CB to start disciplinary action on EPF investments in securities

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Mar 28, 2017 (LBO) – The Monetary Board of the Central Bank has decided to commence disciplinary proceedings against any officials of the central bank where there is evidence of wrongdoing with regard to EPF transactions in government securities.

Issuing a statement, the Central Bank said certain media reports carried erroneous facts on the proceedings of the Monetary Board meeting held recently.

“The Board had a discussion on the Report on the Examination of the EPF Transactions in Government Securities with a view to decide the suitable course of action to be followed in respect of the findings.”

“The Board decided to commence disciplinary proceedings in terms of the internal procedures of the Central Bank against any officials of the Bank where there is evidence of wrongdoing.”

Related: Central Bank says internal & external probe on 2015/16 EPF operations