ISLAMABAD: Public Accounts Committee (PAC) has shown dissatisfaction over the accounting system adopted by Ministry of Information & Broadcasting and Ministry of Commerce and directed both the ministries to bring transparency in their financial matters by containing expenditures within their budget. The meeting of Public Accounts Committee was held with MNA Zahid Hamid in the chair at the National Assembly on Monday.
Deputy Auditor General of Pakistan, Tahir Ali told the committee that a sum of Rs. 115 billion were recovered from various ministries and government departments on the order of PAC, out of which recovery of Rs. 71 billion were made during financial year of 2010-2011. Only Rs 33 billion were recovered from the oil companies. Now PTA has also been directed to get back Rs 41 billion from the mobile companies. He told that this amount was misused due to corruption, discrepancies and wrong interpolation of the law.
The committee reviewed the accounts and audit objections raised by Auditor General for the period of 2002 to 2004 regarding Ministry of Commerce and Ministry of Information & Broadcasting. The committee also directed the Ministry of Commerce to dispose all the case, which are laying pending in different courts within three months. Chairman State Life Insurance Corporation of Pakistan Shahid Aziz Siddiqui told the committee that his department had invested Rs 20 billon in the stock market many year ago resulting the company gained profit and now this amount has reached to Rs 50 billion. The committee declared that the investment of Rs 20 billion made by former Chairman Zaheer Khan in Chakwal Cement Company was illegal and sought the report of the matter within one month.
Committee has also taken serious view on not returning Rs 100 million by Shan Refinery to State Life. The corporation purchased the share of the refinery but neither profit was given nor the capital amount returned yet. Secretary Information Taimoor Azmat Sultan said that the now ATV is being run by the administration of PTV. First it was given to a contractor Jabbar, which was already defaulter of Rs 260 million. MD PTV Yousaf Baig Mirza told the committee that loss of PTV had reached to Rs one billion in 2009 but the management took various measures for revenue generation due to which the institution gained profit of Rs 150 million. – Onlinenews