Govt institutions owe Rs311b to TCP, PAC told
Federal and provincial governments owed Rs287 billion to the TCP. Of the total, maximum receivables of Rs115 billion were against the National Fertiliser Marketing Ltd, followed by Rs95.3 billion against the Utility Stores Corp. photo: file
In a startling revelation, the PAC was informed that various government institutions owe Rs311 billion to the Trading Corporation of Pakistan (TCP), with Rs93 billion in principal and Rs218 billion in interest yet to be recovered.
The PAC session, chaired by Junaid Akbar Khan, convened last Wednesday to scrutinise financial irregularities, illegal recruitments and encroachments on state-owned properties.
Expressing displeasure over Rs275 million from the Export Development Fund (EDF) remaining unused for the past five years, the PAC chairman questioned why funds meant for students' training had not been utilised and directed an inquiry into the matter.
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