employees’ Union; Inter Company Employees’ Union; Lanka Jathika Estate Workers’ Union; Commercial and Industrial Workers Union; Federation of Media Employees’ Union; Independent Port Employees’ Union; Insurance Employees’ Union; United General Employees’ Union and Ceylon Estate Staffs’ Union. They cited the Monetary Board, its Chairman and Central Bank Governor Ajit Nivard Cabraal, Treasury Secretary P.B. Jayasundara, Monetary Board Members Nimal Welgama, M. Ramanathan and Neil Ajantha Umagiliya; the Labour Chief Pearl Weerasinghe, the Securities and Exchange Commission and the Attorney General as respondents.
