University Grants Commission (UGC) stresses that there is no transaction whatsoever directly or indirectly with the Perpetual Treasuries Limited (PTL).
Vice Chairman of the University Grants Commission Prof. P.S.M. Gunaratne in a statement said the media reports published in this regard is baseless.
The Centre for Human Rights and Research Sri Lanka recently charged that the University Grants Commission has incurred a loss of 141 million rupees as a result of investing one billion rupees belonging to the UGC Provident Fund in Perpetual Treasuries.
UGC Vice Chairman explained that according to the existing regulations, university provident fund monies invested only in Treasury Bonds, state-owned banks and other financial institutions affiliated with the government.
These investments are made after calling for competitive rates in the market and evaluating the rates, with the approval of the investment committee for highest interest rates, the UGC Vice Chairman said.
The UGC Vice Chairman stressed that these investments have not affected the recent drop in interest on the UGC Provident Fund monies.