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ISLAMABAD: The Public Accounts Committee (PAC) Wednesday directed the Federal Investigation Agency (FIA) to initiate the process of confiscation of the property and freeze the bank accounts of Hascol Petroleum Limited.

The committee met under the chairmanship Noor Alam Khan here at the Parliament House to examine the Audit Report of the Power Division for 2021-22. Chairman committee recalled that the committee had directed the FIA to investigate Hascol Petroleum Limited.

Members committee took the matter pertaining to outstanding dues against HASCOL and BYCO Petroleum Limited (now CnergyicoPk Limited). Hascol is a defaulted company, while BYCO has also failed to pay Rs44 billion to the federal government.

Hascol’s worst problems are behind it, says chief as company announces steps to restructure Rs54bn debt

The committee was further apprised on $3 billion lent to 600 individuals at zero interest rate by the previous government and ordered FIA to present the list of these individuals after Eidul Fitr. The committee further directed to seize both moveable and immovable assets of alleged individuals in the list.

Members brought up the subject of foreign institutions working in the local space and discussed the award of contracts worth Rs22.78 billion to three Chinese companies.

Audit authorities informed the committee that a contract worth Rs17.69 billion for a 500 kV transmission line from Suki Kinari to Neelum Jhelum was awarded to China Construction Industrial and Energy Engineering Group (CCIEE). However, pre-conditions for nominating the company on the basis of its experience were ignored during the bidding process.

A contract worth Rs868 million for the Shikarpur grid station was awarded to a Chinese joint venture without following regulations, meanwhile, another contract for a World Bank-funded 220 kV grid station was awarded to the Chinese JV, the audit officials informed the committee’s members.

Chairman committee observed that the directive of Prime Minister Shehbaz Sharif and Energy Minister Khurram-Dastgir Khan regarding the load-shedding schedule for the holy month was violated.

The committee also took notice of increased load-shedding across the country in the past few weeks. On another issue, committee members expressed their displeasure at the excessive load-shedding witnessed during the holy month of Ramazan.

Copyright Business Recorder, 2023

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