Summary The company has misused profit worth Rs3.22 billion of the employees from 2009 to 2018.
LAHORE (Dunya News) – Dunya News on Saturday has unearthed another corruption scandal of Punjab companies regarding embezzlement of Rs2 billions of liquidation board’s employees by a Punjab company.
According to the report, the provincial government registered Punjab Educational Endowment Fund (PEEF) in 2009 and transferred Rs2 billion to the company’s bank account from liquidation board workers.
The company has misused profit worth Rs3.22 billion of the employees from 2009 to 2018. The workers said that they have not been given a single penny until now.
The report further stated that former officials of Pakistan Muslim League-Nawaz (PML-N), including MNA Baleegh-uz-Zaman and MPA Bushra Anjum Butt, were members of the Board of Directors.
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.
