LAHORE
The auditors have detected irregularities and mismanagement worth Rs 17 billion in public sector companies in Punjab.
The Auditor General of Pakistan issued a report on the irregularities of the companies in the financial year 2021-22.
Audit paras worth Rs 4 billion were formed for unnecessary expenses in 22 cases in the companies.
The report further revealed that a loss of Rs 11 billion rupees was brought to the provincial treasury due to illegal purchases and services. Eight audits worth Rs 240 million were flouted against the misappropriation of funds in the companies. Eighteen cases were reported for non-disclosure of Rs 280 million worth of illegal recruitment in companies.
Most of the companies were audited in terms of illegal purchases. In terms of non-recovery, 18 cases worth 12 billion rupees were audited.
Financial irregularities were also found in Punjab Seed Corporation, Punjab Thermal Power Company, and Punjab Solar Power Company. Likewise, financial irregularities were also detected in Quaid-i-Azam Thermal Power Company, Punjab Education Endowment Fund, Saaf Pani Company South Punjab, and Faisalabad Industrial State Company.
Financial irregularities have also been found in Punjab Model Bazaar Company, Punjab Industrial Development Board, and Punjab North Industries Corporation. Various cases of misappropriation have been found in Punjab Employees Social Security and Punjab Livestock Development Board, Punjab Mineral Development Company, PITB Board, Skill Development Fund, Urban Unit, Punjab Population Endowment Fund, Punjab Health Facility Management Company, Punjab Education Foundation, Punjab Pharmacy Council and Punjab Health Initiative Management Company.
