The Auditor General Punjab office has pinpointed financial embezzlements and violation of PPRA rules and Punjab business rules in the audit of public sector companies of Punjab government, said sources. They said no formal agreement has been signed with these companies for recovery of loans by the Punjab government. Also, they added, the government had paid Rs 27 billion to four companies in negation of the business rules.
According to the report prepared by the Auditor General Punjab office, the Punjab government extended a loan worth Rs 17 billion to the Lahore Waste Management Company, Rs 6 billion to Punjab Industrial Estate Development and Management Company, Rs 1.68 billion to Rawalpindi Waste Management Company and Rs 1.63 billion to Punjab Mineral Company against a markup of 0.5 percent but no recovery has been made so far.
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