Category: Daily Financial Times

Legal counsel for former National Food Buffer Stock Company (NAFCO) Chief Executive Officer, Hanan Abdul-Wahab, says his client prefers to stay in custody until the courts intervene, following what he describes as unlawful arrest and continued detention by state agencies.

In a statement issued on Wednesday, July 8, former Attorney-General, Godfred Yeboah Dame, said Abdul-Wahab has lost faith in the Attorney-General’s Office, Economic and Organised Crime Office (EOCO) and the Bureau of National Investigations (BNI), and would rather remain in detention until the judiciary upholds his fundamental rights.

‘If the Attorney-General, EOCO and BNI will not release our client in spite of the false charges against him, he has expressed the resolve to remain in custody until the courts, the only institution he places his faith in, upholds his fundamental human rights,’ Dame stated.

He described the arrest and detention as an abuse of power, and rejected a July 7 statement from the Attorney-General’s Office which he said sought to justify the arrest of Abdul-Wahab at the Accra International Airport on July 4.

According to Dame, the Attorney-General’s claim that it had filed an application to review the High Court order permitting Abdul-Wahab to travel was inaccurate.

He said checks at the court registry showed the application was only filed on July 8 at about 1:30 p.m.

The legal team also denied allegations that Abdul-Wahab attempted to withdraw money from a frozen account.

Mr. Dame said no valid court order freezing his client’s accounts existed at the time of the arrest, and challenged the Attorney-General to produce evidence such as a cheque, withdrawal slip or any document to prove otherwise.

‘Our client has not made any false or unlawful attempt to empty any frozen bank account,’ the statement said. ‘Neither EOCO nor the BNI has presented any evidence to support the allegation.’

Mr. Dame further argued that any previous orders freezing Abdul-Wahab’s accounts had lapsed after the Attorney-General withdrew earlier charges and filed new ones.

He also condemned new bail conditions set by EOCO – GHS5 million with two justified sureties – describing them as excessive and unreasonable. He noted that Abdul-Wahab was already on court bail and had been reporting to EOCO every two weeks.

According to Dame, the fresh conditions appear designed to keep his client in custody since he cannot meet them.

Arrest

Abdul-Wahab was arrested at the airport on July 4 despite a High Court order allowing him to travel to the United Kingdom for a medical appointment.

The Attorney-General maintains the arrest was connected to an alleged attempt to use false means to access funds in a bank account, an allegation his lawyer continues to reject.

The case has deepened tensions between Abdul-Wahab’s legal team and the Attorney-General’s Office, with both sides now headed for a court showdown over the legality of the arrest and detention.

Australia’s decision to ban social media for children under 16 has struck a chord with anxious parents around the world. The concerns behind it are real. Cyberbullying, addictive algorithms, online predators, unrealistic body images, and endless scrolling have left many children less healthy, less happy, and less connected than we hoped the digital age would make them.

Meanwhile, about 73% of teens in Australia are still reported to be on social media and the government is planning tougher measures against social media companies, according to a New York Times report. Why is it so hard to get children off social media.

Loss of physical social space

The uncomfortable answer to why children love social media so much is that society has steadily taken away the physical spaces where young people once formed friendships, experimented with independence, and simply spent time together. Parents worry about safety. Organised activities replace free play. Schools close their gates shortly after lessons end, and homes may feel like isolated prison cells for some children. Whatever the reason, for many adolescents, particularly in cities, social media has become a substitute public square.

Friendships are maintained through Snapchat, Instagram, TikTok, WhatsApp, or Signal because these are the only places where everyone can meet after school. Social media did not create the disappearance of children’s public spaces; it filled the vacuum left behind.

That does not mean today’s platforms are suitable environments for children. They clearly are not. Many have been deliberately designed to maximise attention, encourage compulsive engagement, and reward outrage rather than genuine relationships. Their business model is built around advertising and data collection, not child development.

The solution is not to expel children from their social space but to rebuild the physical space that children have lost.

Schools as safe social spaces for children

Imagine if every public school became a genuine community hub from dawn until dusk. School playgrounds, sports fields, libraries, music rooms, art spaces, and halls could remain open after classes, supervised by community volunteers or youth workers, and supervised by a teacher or two. Children would once again have safe places to meet, play sport, study, rehearse music, build robots, read books, or simply spend time together.

