Sri Lanka Human Rights Commission moved on pension fund DDR

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By Editor_1

COLOMBO – A Sri Lanka citizen had petitioned the island’s Human Rights Commission against a planned restructuring of debt in pension funds, complaining that that other holders were excluded.

Although there were other bondholders like banks, primary dealers, insurance companies, investment companies, high net worth individuals, trustees and proxy holders of individuals would not be subject to the same scheme, the petitioner said.

“This has serious implications on my right to association and family, and it is inexplicable why the superannuation funds have been targeted by the State for the restructure to the exclusion of others,” the complaint said.

The complainant sought a recommendation that “singling out the beneficiaries of superannuation funds to the exclusion of other similarly place beneficiaries, is a violation of Article 12(1) and 12(2) of the Constitution.”

And that singling out a proportion of the population whilst disproportionately affecting their lifetime retirement savings in a violation of Article 14 (1)(c) and 12 (1) of the constitution.

The singling then out was an affront to the dignity of beneficiaries of superannuation funds and it is a violation of Article 11 of the constitution, the complaint said.

-economynext.com

Editor_1
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