Public Accounts Committee raps NBP over failure to recover public funds

• Orders recovery action; notes Karachi, Lahore, Quetta top zones with least recoveries• Rs1.25bn fraud, forgery cases reported to SBP during ZTBL audit

ISLAMABAD: The Public Acc­ou­nts Committee (PAC) of National Assembly on Wednesday expressed dismay over the management of the National Bank of Pakistan (NBP) for its lack of interest in recovering public funds involved in multiple financial irregularities.

According to the auditor general’s office, the NBP failed to recover Rs27.85 million from one of its executive vice presidents despite the lapse of four years.

When asked by the lawmakers to suggest appropriate action, the fina­nce secretary recommended penalising those responsible within NBP’s management. However, PAC members directed NBP President Rehmat Ali Hasnie to file a recovery suit and submit a compliance report to the committee within 15 days.

The PAC was discussing audit briefs of the finance division for the years 2023-24.

During deliberations on briefs related to the regional directorate of National Savings, the committee members expressed displeasure with the ministry over the loss of records of cases dating back to the 1970s and 1980s. Non-recovery or write-off of amounts lost due to dacoity and embezzlement at various centres in the Sukkur region had cost the government Rs6.377m, while another two cases involved losses of Rs47.43m.

The members also voiced serious concern over FIA officials for their lack of awareness about the cases. The PAC directed that a letter be written to the FIA director general to ensure........

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