The all-day school concept in some form already exists in elite schools where children have many after-school activities from which to choose. However, In Colombo for example, a school in a poorer part of town would be deserted after school hours, children having returned home often to constricted spaces without much to stimulate them.

Repurposing schools as community spaces would be one of the most cost-effective investments governments could make in children’s wellbeing.

Will more physical social spaces counter peer pressure?

The biggest reason why Australian children continue with social media despite ban is peer pressure researchers have found. The compliers are seen as less popular students. Whether peer pressure to not-comply reduces or increases with a better physical social space, we don’t know. But at least children won’t face pressure in isolation at home, and they will have more options to socialise in real space.

Media and Information literacy training for all is essential

A recent research study by LIRNEasia found that Media and Information literacy to be effective in helping children manage misinformation in any media. Don’t always trust what media tells you, share your doubts openly with somebody you trust, stay curious and explore together are some of the messages they delivered in their training for a sample of students. The study revealed that MIL training was indeed effective. LIRNEasia recommends 1. Integrating MIL into formal education curricula 2. Reinforcing learning through follow-up sessions and 3. Developing targeted MIL content for other parents or caregivers.

Adults should question their own addiction to social media

Training for parents and caregivers should make them question their own social media use.

Much of the discussion assumes that children’s digital habits are a uniquely youth problem. They are not. Children learn from what they see. If parents spend evenings scrolling through phones, watching streaming services, or constantly checking notifications, children receive a powerful lesson about what normal life looks like.

Perhaps the most effective screen-time policy begins not with children but with adults. Parents too should limit their social media activity during family time, and family time may be considered as time from 6pm-10 pm on school days with schools or other community spaces serving as social spaces for children until then.

The debate should therefore move beyond the false choice between unrestricted social media and outright prohibition.

The real challenge is rebuilding the social ecology of family and childhood. We need spaces where children can socialise safely while parents also get time to be themselves, and then parents and children can have quality family time together, in the evenings on school days, for example. (Some parents may feel different, and they should be free to spend as much time as they want with their children.)

A future free of crime is the aspiration of every civilised society. Tax crimes are one category of criminal offences that exist within society. They undermine both developed and developing countries alike by weakening tax collection systems, destabilising a country’s financial system, and eroding public confidence in the broader financial sector. Tax crimes are also closely linked to other financial crimes, including money laundering, the acquisition of illicit assets, drug-related offences, concealed and high-risk investments, and the accumulation of real estate through unlawful means.

A crime is an act committed against society as a whole. A criminal offence constitutes an unlawful act or omission committed against society. In most countries, two essential elements must be established to prove a criminal offence: the physical element and the mental element. The physical element of a crime is known as actus reus, while the mental element is known as mens rea. To establish the physical element, it is necessary to prove the relevant act, omission, or surrounding facts. To establish the mental element, it is necessary to prove the accused’s knowledge, intention, recklessness, negligence, or carelessness. Accordingly, in prosecuting a tax crime, it is essential to establish both of these elements. Furthermore, every criminal offence must be proved fairly and beyond reasonable doubt..

The impact of tax crimes on society could be shown as above

Tax avoidance and tax evasion

Nobel prize winner economist Gary Becker first introduced theory of economic crime in 1968. It is apparent that tax avoidance and tax evasion occur in every country in the world. It is clear that this concept and practice should be based on legal considerations, When determining tax crimes the evasion is an activity commonly associated with the underground economy.

Tax Avoidance is the use of existing rules and regulations by taxpayers or organisations to evade paying taxes by taking advantage of unfair privileges. In this, loopholes, interpretations or other practices in the rules and regulations help in avoiding paying taxes. In this process bending of rules take in into action while breaking of the law is ineffective. Tax evasion is also caused due to complexities of the tax system, loopholes in the legislation, weaknesses in the tax administration process, misunderstanding of the legal system and other factors. Although they are not special concessions provided by the income tax law, taxpayers make use of them.

