Financial irregularities: Several companies not under direct control, says Punjab finance dept
Special committee will hold meeting today in this regard.
LAHORE (Dunya News)- The special committee, constituted by Punjab Chief Minister Shehbaz Sharif to probe irregularities worth over Rs800 million in financial matters of as many as 56 companies, would hold sitting today where participants would contemplate on performance, expenditures incurred and corruption allegations.
On the other hand, Punjab Finance Department has stated that it does not have direct control over aforementioned companies whereas funds are issued after formal approval from departments concerned.
Our correspondent tells more on this issue, watch video:
Dunya News Investigation Wing, on October 20, unearthed mammoth irregularities over Rs80 bn in financial matters of 56 companies formed by Punjab government.
As per details garnered, Punjab govt had constituted 56 companies under guise of good governance and registered them under Article-42 of Companies Ordinance 1984. Punjab Chief Minister Shehbaz Sharif was inspired by the Turkish model and therefore summoned analysts from the same.
While deliberately turning a blind eye towards similar local companies operating in Pakistan, Sharif-led Punjab govt awarded dozens of contracts to Turkish conglomerates on hefty paybacks.
Before formation of these companies, 113970 employees were working in different departments across Punjab and the figure augmented to 157500 following arrival of Turkish corporations.
Rules were either disregarded or revoked while contracts were given on basis of sheer nepotism, thus inflicting hefty losses on provincial exchequer as Shehbaz Sharif issued mammoth Rs150 bn funds in this regard. Earlier, only six companies were formed but the amount soared to 56 in years to come.
What adds to the ambiguity of the matter is the fact that Punjab govt doesn’t audit the financial and administrational matters of these companies via Punjab Accountant General whereas audit reports of four companies were not made public. Likewise, administration and financial record of at least 38 companies is also missing.
65 officials appointed in these companies are withdrawing salary ranging from Rs3 lacs to Rs15 lacs per month. Waste management companies across Punjab achieved merely 25pc of set targets.
