Zaqsoft caused Rs 768 million loss to PSO: National Assembly body contemplating sending case to NAB

As the company, Zaqsoft Solution, has caused huge financial loss, up to Rs 768 million, to Pakistan State Oil (PSO), National Assembly Standing Committee on Petroleum and Natural Resources formed a subcommittee, led by Nawab Ali Sawan to recover the embezzled amount in the light of recommendations made by the subcommittee or send the case to National Accountability Bureau (NAB).
The committee, which met with MNA Sheikh Waqas in the chair, took serious notice over derogatory remarks passed by chief of Zaqsoft, Muhammad Shah Rukh Qaiser, who is also director of PSO subsidiary company, PMGC. "We will have two choices: either to recover the amount, or send the case to NAB," Waqas said. PSO Managing Director Irfan Qureshi said that Shah Rukh had written a threatening letter with derogatory remarks.
"Responsibility must be fixed on elements in or outside the company. The subcommittee will submit report within 40 days. If the subcommittee fails to submit report, main body will take up the issue," Waqas said, adding that PSO had failed to recover the amount which shows that it was unduly pressurised by different entities.
According to an Inquiry report submitted to NA body, during review of documents it was concluded that Zaqsoft Solution had incurred large expenditures on various hardware procurement and maintenance. Therefore, to continue with it will result in extensive budgetary load, without even getting significant benefits.
The initial need is not addressed and malpractice at forecourt is still going on. The whole project of retail automation was initiated, planned and executed in haste without any proper evaluation and testing. A huge financial loss of Rs 768 million (approximately) has been incurred on the company in installing and maintaining the Zaqsoft's pump control system plus the indirect losses. It appears that the project was the brainchild of a few individuals having mala fide intentions, which was evident from the proceedings based on documentary evidence.
No proper post-audit of the project has been carried out so far. That's why the discrepancies remained undiscovered for seven years. With regard to the above facts, it is recommended that: To put on hold the services of Zaqsoft for Supply and Installation, of Pump Controller system as per terms and conditions of the agreement after obtaining necessary approval and considering legal matters.
If the company wants to continue with the project, the entire project would be revised and re-designed with cost-effective means and must be extended to other benefits as conceived in the industry, after ensuring the viability. It is, therefore, recommended that fresh technical bids may be invited based on the revised evaluation by further extension to new technology upgradation solutions with long-term cost benefits to PSO if the project is found feasible and financially justified to the company.
Necessary evaluation/explanation should be sought from the concerned individuals for violating the company's procedure which has resulted in huge financial loss to the company, and disciplinary actions should be taken accordingly in line with the company policy.