Tax evasion is considered an illegal method used to avoid or evade taxes payable to the Government. This is a prohibited and unlawful process. This could be pointed out as voluntary intentional violation of a known legal duty, use and presentation of false and misleading financial statements, making attempts to understate profits or the amount of tax payable, pretending tax liabilities by making false expense deductions, evading taxes by interpreting rules and regulations as different from existing rules and regulations, using trade miss-invoices as import and export processes, operating bank accounts in foreign countries without adhering to proper legal procedures, acquiring foreign property while concealing facts, and artificial understating of profits by giving profits or funds of business institutions to charity organisations , trusts or non-governmental organisations. Thus, tax fraud has been declared a criminal offense in many countries of the world not only because it gives the custody of the public finance system only to the Government, but also because it leads to the destruction of the country’s financial system.

Overall tax gap

Overall tax gap consists of two components. They are policy gap and administrative gap. Theoretically, both of these components lead to tax evasion it could be illustrated as follows.

Tax gap

The tax gap is the difference between the taxes that would be paid if all obligations were fully met in all instances, all taxes that are actually paid and collected. Sometimes it could be seen that the tax gap is the result of both intentional and unintentional actions. Tax non-compliance could be due to: Deliberate choices (such as hiding income or over-claiming deductions/credits, mistakes, ignorance of filling, reporting, and payment obligations Inability to comply etc).

Theoretical background of tax gap

Many countries in the world measure and analyse gap of an economy using various methods. Analysing of tax gap is a vital factor in forecasting revenue and also understanding the real problems of revenue Gap. Although these two approaches pave the way to analyse it, we must be able to deeply identify gap analysis of policy and compliance.

Top-down approach

Top-down approach reflects macro level data to identify nation’s economic activities. We usually need to aggregate national accounts data for this purpose. By using data we can estimate the tax base. This tax base could be used to calculate a theoretical value of tax that should be paid and collected by applying an effective tax rate. Then it is subtracted from the theoretical value.

We use indirect domestic taxes for this method.

Top-down methodology

Bottom-up approach

We use methods of direct taxes to evaluate and analyse bottom-up approach. In general, non-compliance is measured using a statistically representative sample of taxpayers that have been audited, which is then extrapolated to the entire taxpayer population to produce a tax gap estimate. This estimate of non-compliance is often based on data obtained from audits or surveys.

Bottom-up methodology

Ten global principles for fighting tax crimes

The OECD has introduced comprehensive guideline to fighting tax crime. This guidelines leads to format an acceptable framework for tax criminal investigation worldwide. by adopting these principles, any country can get much benefits in revenge administration.

1. Ensuring tax offenses are criminalised-there should be a legal framework in order to violation tax law as a criminal offence

2. Devising an effective strategy for addressing tax crimes-each jurisdiction should have a strategical framework in combatting tax evasion

3. Having adequate investigative powers-within the tax agency directly or powers available indirectly (across other law enforcement organisation)

4. Having effective powers to freeze, seize and confiscate assets-these methods help to disrupt criminal activities

5. Having a clear organisational structure with defined responsibilities-need a clear vision with accountability and transparency

6. Having adequate resources for tax crime investigation- for these, it is needed human resource, including training, infrastructure facilities etc

7. Making tax crimes a predicate offence for money laundering-predicted offence are crime that produce funds or assists which then may be laundered to obstruct illegal sources

8. Having an effective framework for domestic inter-agency co-operation-agencies can support each other in handling revenue protest mechanism

9. ensuring international co-operation mechanisms are available -there should be legal agreements and a good framework in inter agencies data sharing model

10. Protecting suspects right (ensure procedural fairness and rights are observed e.g. presumption of innocence).

(Source: OCED (2017), Fighting Tax Crime: The Ten Global Principles, OECD Publishing, Paris)

Tax evasion – A global problem

Whilst tax avoidance is legal tax evasion is not like other frauds it is difficult to evaluate how much tax evasion takes place. One measure is the ‘tax gap’ being the difference between the amount of income that should be reported to the tax authorities and the amount that actually is reported. Murphy (2011) calculated that the tax gap in 145 countries (covering 98% of the global GDP) amounted to 18% of global GDP (i.e. $ 1 in every $ 6 is not subject to taxation) and total amount of tax evaded was $ 3.1 trillion. The top ten countries by value of tax evaded are shown below and in each of those countries the value of tax evaded exceeded $ 100 billion.

