Massive corruption in Punjab Energy Company revealed

ISLAMABAD: The corrupt officials of Punjab Energy Holding Company (PEHC) are reported to have unleashed loot and plunder spree involving millions of rupees.

The NAB has initiated investigations into alleged widespread financial irregularities in the company. The prime accused behind these irregularities is Dr Asad Gillani, while Ahmad Shah, Yar Habib, Zia-ur-Rehman, Tariq Rashid and Naeem Lodhi have been declared co-accused.

A decision has been taken to investigate the Board of Directors members Jahanzeb Khan, Iftikhar Sahu, Khalid Rehman and others.

The official documents acquired from official sources disclosed that former chief minister Shahbaz Sharif established a company for exploration of oil and gas reservoirs in Punjab.

The NAB authorities are engaged in conducting the probe and evidence of staggering corruption have surfaced during the preliminary investigation. The company since its inception has not even launched a single project, but its high-ups company are squandering national funds mercilessly.

Tariq Kirmani allegedly behind the massive corruption of billions of rupees was inducted as chairman of this company. Company’s CEO Asad Gillani has succeeded in fleeing the country. The documents have revealed that the top officials of the company have caused heavy loss to national exchequer by transferring the funds provided by the government and different banks and keeping them in multiple accountants.

They transferred a sum of Rs 15.3 million in their own accounts under the head of allowances without obtaining permission from the finance department. They have also shown financial losses to the tune of Rs 15.9 million without achieving any target.

The documents revealed that Tariq Rashid, who did not hold the domicile of Punjab, was appointed as manager technical against heavy salary. He got domicile from Rawalpindi after his induction in the company. A sum of Rs 4.5 million has been paid to him illegally.

Moreover, Zia-ur-Rehman was appointed as company secretary illegally without meeting the requirements with a monthly salary of Rs 160,000.

Similarly, Ahmad Shehryar was appointed as CEO on the recommendations of Shahbaz. An inflated package of Rs 550,000 per month was granted to him but his educational certificates were not verified.