PAC concerned over Rs.4 bln financial irregularities in EOBI

ISLAMABAD: The Public Accounts Committee (PAC) of the National Assembly on Monday expressed its deep concern over the financial irregularities of Rs 4.826 billion in Employees Old Age Benefits Institution (EOBI) and directed to hold an inquiry into the matter.

The PAC meeting held here at the Parliament House with Leader of the Opposition in National Assembly Chaudhry Nisar Ali Khan in the Chair, reviewed audit report of Ministry of Labour and Manpower for the financial year 2008-09.

The meeting was briefed that EOBI has invested 13 billion in procurement of shares of five institution including MAC PAC, Shell Pakistan, SSGCL, Bank of Punjab (BoP) and Tele Card. These were placed in strategic/core portfolio. The purpose of this category was to earn dividend but the market values of share have been reduced enormously and the institution has sustained a loss of Rs 4.826 billion.

The Audit officials informed the PAC panel that the EOBI purchased the BoP shares worth Rs 4.30 billion and further deposited Rs 1.3 billion in the bank. They said that the total portfolio of the Bank at that time was Rs 5.3 billion.

The Audit officials pointed out that there were certain clauses for strategic investment in rules which were violated.

PAC Chairman Ch, Nisar said news was being published in the media about the bank at that time then why so hefty amount was invested in the bank.

Principle Accounting Officer of Ministry of Laboure and Manpower apprised the PAC that EOBI fully followed the rules set for investment and no rules were violated in this regard. He said the EOBI has deposited Rs 1.30 billion in BoP, however the decision was taken on political ground.

The PAC also showed its displeasure over the unjustified expenditure of Rs 23.8 million on hiring of security services by Sindh Worker Welfare Board for residential accommodation.

The Committee was informed that 410 security guards including supervisors were hired for to save the properties and other installations of the Board at respective sites includes existing laboure colonies, schools, hospital etc.

The PAC panel also expressed concern over the loss of Rs 1.997 million to the Worker Welfare Board for poor planning and advance payment to the consultant.

The Audit officials informed the PAC that the said amount was paid to the consultant in advance and work on none of the 13 schemes could be started.

The meeting was attended by MNAs Yaseem Rehman, Rukhsana Bangash, Sardar Ayaz Sadiq, Riaz Hussain Pirzada, Nadeem Afzal Chan, Hamid Yar Hiraj, officials of Ministries of Laboure and Manpower, Finance, Audit department and PAC.

More: continued here
Pakistan News

Healing the ?pedigree? mindset

Brahmanic mindset. What is that? I?ve been hearing about it for years and years from my elders but the real meaning of that cogent but microscopic for

More: continued here

Plotter of Benazir?s death dead, amid growing mystery

ISLAMABAD: An important commander of the Tehrik-e-Taliban Pakistan (TTP), Ebad-ul-Rehman alias Farooq Chatan, wanted for allegedly coordinating assass

More: continued here

Walkout by opposition for teachers? cause

Karachi

Joint Opposition in Sindh Assembly staged walkout twice on Friday against the police action on protesting teachers in the city on Thurs

More: continued here

England win by 8 wkts after Tigers collapse at Lord?s

LONDON: England eased to an eight-wicket victory over Bangladesh on the final day of the first Test on
Monday after Steven Finn captured five wickets in an innings in his first Test at Lord”s.
Finn, 21, who made his debut on the two-Test tour of Bangladesh in March, finished with five for 87 from 24 overs of accurate, probing pace bowling from the Pavilion End. He took four for 100 in the first innings.
Set 160 to win in two full sessions, England reached their target in the last over before tea.
Captain Andrew Strauss began at breakneck speed with four boundaries off the first two overs and reached his half-century from as many balls. After making 83 in the first innings on his return to the England side he was out for 82 from 88 balls, edging a catch behind off his opposite number Shakib Al Hasan.
Bangladesh lost their remaining five wickets in the morning for only 54 runs, a disappointing performance following their exuberant batting on Sunday which looked likely to salvage a draw after they had lost each of their previous six Tests against England.
Finn struck three times in 15 balls after play resumed on a chilly, overcast morning with Bangladesh on 328 for five, removing Shakhib (16), Junaid Siddique (74) and Mushfiqur Rahim (0) in consecutive overs,
Shakib guided a simple catch to Eoin Morgan at cover point and Siddique”s patient innings ended after more than four hours when he was deceived by a slower delivery and lobbed the ball to Tim Bresnan at mid-off. Mushfiqur edged an excellent ball moving away off the pitch to wicketkeeper Matt Prior.
Bresnan took his first wicket when Rubel Hossain (4) edged a low catch to Strauss at first slip and he ended the innings when Mahmudullah was caught behind by Prior for 19.

More: continued here
Pakistan News

FM calls on US to help recover Pakistanis after Israel raid

ISLAMABAD: Foreign Minister Shah Mahmood Qureshi has called upon United States to use its influence for the recovery of Pakistani nationals who were aboard Freedom Flotilla.

Interacting with media persons here on Monday, Qureshi said he has contacted Holbrooke on phone on the issue of recovery of Talat Hussain.

?Pakistan?s ambassador to Jordam, Oman, Lebano and European Union have been asked to collect information about whereabouts of Pakistanis.

The foreign minister said that an emergency meeting of the OIC should be called to slam deadly Israeli raid that killed up to 19 pro-Palestinians peace activists.

About Talat?s safety, he said the government has not been able to collect any information in this connection.

More: continued here

PCB?s U-turn; Never banned Yousuf, Younis

LAHORE: In a volte-face, the Pakistan Cricket Board on Friday claimed that former skippers Mohammad Yousuf and Younis Khan were never banned and can b

More: continued here

Interpol approached for recovery of Talat, other Pakistanis

ISLAMABAD: Federal Interior Minister Rehman Malik has called upon Interpol to help recover anchor Talat Hussain and other Pakistanis who were aboard Gaza aid ships when attacked by Israeli commandos.

The interior minister told Geo News he has contacted Interpol chief Ronald Noble and asked about information about whereabouts of Talat and his two other associates.

?I have inquired about the efforts being made for the recovery of pro-Palestinian activists,? he said.

Malik said he has directed FIA to remain in contact with Interpol in this regard.

More: continued here

Lawyers? sacrifices will go in vain if judiciary, parliament clash: Aitzaz

Karachi

Former president of the Supreme Court Bar Association (SCBA) Chaudhry Aitzaz Ahsan has said that there was no chance of confrontation b

More: continued here
Pakistan News

POL prices slahed; petrol cheaper by Rs6.04

ISLAMABAD: The Ministry of Petroleum has slashed petrol price by Rs6.04 a litre to Rs69.04, Geo News reported Monday.

Diesel price has been reduced by Rs1.08 a litre to Rs75.72; Kerosene oil down Rs3.40 per litre to Rs65.49; HOBC cheaper by Rs7.15 to

More: continued here

Next Page »