PAC shocked by ADB corruption
The Public Accounts Committee (PAC) of the National Assembly was left stunned on Thursday by revelations of widespread corruption, theft, and financial mismanagement within the Agriculture Development Bank (ADB).
Chaired by MNA Naveed Qamar, the PAC met to review audit objections related to the ADB. Committee members expressed alarm at reports of non-repayment of loans, fraud, and a string of unresolved audit objections plaguing the institution.
PAC member Munaza Hassan remarked, "Every other audit objection involves corruption, theft, or embezzlement. What exactly is going on at this bank?"
Responding to concerns, the ADB president claimed the situation had improved through the recruitment of better-qualified officers, noting that many former employees held only matric-level qualifications.
Hassan retorted that such large-scale irregularities couldn't have been committed by "an imprudent layman".
Chairman Qamar condemned the bank's record of lending to defaulters, calling it outright fraud.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
4 hours ago
- Business Recorder
ADB appoints new DG for region including Pakistan
The Asian Development Bank (ADB) has appointed Leah Gutierrez as Director General for its Central and West Asia Department. As Director General, Gutierrez will deliver ADB's strategic agenda in the Central and West Asia region. She will lead ADB's engagement with 11 countries: Afghanistan, Armenia, Azerbaijan, Georgia, Kazakhstan, the Kyrgyz Republic, Pakistan, Tajikistan, Türkiye, Turkmenistan, and Uzbekistan. Her appointment takes effect today. 'I am honoured to serve in this position and will continue to engage with developing member countries and stakeholders to promote inclusive growth, regional cooperation, and sustainable development across the region,' said Gutierrez. According to ADB, Gutierrez has over four decades of professional experience, including 25 years at ADB. ADB revises Pakistan's FY2025 growth to 2.7% amid uptick in industry & services Before her appointment, Gutierrez was the Director General for ADB's Sectors Department 3, where she managed operations for finance, human and social development, and public sector management and governance. A Philippine national, she holds a PhD and Master's in Economics from the University of Pennsylvania, in the United States, and a Bachelor's degree in Business Economics from the University of the Philippines. Founded in 1966, ADB is owned by 69 members—50 from the region.
Business Recorder
9 hours ago
- Business Recorder
Talal, JI leaders discuss ‘Balochistan Rights March'
LAHORE: Minister of State for Interior Talal Chaudhry, a member of the government committee formed in connection with Jamaat-e-Islami Balochistan's 'Haq Do Balochistan Ko' long march, visited Mansoorah, here on Sunday afternoon. He met with Jamaat-e-Islami leaders including Naib Emir Liaqat Baloch and Secretary General Ameerul Azeem. The meeting focused on discussions regarding the long march. It was agreed that the government would provide full security to the March participants until they reach Multan and Lahore. The Minister of State said that in Lahore, the federal government's committee would engage in talks with the organizers of the Haq Do Balochistan Ko march. He expressed hope that the march would conclude in Lahore and that there would be no need to proceed to Islamabad. Jamaat-e-Islami leaders stated that the party is peaceful and struggles for public rights through legitimate and democratic means in accordance with the Constitution. They urged the government to provide security for the peaceful march. The Jamaat-e-Islami leaders also emphasized to the Minister of State that the march should be allowed to reach its final destination in Islamabad and that the government must show seriousness in addressing the demands of the wounded and deprived Baloch people. The Minister responded by saying that this was precisely why he had come to the party's headquarters in person. He added that the PML-N and the government have always given priority to resolving Balochistan's issues. Copyright Business Recorder, 2025
Express Tribune
a day ago
- Express Tribune
China urges consensus on AI development
Listen to article China's Premier Li Qiang warned Saturday that artificial intelligence development must be weighed against the security risks, saying global consensus was urgently needed even as the tech race between Beijing and Washington shows no sign of abating. His remarks came just days after US President Donald Trump unveiled an aggressive low-regulation strategy aimed at cementing US dominance in the fast-moving field, promising to "remove red tape and onerous regulation" that could hinder private sector AI development. Opening the World AI Conference (WAIC) in Shanghai on Saturday, Li emphasised the need for governance and open-source development, announcing the establishment of a Chinese-led body for international AI cooperation. "The risks and challenges brought by artificial intelligence have drawn widespread attention... How to find a balance between development and security urgently requires further consensus from the entire society," the premier said. He gave no further details about the newly announced organisation, though state media later reported "the preliminary consideration" was that it would be headquartered in Shanghai. The organisation would "promote global governance featuring extensive consultation, joint contribution and shared benefits", state news agency Xinhua reported, without elaborating on its set-up or mechanisms. At a time when AI is being integrated across virtually all industries, its uses have raised major questions, including about the spread of misinformation, its impact on employment and the potential loss of technological control. In a speech at WAIC on Saturday, Nobel Prize-winning physicist Geoffrey Hinton compared the situation to keeping "a very cute tiger cub as a pet". To survive, he said, you need to ensure you can train it not to kill you when it grows up. The enormous strides AI technology has made in recent years have seen it move to the forefront of the US-China rivalry. Premier Li said China would "actively promote" the development of open-source AI, adding Beijing was willing to share advances with other countries, particularly developing ones. "If we engage in technological monopolies, controls and blockage, artificial intelligence will become the preserve of a few countries and a few enterprises," he said. Vice Foreign Minister Ma Zhaoxu warned against "unilateralism and protectionism" at a later meeting. Washington has expanded its efforts in recent years to curb exports of state-of-the-art chips to China, concerned that they can be used to advance Beijing's military systems and erode US tech dominance. Li, in his speech, highlighted "insufficient supply of computing power and chips" as a bottleneck to AI progress.
