ISLAMABAD: The Zarai Taraqiati Bank Limited (ZTBL) has not provided the financial record of the last two years and has threatened to use political influence, audit officials informed the special committee of the Public Accounts Committee on Friday.
The PAC special committee met with Mian Riaz Hussain Pirzada in the chair to review audit reports of the Finance Ministry for the years 1994-95 and 1997-98. Taking serious notice of the ZTBL’s defiance, the committee chairman warned ZTBL high-ups.
“It is a highest forum and no one is above the law, therefore, next time such a defiance will not be spared and action will be taken against officials who do not cooperate with audit officials of the Auditor General Pakistan,” Pirzada said.
Finance Secretary Salman Siddique also expressed his displeasure over the issue and directed ZTBL officials to ensure cooperation with audit officials, or be ready face strict action. He informed the committee that in order to put Pakistan Railways on the right track, the government should privatise the department, saying the step would cure all it of all financial and administrative woes.
The secretary said the privatisation of Pakistan Railways would ease the consistent financial burden on the government. He said the Finance Division was unable to provide additional funds to railways. The committee also took serious notice over the irregularities of more than Rs 12.076 million in the Agriculture Development Bank of Pakistan, as well as financial embezzlement in the House Building Finance Corporation, directing the departmental accounts committee to probe the matter at earliest and submit a report within a month to the PAC Secretariat.
Officials of the HBFC informed the committee that the latest position of loan recovery was satisfactory, as Rs 8 million had been recovered and efforts were underway for the recovery of the remaining amount. The special committee also took strict notice of the destruction of the record relating to rebate cases of the Ministry of Textile and directed the Ministry of Finance to lodge cases against those responsible.
