ISLAMABAD: The Public Accounts Committee (PAC) on Thursday directed the Establishment Division to initiate probe against Benevolent Fund and Group Insurance for investing in unauthorised securities and shares.
The National Accountability Bureau (NAB) presented report of the unauthorised investment by the Benevolent Fund and Group Insurance, with a NAB official saying that the investment was made in three institutions.
He informed Leader of Opposition in National Assembly Syed Khursheed Ahmed Shah that NAB was investigating the matter with the assistance of the Security Exchange Commission of Pakistan (SECP).
The official said that the fund had purchased the share at the rate of Rs 35. He added that, however, the price of the share was only Rs 12 at that time.
On his part, Establishment Division Secretary Tahir Shahbaz said the investment was made in 2009 which was Rs 682 million and in 2010 which was 728 million in three companies.
He said the investment was made by the decision of the board of that time, which was headed by Saeed Qureshi and its members were Mumtaz Abdullah and Muzaffar Ahmed.
The secretary said that in 2013 the matter was referred to NAB and urged the Public Accounts Committee to take decision after the report and finding of the accountability bureau.
Regarding an audit objection pertaining to the Capital Development Authority (CDA), Khursheed Shah expressed serious concerns over showing laxity in pursuing cases pending before courts by the CDA, ministries and divisions.
He sought detailed report of the cases pertaining to the federal government institutions. He said that CDA official (s) had backed corrupt elements, adding that they had been awarded lesser punishment. He directed PAC that the development authority should hire highly qualified law makers for pursuing its cases worth billions of rupees.
The CDA official informed that the authority had hired 96 lawyers in which one was legal adviser and five were assistant legal advisers, adding that 500 were high profile cases.
The authority had paid Rs 50,000 to a lawyer for appearance in the Supreme Court, Rs 40,000 in the high court and Rs 20,000 in civil court, the official added.
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