PAC takes notice of Rs1 bn loss by ETPB

ISLAMABAD: The Public Accounts Committee (PAC) on Wednesday took strong notice of Rs1 billion loss to the national exchequer by the board of Evacuee Trust Property Board and private companies M/s High Link and M/s Elysium Holding through fake and fraud financing and directed the National Accountability Bureau (NAB) to give a detailed inquiry report to the committee within 15 days. The Public Accounts Committee also directed for taking action against the board of Evacuee Trust Property Board for allowing the financing in the fake company.

The PAC held its meeting on Wednesday with the chair of Syed Naveed Qamar, who headed the meeting in the absence of PAC Chairman Syed Khursheed Shah who left the meeting on the ground that the audit paras were related to the Ministry of Religious Affairs for the year 2013-14 when he was heading the Ministry of Religious Affairs as Federal Minister.

The audit officials told the committee that the Evacuee Trust Property Board made financing of over Rs 1 billion M/s High Link and M/s Elysium Holding but there was neither any record of it nor the profit of Rs 613.94 million was shown.

The audit officials told the committee that the EPTB, Lahore, fixed revenue targets of Rs1.79 billion for 2012-13 and profit on investments was to be yielded amounting to Rs759.34 million, however, the statement showed that the actual profit earned on investment during 2012-13 was Rs145.40 million with shortfall of Rs613.94 million and the substantial reduction of profit resulted in a loss of Rs613.94 million. The officials told the committee that the EPTB board made investment of over Rs970 million in the M/s Elysium Holding but did not avail the profit and now the case is in the court of law.

Member PAC Shafqat Mehmood questioned who owns the M/s Elysium Holding and how much financing was made in this company but officials of the Evacuee Trust Property Board did not give reply to the question. Even secretary of the Evacuee Trust Property Board was also unable to reply the question regarding the name of the owner.

Member PAC Shafqat Mehmood remarked that everyone knows who owns and the company was involved in fraud of Rs1 billion. The officials told the committee that the case had already been referred to the NAB.

However, representative of the NAB told the committee that the case related to M/s Elysium Holding was not with the NAB but of only M/s High Link. The committee asked since how long the inquiry was being conducted in the NAB and who owns the company. But NAB official did not tell name of the owner of M/s High Link and restricted himself saying that the rules did not allow the NAB to tell the name of accused against whom the inquiry was being conducted.

The committee expressed annoyance over reply of the NAB saying that the inquiry was being conducted since last for years and why they did not want to tell the name of the owner of the company.

The PAC referred case of the M/s Elysium Holding to the NAB with direction to present report to the committee within 15-days time. While examining another audit para, the audit officials revealed before the PAC of irregularities and fraud of Rs1.39 billion in the Evacuee Trust Property Board in the year 2012 adding that detail of the amount was not available due to non-completion of the cash book.

The PAC sought the inquiry report on it. In the meanwhile, the PAC stopped the auction of Haji Camp Lahore and sought the complete details of Haji Camp Lahore. The committee observed that land of Haji Camp Lahore was bought from the public funds and if it was sold it will create problems for the Hujaj.