Huge embezzlement and corruption worth Rs 166 billion unearthed in Punjab Companies

Huge embezzlement and corruption worth Rs 166 billion unearthed in Punjab Companies

LAHORE – An embezzlement of Rs166 billion has been unearthed in as many as 11 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. It further revealed the corruption of billions of rupees through preparing fake bills, renovation of cars and petrol filling.

Faisalabad West Management Company is involved in the corruption of Rs86 crore while Faisalabad Cattle Management Market Company did embezzlement of Rs51.13 crore.

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

Earlier, mammoth irregularities worth over Rs80 bn in financial matters of 56 companies formed by Punjab government were unearthed.

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. Only six companies were formed but the amount soared to 56 in years to come.