Tax evasion – legal aspects

Tax evasion and willful element – From history

Tax evasions may take place in various forms depending on the nature of the economic activities of the taxpayers. Hence, every taxing statue introduces separate provisions to define tax evasions. Sri Lankan tax authorities also included certain definitions in relation to evasion when they introduced Income Tax for the first time with effect from 1 April 1932 by the Income Tax Ordinance No 2 of 1932. (Section 87(1)).

Tax criminal proceeding in Sri Lanka

Section from 186 to 193 in chapter xviii of the Inland Revenue Act No. 24 of 2017, it is clearly mentioned that the criminal proceeding for Tax crime. Act No. 10 of 2006 also stated some part of criminal Investigation on Tax crime. The Tax evasion and other proceedings are specifically stated in it. But in 2017 Act clearly identify major issues of Tax evasion and interpret it and some activities against criminal charges also.

The following sections denote the fines on conviction on guilty of an offence on Tax Evasion

Tax evasion – Sec. 189

A person who willfully evades or attempts to evade the assessment, payment or collection of tax or who willfully and fraudulently claims a refund of tax to which the person is not entitled, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding ten million rupees or to imprisonment for a term not exceeding two years or to both such fine and imprisonment.

Impeding Tax Administration – Sec. 190

(1) A person who willfully impedes or attempts to impede the Department in the administration of this Act shall be guilty of an offence and shall be liable on conviction to a fine not exceeding one million rupees or to imprisonment for a term not exceeding one year or to both such fine and imprisonment.

(2) For the purposes of this section, a person impedes the administration of this Act if the person;

(a) fails to comply with lawful request by the official to examine documents, records, or data within the control of the person.

(b) fails to comply with a lawful request by a tax official to have the person appear before officials of the Department.

(c) interferes with the lawful right of a tax officials to enter into premises;

(d) fails to file a return.

(e) uses a false taxpayer identification member or a taxpayer identification number that does not apply to the person.

(f) refuses to allow the Commissioner General or authorised officer to inspect or measure land or refuses to deliver for inspection any map, plan, title deed, instrument of title or other document.

(g) makes a statement to a tax official that is false or misleading in a material particular.

(h) fails to comply with a notice issued under section 170.

(i) fails to maintain required records or

(j) Otherwise impedes the determination, assessment or collection of tax.

Failure to preserve secrecy- Sec.191

A person who contravenes subsection (2) or (3) of section 100 shall be guilty of an offence and shall be liable on conviction to a fine not exceeding one million rupees or imprisonment for a term not exceeding one year or to both such fine and imprisonment.

Amendment Act No. 10 of 2021 introduced the following new section as Sec. 190A

Any person who fraudulently;

(a) prepares, any document or information,

or

(b) certifies a document

to be furnished to the commissioner- General, commits an offence under this Act, and on conviction after summary trial before a Magistrate, be liable to a fine not exceeding one million rupees or imprisonment of either description for a term not exceeding six months.

Conclusion

Tax crime and tax evasion are global problems. Many activities around the world depend on economic growth and progress. Therefore, combating tax evasion at an early stage is a collective responsibility and an essential obligation for the benefit of future generations. Strengthening legal mechanisms, enhancing information sharing, improving coordination among Government institutions, and developing dedicated human resources are all essential to addressing this challenge effectively for the benefit of the country.

The Government is considering the establishment of a modern silicon-based industrial park, dubbed ‘Silicone City,’ in Nattandiya by utilising silica sand deposits located on National Livestock Development Board land in the Mahawewa Horakelle Wattha area.

Namibian referee Antsino Ndemugwanitha Twanyanyukwa has been appointed to officiate Ghana’s decisive FIFA U-17 Women’s World Cup qualifying match against Senegal.

The crucial encounter will be played at the Accra Sports Stadium on Saturday, July 11, 2026, with kick-off scheduled for 3:30 GMT as the Black Maidens look to book their place at the FIFA U-17 Women’s World Cup.

