PAC seeks details of income and spending from Privatization Commission
ISLAMABAD: Public Accounts Committee (PAC) on Thursday directed Privatization Commission to provide complete details of its income as result of privatizing different entities as well as their expenditures.
Chairman Public Accounts Committee (PAC) Rana Tanvir Hussain also directed National Accountability Bureau (NAB) to inform the committee with progress into the investigations of trust investments of Privatization Commission.
Earlier the audit report of Privatization Commission disclosed illegal investments of Privatization Commission from the period 2007 to 2012.
Audit officials informed the committee that Privatization Commission during five years made illegal investments of more than Rs. 5 billion in different sectors.
They kept billions of rupees in ten different private banks without the approval of ministry of finance and three executives of three different private banks were also a member of a board of Privatization Commission, Audit official said.
Secretary Privatization Commission told the committee that the case of trust investment bank was referred to National Accountability Bureau (NAB) after disclosure that Rs 500 million were kept illegally in the bank which was later defaulted. - APP