Rs80 bn scam case: AGP initiates audit of three public limited companies

A three-member team headed by Auditor General of Pakistan has on Saturday initiated audit of Punjab’s three public limited companies following emergence of irregularities worth Rs80 bn.

In the initial phase, audit of Faisalabad Waste Management Company, Cattle Market and Faisalabad Parking Company is being done. Sources privy to development told our correspondent that officials are tampering record as soon as AGP started audit.

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.