Twanyanyukwa will be assisted by Diana Chikotesha of Zambia as Assistant Referee 1 and Carine Atezambong Fomoo of Cameroon as Assistant Referee 2. Namibia’s Nuusiku Vistoria Shangula has been appointed as the fourth official.

Officiating appointments off the field include Sainabou Cham of The Gambia, who will serve as match commissioner, while Faith Uwugiaren Irabor of Nigeria has been named the referee assessor.

The Black Maidens head into the tie determined to make home advantage count as they seek a positive result against Senegal and secure qualification for the FIFA U-17 Women’s World Cup.

The match is expected to attract strong support at the Accra Sports Stadium, with Ghana hoping to continue its proud tradition of competing on the global stage at youth level.

The ongoing debate surrounding the governance of Sri Lanka’s Employees’ Provident Fund (EPF) has reached a critical juncture. For decades, the multi-trillion-rupee fund, representing the life savings of millions of private and some Government sector workers, has been treated as a captive market, routinely manipulated to absorb low-yielding Government Bonds unloaded by both the Central Bank of Sri Lanka (CBSL) and private sector primary dealers, while simultaneously serving as a sponge to absorb corporate losses by dumping over-priced shares through stock market purchases.

In response to these chronic State-led failures, corporate advocacy groups, most notably the Employers’ Federation of Ceylon (EFC), have mounted a fresh legislative assault. As highlighted by recent developments, the EFC has officially submitted proposals to the Government outlining sweeping governance overhauls for both the EPF and the Employees’ Trust Fund (ETF). Their blueprint outlines removing the management of the EPF from the CBSL and transferring it to an independent tripartite trustee board represented by employers, employees and Government while simultaneously expanding fund’s mandate to invest aggressively in the private sector. Government has approved the appointment of a committee to study the feasibility of this framework, broadly signalling agreement. While framed as a modern, market driven solution to liberate workers’ savings from political interference, a closer analysis reveals that this proposal is intended to raise corporate profits, disguised as a mandate serving public interest. Far from solving the systemic vulnerabilities of the EPF, the EFC’s plan merely shifts the venue of exploitation, substituting State-led incompetence with oligarchic, corporate capture.

The timing of this corporate offensive is by no means coincidental. The EFC is deliberately leveraging the backdrop of Sri Lanka’s severe economic crisis erupted in 2022, alongside the public’s deep, justified resentment towards systemic State corruption, to advance its own agenda. By weaponising the narrative of Government mismanagement and the domestic debt restructuring (DDR) that disproportionately hit retirement savers, corporate elites are positioning themselves as competent, benevolent saviours of the EPF.

However, beneath this apparently generous and reasonable rhetoric lies a more cynical motive. Amidst ongoing macroeconomic stagnation, high inflation, and suppressed consumer demand, the private sector’s own profit margins are facing stagnation, uncertainty and decline. Stripped of traditional avenues for growth, corporate conglomerates are looking at the multi-trillion-rupee pool of the EPF -which amounts to over 15% of country’s GDP- not with fiduciary concern, but with predatory motives.

The EFC’s program behaves as a classic Trojan Horse; it uses the ongoing economic crisis, the EPF governance issues under the CBSL, and uncertainty within the private sector itself, as a cloak of legitimacy, masking an aggressive campaign to encroach upon public savings as a desperate remedy for their own expected decline in profitability.

To understand why the EFC’s proposal is inherently flawed, one must examine the core structural defect plaguing the EPF: the principal-agent problem (see https://www.ft.lk/columns/The-EPF-under-CBSL-custody-Fixing-the-principal-agent-problem/4-793150). This dilemma arises when an ‘agent’ (the entity managing the money) has incentives that do not align with the interests of the ‘principal’ (the workers who own the money). Under the current framework, the EPF suffers from a profound principal-agent crisis because its own staff retirement assets are securely insulated within an exclusive, independent Staff Provident Fund (SPF). Because Central Bankers don’t have their own ‘skin in the game’, they face zero personal financial consequences when the public EPF suffers from political bond scams or poor yield management.

