Court Rules in Favor of CBSL on EPF Data Disclosure ⚖️

The Court of Appeal has set aside a Right to Information (RTI) Commission order that previously directed the Central Bank of Sri Lanka (CBSL) to disclose detailed transaction-level data regarding the Employees’ Provident Fund (EPF). • Legal Ruling: The Court held that specific details of government securities transactions—including purchase dates, yields, prices, and counterparties—are exempt under Section 5(1)(d) of the RTI Act. • Economic Rationale: Disclosure of investment strategies was deemed commercially sensitive. The Court noted that publicizing this data could allow market participants to outmaneuver EPF bids, placing the Fund at a competitive disadvantage and potentially reducing returns for millions of member contributors. • Governance & Oversight: While the court acknowledged the importance of transparency, it ruled that the EPF is already subject to sufficient oversight via the Auditor General, annual reports, and parliamentary review. • Precedent: The judgment affirms that the Central Bank’s fiduciary duty to protect fund assets outweighs the public interest claim in this specific instance, as the petitioner failed to prove that disclosure benefits would surpass the potential harm to the Fund's market position.