CIAA seeks details of EPF investments

The Commission for Investigation of Abuse of Authority has asked Employees Provident Fund to furnish details of all investments exceeding NRs 50 million in suspicion of irregularities.

We have asked for details of companies where the EPF has invested more than Rs 50 million, said Lalit Bahadur Limbu acting chief commissioner of the CIAA.

The commission sought details on such investments after it found a major irregularity in Silver Fibre Textile, Gaindakot, where the EPF had invested.

The investigation conducted by the commission for over a year revealed an irregularity worth Rs 210 million including the principal and the interest of the amount invested.

The proprietor of the textile Thakur Pratap Thapa paid his existing debt with Rs 100 million taken as loan from EPF instead of using it to run the company as told to the EPF, the investigation found.

CIAA has started investigations on other investments of the EPF in order to save public’s money from being misused, a CIAA source said.

According to a source, EPF has invested almost Rs 63 billion in credit from its total assets of about Rs 68 billion. nepalnews.com Apr 28 09