The EFC argues that a private-sector-led board would eliminate this misalignment by introducing commercial prudence. This argument however, rests on a dangerous fallacy. Moving asset management from a State bureaucrat to a corporate elite does not magically dissolve the principal-agent problem; it simply introduces a new, highly incentivised agent with its own agenda. A board comprised of private employers and financial elites, despite the presence of Government officials, remains an agent managing other people’s mandatory savings. Crucially, these corporate agents would lack the primary mechanism that keep the private sector on its toes under limited conditions: market competition in the absence of externalities, public goods, and information asymmetry.

In a standard commercial environment, asset managers (to a certain extent) are disciplined by the threat of capital flight. If a private fund performs poorly, clients pull their money out and go to a competitor. But the EPF is a legally mandated, closed-loop retirement scheme. Workers cannot opt out, choose an alternative fund, or withdraw their savings at will. Consequently, an independent corporate board managing the EPF would operate with absolute impunity. They would face no competitive pressure, no threat of bank run, and no market accountability. This lack of disciplinary pressure creates an extreme Moral Hazard. It positions a multi-trillion-rupee pool of un-withdrawable public cash directly in front of the very corporate elites who are constantly seeking cheap capital to cushion their own enterprises during downturns.

Beyond the direct temptation of misallocating capital, the EFC’s proposal creates an even more insidious avenue for corporate malpractice: privileged access to market moving information. If representatives from the Employers Federation sit on the fund’s management board, they will possess advanced, asymmetric knowledge of exactly where and when the multi-trillion-rupee fund will be deployed in the private market. Because the EPF is an institutional behemoth, its sudden entry into any specific corporate equity or debt instrument inevitably drives prices up.

With this insider visibility, corporate elites n the board would have the perfect opportunity to engage in ‘front running’. Board members, or their affiliated corporate networks, could quietly purchase assets ahead of time through their private entities, waiting for the massive weight of the EPF’s capital to artificially inflate the asset’s price, before selling for a guaranteed, risk-free profit. In this scenario, the market intelligence created by the fund’s sheer size is weaponised for private gain rather than being held in strict fiduciary trust. The resulting inflation of purchase prices would mean the EPF pays a premium for its investments, systematically diluting and reducing the overall returns for ordinary workers. The fundamental rule of fiduciary duty dictates that the valuable information generated by the fund’s investment operations must be used solely for the economic benefit of the fund itself, never as a proprietary trading advantage for a select group of corporate insiders.

This brings us to the third and more alarming pillar of the Employers’ Federation’s ambition: expanding EPF investments to the private sector. Proponents argue that the private equity and debt markets offer higher yields than inflation-ravaged Government securities. While appealing, this narrative entirely ignores the rent-seeking nature and the historical track record of Sri Lanka’s financial elite.

The proposed tripartite body including employees and Government representatives will be exploited by the employers’ representatives as a mechanism providing legitimacy for corporate rent-seeking under conditions of information asymmetry and absence of market competition, rather than acting as a shield to repel its adverse effects. The public’s memory remains scarred by systemic corruption where the public EPF was exploited to fuel ‘pump and dump’ schemes on the Colombo Stock Exchange. In those instances, rogue financiers and corporate insiders used the EPF to nationalise private losses and reaping historic gains at the expense of the ordinary workers.

Handing day-to-day asset allocation over to a board intertwined with the Employer’s Federation would institutionalise this exact conflict of interest. The board would be constantly tempted to use the public fund as a cheap credit facility or equity cushion for private corporate enterprises and the tripartite body will become a cover providing legitimacy for this behaviour while the workers’ and Government representatives in the fund’s management will remain defenceless.

The danger of this proposal is compounded by the powerful international alliances which the EFC is leveraging. To shield its self-serving agenda from public backlash, corporate interests have strategically aligned their lobbying efforts with broader mandates and recommendations pushed by the International Monetary Fund (IMF) and the International Labour Organisation (ILO). Under the banner of restructuring and good governance these global entities have paved the path for ‘reforms’ that favour private exploitation of superannuation funds. The IMF an institution allegedly tasked with economic stabilisation continues to champion neoliberal structural adjustments that compromise social safety nets, exposing workers’ life savings to the volatile and predatory whims of private exploitation. Even more egregious is the complicity of the ILO. An organisation founded on the global mandate of social justice and protecting labour rights has effectively greenlit a framework that strips workers of financial security. By recommending or lending institutional legitimacy to reforms that weaken public custody and introduce massive corporate conflicts of interest, the ILO is betraying its foundational principles.

