Forensic Audit of Central Bank 2019: Assessment of losses to the EPF

Abstract

This note examines the bond and equity market forensic audit reports to ascertain the scale of the EPF’s losses in the past. It also highlights a significant underestimation of the actual losses, as the forensic audit omitted the period after the February 2015 bond scam from the bond market forensic report. These losses largely stemmed from significant governance failures within the CBSL’s processes and undue influence from its top management.