Punjab govt suspends 10 public listed companies over ‘Rs 80 billion scam’ | Pakistan Today

Punjab govt suspends 10 public listed companies over ‘Rs 80 billion scam’

LAHORE: Following the reports on a local media outlet, the Punjab government on Friday deactivated ten public listed companies on the pretext of Rs80 billion mega scam.

The companies on the deactivation list include the Environmental Managment Company Faisalabad, Punjab Coal Power Company, Renewable Energy Company Limited, Working Endowment Fund, Punjab Culture and Outreach Company, Quaid-e-Azam Hydel Power Company, Punjab Road Infrastructure Company, Punjab Saaf Pani Company, Technical and Vocational Management Company.

Punjab Law Minister Rana Sanaullah said that the government has asked auditor general to initiate audit at earliest, along with confessing to the closing of Punjab Saaf Pani Company and Punjab Land Records Authority.

Blaming the delay in the audit on the auditor general, Sanaullah said complaints were received of receiving over-payments by the Punjab Saaf Pani Company and 22 people were arrested in this regard.

Sanaullah claimed that Punjab government had achieved targets after formation of companies while an action being taken against reports of corruption. “Public money worth Rs291 bn has been saved by Punjab govt in 14 major and big projects”, added Sanaullah.

On Thursday, Sanaullah, in a press conference,  had denied a private news channel’s report about his acceptance of corruption in the Punjab Saaf Paani project and threatened to take the matter to courts. The minister had deemed the channel’s report as defamation and denied having any reservations regarding the audit process of the companies under scrutiny. He also said that he had confidence in the reports of the auditor general.

Sanaullah had said that the chief minister had also constituted a committee to ascertain the facts in this regard, adding there was no corruption at the government level and there was zero tolerance policy against corruption in the provincial administration.

Punjab Finance Minister Ayesha Ghaus Pasha had stated that the audit of 17 companies, under scrutiny, was complete and the auditor general’s report would only be submitted to the National Accountability Bureau (NAB) on demand.

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