True reform does not abandon State custody to enrich a private financial cartel, nor does it lie in bowing to tone-deaf directives from Washington and Geneva; it lies at enforcing institutional alignment through domestic legislative reform. Instead of privatising control and introducing front-running vulnerabilities, the systemic solution to the EPF’s woes is to force the current regulators to share the destiny of the people they serve. If the exclusive CBSL Staff Provident Fund was legally merged into the general public EPF by amending the 2023 CBSL Act, the principal-agent problem would evaporate completely, forcing the ‘agent’ to become a ‘principal’.

Under a merged fund, CBSL officers, asset managers and trade unions would fight fiercely against political manipulation, front-running, and artificially suppressed yields out of pure financial preservation. This alignment would provide yields to the public much greater than what could be expected under a tripartite body intertwined with the Employers’ Federation. The CBSL staff’s own retirement security would be bound to the exact same ledger as the tea estate worker and the factory labourer. Because the CBSL would still function under strict statutory public mandates, it would lack the personal profit motive to front-run its own investments ensuring that all market power and informational value generated by the fund remain consolidated entirely for the workers’ benefit.

The EFC’s proposal is a Trojan Horse that mistakes private exploitation for good governance and accountability. In a captive, mandatory fund like the EPF, private management without market exit mechanisms is a recipe for corporate rent-seeking and insider trading. The public’s life savings must not be used as a playground for private sector exploitation, no matter how much external pressure applied by the IMF or renegade ILO. The Government must reject this shift towards oligarchic control and instead demand structural accountability within a unified, transparent State custody framework where the regulators finally have everything to lose.

Egypt coach Hossam Hassan claims his side was ‘cheated’ out of a place in the World Cup quarterfinals after Argentina staged a stunning late comeback from 2-0 down to win 3-2 in a gripping last-16 match in Atlanta.

The Pharaohs started as underdogs but took the lead against the world champions within 15 minutes, which was doubled in the second half before Argentina walked away with the win on Tuesday.

‘I do not want to put it nicely and talk about hard luck. We have been cheated unfairly today; we have suffered injustice,’ Hassan said in an explosive post-match news conference.

Egypt had a Mostafa Zico goal ruled out when they were leading 1-0 as the Video Assistant Referee (VAR) intervened to spot a foul on Lisandro Martinez much earlier in the move.

Zico did then put Egypt on the brink of a place in the last eight for the first time by doubling their lead.

However, the defending champions hit back as Cristian Romero reduced the arrears before Lionel Messi, who had a first-half penalty saved, smashed in the equaliser with his eighth goal of the tournament.

The controversy did not end there, though, as in the buildup to Argentina’s winner scored by Enzo Fernandez, Egypt believe they should have instead been awarded a penalty for a pull by Alexis Mac Allister on Hamdy Fathy.

‘We haven’t seen respect or fair play. There has not been respect or fair play,’ Hassan said.

‘A penalty was ruled out, was not even checked by VAR. A second goal was remarkably disallowed. There has not even been a VAR check when we have all seen the image of the [shirt] being pulled back.’

Hassan said he would not watch any more matches of the tournament, such was the injustice he felt.

‘I am not going to continue following the matches of this World Cup,’ he added.

‘This is my own way of speaking up.’

After Yasser Ibrahim’s header put Egypt in front, Argentina were awarded a penalty for a trip on Nicolas Tagliafico.

Messi’s problems with World Cup penalties continued as his effort was saved by Mostafa Shobeir.

The eight-time Ballon d’Or winner has now failed to score four of his eight non-shootout spot-kicks at the World Cup, including two misses at this tournament.

Hassan speculated that the officials had been put under pressure to keep one of the biggest names in the competition.

‘Perhaps they wanted to keep the world champions in the competition. Perhaps they wanted Messi to stay in the running,’ he told BeIN Sports.

‘In football, there are sometimes external factors that go beyond the technical aspects. The world champions received support at every level.’

