The Fund has begun incurring losses since 2015, and by the end of the 2016 financial year, the loss stood at Rs. 200 million.

In 2014, it had earned profits of Rs. 513 million.

Coming under the Industries and Commerce Ministry, the Fund is managed by National Wealth Corporation-affiliate Natwealth Securities (Ltd.).

From 2015, its chairman has been Dr. Wickrema Weerasooria, brother-in-law of the late Gamini Dissanayake.

Using his powers, Weerasooriya is allegedly abusing assets of the Fund and using them for his family businessWealth Trust Securities.

Therefore, he has intentionally breached the responsibility of trust, say the sources.

Weerasooria has even disregarded a Central Bank directive in 2015 over the misappropriation of Rs. 90 million owned by two customers, and obtained a court order to prevent CB interventions.

The Court of Appeal recently repealed that order.

However, the Fund, having assets of nearly Rs. seven billion, is at grave risk of liquidation due to their being absorbed by the chairman’s family business, say its employees.

Weerasooria is allegedly using connections to powerful figures in the government to carry out his nefarious deals.

It is unfortunate that financial irregularities are taking place in the Fund even under the present government of good governance, say the Fund’s employees.

They want immediate intervention by the government before this matter gives it a black mark and prevent the collapse of the Fund which was pioneered by the late Lalith Athulathmudali and is an asset for the university students.

Attempts to reach subject minister Risath Badurdeen for a comment failed.

Given below are revenue reports of the Fund: