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Friday, Dec 13, 2002

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Panel to vet investments of Seamen's PF

P. Manoj

NEW DELHI, Dec. 12

THE Union Government has revamped the functioning of the Seamen's Provident Fund Organisation (SPFO) in a bid to prevent a repeat of the Rs 93-crore fraud, which hit the fund a few months earlier.

The Board of Trustees of the SPFO has constituted a finance sub-committee for considering investment proposals involving the fund after irregularities in the investment of the SPF were detected, the Minister of State for Shipping, Mr Thirunavukkarasar, stated in a written reply in the Lok Sabha. A chartered accounting firm had been appointed as internal auditor for the task of submitting quarterly progress report, which would be placed before the Board of Trustees of the SPFO, the Minister said.

Besides, all physical securities had been converted into demat form, he stated.

The Shipping Ministry had asked the Central Bureau of Investigation (CBI) to investigate and take effective action against those involved.

"CBI is in the process of finalising their enquiry and filing charge sheet in court ", Mr Thirunavukkarasar said.

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