Egypt had been surprisingly attacking early on in the game, a departure from Hassan’s usual tactic of playing with a tight defence and looking for counterattack opportunities.

It helped them take an early lead, but it was the heroics of goalkeeper Mostafa Shobeir that ensured they remained in front by half-time.

‘I’m very, very satisfied with the effort they put in. Most of our players come from the Egyptian domestic league, while many players in other national teams are based in Europe and live in that professional environment,’ Hassan added.

‘Yet with predominantly local players – besides Mohamed Salah and Omar Marmoush – we were able to compete with anyone.’

President Anura Kumara Dissanayake has pledged the largest-ever Budget allocation for drinking water projects in the 2027 Budget, with the Government seeking long-term solutions to persistent water supply challenges across the country.

The President made the announcement during a review meeting at the Presidential Secretariat on the progress of projects under the 2026 Budget allocations for the Ministry of Housing, Construction and Water Supply and the ministry’s funding requirements for 2027.

The meeting reviewed ongoing projects implemented by institutions including the National Water Supply and Drainage Board, Department of National Community Water Supply, National Housing Development Authority and the Ministry’s Resettlement Division.

The President said multiple institutions operating under different ministries with overlapping responsibilities had contributed to inefficiencies and instructed officials to take steps to discontinue institutions that were no longer effective or relevant.

Discussions also covered major water supply projects, including the Kandy North Integrated Water Supply Project, Greater Colombo Wastewater Management Project, Ambatale Water Supply Project and Anuradhapura North Water Supply Project.

The President also instructed officials to expedite the resettlement of people displaced by the war and implement a housing assistance programme to help low-income families complete partially constructed houses.

A superb display of consistent golf saw Nadaraja Thangaraja maintain his lead after Day Two of the E-WIS Sri Lanka Professional Golf Championship, returning rounds of 65 and 70 for an outstanding total of 135 at Rajawella yesterday.

The experienced professional golfer dominated the tournament from the opening round, taking control with a superb seven-under-par 65 before carding a 70 in the second round. His all-round performance left the rest of the field trailing by 12 strokes, underlining his class and experience on the domestic circuit.

The race for second place proved much closer, with Chalitha Pushpika and H.L. Priya Hemantha tied on 147. Pushpika followed his opening-round 71 with a 76, while Hemantha’s steady rounds of 73 and 74 earned him a share of second place heading into the final day.

Today is the third and final day of the tournament.

The University of Media, Arts and Communication (UniMAC) has appointed prominent business leader, Ernest Ofori Sarpong, as its inaugural Chancellor, in a move designed to deepen collaboration between academia and industry.

The University announced that the Chief Executive Officer (CEO) of Special Group of Companies will assume office on August 1, 2026.

His appointment was made by the UniMAC Governing Council in accordance with the University’s Statutes.

The decision comes as UniMAC repositions itself as a leading hub for media, arts and communication education, with greater emphasis on innovation, entrepreneurship and practical industry exposure for students.

In a statement, the University described Mr. Ofori Sarpong as one of the country’s most accomplished entrepreneurs whose leadership and commitment to national development are widely recognised in the business community.

According to UniMAC, his experience spanning manufacturing, finance, construction, real estate and media will be critical as the University works to build stronger partnerships with corporate Ghana and equip graduates for a changing job market.

‘As Chancellor, Mr. Ofori Sarpong will provide distinguished leadership, champion the University’s vision and strategic interests, strengthen its engagement with industry and society, and confer degrees and academic honours on behalf of the University,’ the statement said.

The University expressed confidence that his appointment will expand opportunities for research and innovation, improve graduate employability, and bring corporate expertise into academic planning.

A Chartered Accountant, Mr. Ofori Sarpong founded the Special Group of Companies. He has also played key roles in building successful Ghanaian businesses including United Television, Best Point Savings and Loans, and U2 Salt Limited.

Beyond business, he has contributed to education and public service through board memberships and support for youth empowerment and community development initiatives.

UniMAC said appointing a respected private sector leader as its first Chancellor reflects its ambition to bridge the gap between academic excellence and industry relevance, and to position the institution to compete globally.