ISLAMABAD: For the second time, the Chairman Pakistan Cricket Board (PCB) did not appear before the Public Accounts Committee (PAC) to respond to an irregular insurance of property from a private insurance company, which caused a loss of Rs 9.2 million to the public exchequer.
Audit Report 2023-24 on PCB could not be settled as the chairman didn’t appear before the PAC meeting held in March. He didn’t turn up to attend the Friday meeting, too.
Audit pointed out that section 166 (3) of the Insurance Ordinance 2000 stated that all insurance business relating to any public property, or to any risk or liability appertaining to any public property should be placed with the National Insurance Company Limited (NICL) under the Ministry of Commerce.
However, the PCB agreed with M/s Atlas Insurance Limited for the Assets’ insurance amounting to Rs 9.2 million for the fiscal year 2022-23. Audit is of the view that the insurance of the property assets from a private insurance company was irregular.
Copyright Business Recorder, 2025
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