Non-allotment of land causes loss of Rs4b
An audit report, presented to the Public Accounts Committee (PAC), has raised an objection over a Rs4 billion loss caused by the non-allotment of 1,250 acres of land by the Port Qasim Authority (PQA).
According to the Auditor General of Pakistan's (AGP) report, a lease agreement for the 1,250 acres of land was signed between Port Qasim and the Pakistan Telecommunication Company Limited (PTCL).
In 2021, a decision was made to cancel the lease agreement. However, the government's decision to cancel the lease was not implemented for two years. A refund of Rs4 billion has also not been made to the PTCL. The 1,250 acres of land have not been re-allotted.
The secretary maritime affairs told the Public Accounts Committee (PAC) that the matter of this land lease is 19 years old and the land remained with the PTCL from 2006 to 2021.
"It was originally given to PTCL for establishing the Textile City Industrial Zone. The PTCL failed to develop the industrial zone in these 19 years. After the cancellation of the lease, this 1,250-acre land is now being taken back," he added.
According to the secretary, the PQA will also clear PTCL's outstanding expenses.
PAC Chairman Junaid Akbar Khan asked how much revenue was generated from the 1,250-acre lease. Port Qasim officials replied that Rs901 million was received once, and Rs621 million is still due. The PAC later ordered the Ministry of Maritime Affairs to resolve all audit-related matters within six months.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
2 days ago
- Business Recorder
Gold price per tola fall Rs6,100 in Pakistan
Gold prices in Pakistan decreased on Tuesday in line with their fall in the international market. In the local market, gold price per tola reached Rs352,300 after a decline of Rs6,100 during the day. Similarly, 10-gram gold was sold at Rs302,040 after it fell Rs5,230, according to the rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On June 5, gold price per tola reached Rs358,400 after a surge of Rs4,300 during the day. The bullion market was closed on from June 6 till June 9 due to Eid-ul-Adha holidays. The international rate of gold also decreased on Tuesday. The rate was at $3,339 per ounce (with a premium of $20), a decrease of $61, as per APGJSA. Meanwhile, silver price per tola remained stable at Rs3,745.
Business Recorder
6 days ago
- Business Recorder
Gold rises as weak US data outweighs optimism from Trump-Xi call
Gold rose on Friday and was set for weekly gains, as a spate of soft U.S. economic data outweighed initial optimism over U.S. President Donald Trump's call with his Chinese counterpart Xi Jinping, while investors awaited U.S. payroll data. Spot gold was up 0.5% at $3,368.49 an ounce, as of 0340 GMT. Bullion has gained 2.5% for the week so far. U.S. gold futures climbed 0.5% to $3,391.40. Trump and Xi engaged in a rare leader-to-leader call on Thursday, addressing escalating trade tensions and disputes over critical minerals, though key issues remain unresolved. 'Some of the initial enthusiasm for risk appetite following the Trump-Xi call has started to wear off, which has enabled gold to creep higher,' said Tim Waterer, chief market analyst at KCM Trade, adding, as Trump's optimistic take masked recent weak U.S. economic data earlier. The number of Americans filing new applications for unemployment benefits increased to a seven-month high last week. Investors are now awaiting U.S. nonfarm payroll data due at 12:30 GMT, after a slew of data throughout this week highlighting labor market softness. Economists polled by Reuters forecast nonfarm payrolls increased by 130,000 jobs in May, down from 177,000 in April, while the unemployment rate is expected to remain steady at 4.2%. 'The upcoming NFP release could be the catalyst for a breakout should the data produce a significant miss on either side of expectations,' Waterer said. Gold soars significantly by Rs4,300/tola in Pakistan Fed policymakers indicated that inflation remains a greater concern than labor market cooling, suggesting a prolonged hold on monetary policy adjustments. Gold, often seen as a safe-haven asset, tends to perform well during economic uncertainty and in low-interest-rate environments. Spot silver fell 0.4% to $35.99 per ounce, still hovering near a 13-year high, while platinum rose 1.7% to $1,149.88 and palladium was up 0.8% at $1,014.31. All three metals were headed for weekly gains.
Business Recorder
6 days ago
- Business Recorder
Gold soars significantly by Rs4,300/tola in Pakistan
KARACHI: Gold prices soared significantly on Thursday, as world market touched $3,400 per ounce, traders said. Up by huge $43, international bullion prices soared to $3,400 per ounce, driving up the local gold prices by Rs4,300 per tola and Rs3,687 per 10 grams. This surge took the total value of gold prices to Rs358,400 per tola and Rs307,270 per 10 grams, according to All Pakistan Sarafa Gems and Jewelers Association. Domestic silver prices skyrocketed by Rs159 and Rs136, reaching Rs3,745 per tola and Rs3,210 per 10 grams with the international market growing to $36 per ounce, the association added. It is worth noting that the open market may trade gold and silver at different prices as compared to those fixed by the association. Copyright Business Recorder, 2025
