Petition against waiving off EPF and ETF loans during DDO process dismissed
August 9, 2023 03:04 pm
The Supreme Court today (09 August) dismissed a Fundamental Rights (FR) petition filed seeking an order preventing the government from waiving off loans obtained from the EPF and ETF funds during the domestic debt restructuring process.
The relevant petition was filed by Attorney-at-Law Sunil Watagala on behalf of the Inter-Company Employees’ Union, its President Wasantha Samarasinghe and six others, seeking an order preventing the government from waiving off the loans obtained from the EPF and ETF during the Domestic Debt Optimization process.
The petitioners who claim that 93% of the money deposited in the EPF and 86% of the money deposited in the ETF have been invested in government treasury bills and central bank bonds, also allege that the working community of around 20 million are being unfairly treated by the government waiving off the loans obtained from their EPFs and ETFs.
Therefore, the petitioning party requested the Supreme Court to rule that the basic human rights of the working people would be violated if the loans obtained from the relevant funds were curtailed in the local debt restructuring activities and to issue an interim order to prevent the action.
