August, 29, 2018
In a bid to formalize investments of the Mahapola Higher Education Scholarship Trust Fund, Sri Lanka’s Government Cabinet had decided to liquidate National Wealth Cooperation Limited and the National Wealth Securities Limited belonging to the Mahapola Higher Education Scholarship Trust Fund, and invest all Mahapola Funds only in state banks and Central bank bonds.
Latest Cabinet decisions revealed that in view of the negative impact caused to the Mahapola Fund due to the activities of the said companies and to regularize the investments of the said Fund, the proposal made by Dr Wijayadasa Rajapaksa, the Minister of Higher Education and Cultural Affairs, to liquidate National Wealth Cooperation Limited and the National Wealth Securities Limited and invest all the funds belonging to the Mahapola Higher Education Scholarship Trust Fund, only in state banks and Central bank bonds, was approved by the Cabinet.
The decision announcement further added that the objective of the Mahapola Higher Education Scholarship Trust Fund is to create higher education opportunities for underprivileged youth and provide facilities and enhance them in respect of same.
In the beginning, the National Wealth Cooperation Limited and the National Wealth Securities Limited established under the full ownership of the Mahapola Fund was mandated to make investments on strengthening the Mahapola Main Fund.
Meanwhile another Cabinet decision announcement highlighted that the proposal made by Dr. Wijayadasa Rajapaksa, the Minister of Higher Education and Cultural Affairs, to amend the title of Mahapola Higher Education Scholarship Trust Fund Act, No.66 of 1981 which regulates the Mahapola Higher Education Scholarship providing the students in the Government higher education institutions with funds for their education, as Lalith Athulathmudali Mahapola Higher Education Scholarship Trust Fund Act, No.66 of 1981, was approved by the Cabinet.
- Reporting by Devendra Francis
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