Legal Tips

The Employees Trust Fund has sought Auditor Generals advice to dispose part of its loss making equity portfolio.
ETF has fully provided for the Rs. 600 mn odd portfolio, which largely consists of investments in quoted/unquoted firms made in the early 1990s.rn

rnThe Rs. 45 bn Fund, which made over a Rs. 4 bn profit last year, is hunting for quality investments to increase its income.rn

rnETF Chairman Dinesh Weerakkody says around 88 percent of members monies are invested in government securities. rn

rnA mere three percent is invested in the stockmarket, though the Fund has permission to go up to five percent.rn

rnFor 2003, the Fund gave a 11 percent dividend to its members, one percent up on its 10 percent target for 2003.rn

rnWith falling interest rates, the Fund projects a dividend of 9.5 percent for 2004.rn

rnldblquote The ETFs 11 percent dividend is mostly based on the 150 percent capital gains for 2003,
dblquote Weerakkody told journalists on Tuesday.rn

rnDuring 2003 the fund cleane