ISLAMABAD: Sub-Committee-II of the Public Accounts Committee (PAC) directed the Ministry of Commerce to conduct inquiries of irregularities and present its report to the committee within thirty days.
The meeting of committee was held here on Wednesday under the Chairmanship of Syed Naveed Qamar including members Dr Darshan, Sahibzada Muhammad Nazeer Sultan,Muhammad Junaid Anwar Chaudhry and discussed the audit report of the Ministry of Commerce for the year 2002-03.
The Audit official briefed the meeting that Pakistan Tobbaco Board (PTB) hs not prepared its accounts from last three years, therefore, the performance of these years could not be evaluated.
Convener PAC, Syed Naveed Qamar directed the PTB to regularized the accounts till June 30 and furnish a detailed report of profit and investment made by the department during that period.
The Committee also discussed the audit report of the State Life Insurance Corporation of Pakistan, in which imprudent investment of Rs200 million was made in Chakwal Cement Company, directed the Corporation that go through the inquiry and take appropriate action against the people involved in this decision.
The Sub-Committee while discussing the Audit Para of the Trading Corporation of Pakistan, in which a loss of Rs 7.475 million was faced due to sale of rice at low price, directed the TDAP to conduct a fresh inquiry of the matter and submit a report within thirty days.
