LAHORE – An embezzlement of Rs166 billion has been unearthed in as many as11 companies in Punjab.

According to the audit report of 56 companies, government personalities,members of assembly and other higher officials are involved in the scam. Itfurther revealed the corruption of billions of rupees through preparingfake bills, renovation of cars and petrol filling.

Faisalabad West Management Company is involved in the corruption of Rs86crore while Faisalabad Cattle Management Market Company did embezzlement ofRs51.13 crore.

Sialkot West Management Company and Lahore Parking Company are responsiblefor corruption of Rs1 billion and Rs14 billion apiece.

Earlier, mammoth irregularities worth over Rs80 bn in financial matters of56 companies formed by Punjab government were unearthed.

Punjab govt had constituted 56 companies under guise of good governance andregistered them under Article-42 of Companies Ordinance 1984. Punjab ChiefMinister Shehbaz Sharif was inspired by the Turkish model and thereforesummoned analysts from the same.

While deliberately turning a blind eye towards similar local companiesoperating in Pakistan, Sharif-led Punjab govt awarded dozens of contractsto Turkish conglomerates on hefty paybacks.

Before formation of these companies, 113970 employees were working indifferent departments across Punjab and the figure augmented to 157500following arrival of Turkish corporations.

Rules were either disregarded or revoked while contracts were given onbasis of sheer nepotism, thus inflicting hefty losses on provincialexchequer as Shehbaz Sharif issued mammoth Rs150 bn funds in this regard.Only six companies were formed but the amount soared to 56 in years to come.