Latest news with #KhawajaSheraz
Express Tribune
08-07-2025
- Business
- Express Tribune
PAC unearths Rs1.2b bank loan scandal
An audit report presented to the Public Accounts Committee (PAC) has revealed that Zarai Taraqiati Bank Limited (ZTBL) employees caused a loss of Rs1.2 billion to the national treasury through a fraud involving forged documents. Audit officials on Tuesday told a meeting of the PACheld under the chairmanship of Junaid Akbar on Tuesdaythat in several cases, loans sanctioned for farmers never reached them as ZTBL employees misappropriated these loans. Appearing before the committee, ZTBL president stated that the bank dismissed 400 employees found involved in altering loan documents. "We have placed personal contact numbers and awareness boards in every branch. We have recovered Rs270 million so far, and recovery efforts are ongoing," he said. The committee asked the president to address the issue in coordination with the audit department. It was also revealed that the ZTBL had failed to recover Rs9 billion in loans with 1,601 borrowers not returning even a single rupee. Audit officials said only 16% of recoverable amounts were collected from borrowers in Quetta, Karachi, and Lahore. They also noted a growing number of loan defaulters across the country. MNA Khawaja Sheraz asked why is the ZTBL constantly sinking when the banking sector is profitable. The ZTBL is a state-owned agricultural development bank that provides agricultural credit and banking services to farmers across the country. It remains the largest public sector agriculture development financial institution in the country. The PAC also took suo motu notice on Jamshed Dasti's request regarding a loss of 1.1 million litres of petrol at the Pakistan State Oil (PSO) due to employee negligence. The PSO managing director (MD) told the committee that the estimated value of the lost petrol is Rs180 million. "We recovered Rs40 million from the responsible employees after dismissing them," he said.
Business Recorder
25-06-2025
- Business
- Business Recorder
Cabinet Division: NA approves Rs81.45bn demands for grants
ISLAMABAD: The National Assembly approved Rs81.45 billion demands for grants for the Cabinet Division by rejecting more than 225 cut motions moved by opposition to meet expenditure during the financial year ending on June 30, 2026. Federal Finance Minister Muhammad Aurangzeb presented demands for grants in the House for approval. The opposition members severely criticised the performance of the Cabinet Division and said that the total strength of Cabinet of the Prime Minister should not be increased beyond 11 percent of total members of the National Assembly under 18th Constitutional Amendment. Opposition members Alia Kamran, Malik Aamir Dogar, Ali Muhammad, Khawaja Sheraz and others criticised the performance of the Cabinet Division. Khawaja Sheraz said that there is Rs6 billion budget allocation of the National Assembly Secretariat while the allocation of Cabinet is Rs44 billion. He said, 'there is huge budget of Cabinet Division but its performance is zero.' Ali Kamran said that the government affairs run through Cabinet and its strength should not increase beyond 11 percent of the total strength of the National Assembly. She said that the government has crossed the limit by appointing special assistants and advisers. The demands for grants which were presented by the finance minister include, emergency relief and repatriation, atomic energy, Pakistan nuclear regulatory authority, Naya Pakistan Housing Development Authority, Prime Minister's Office (Internal), Prime Minister's Office (public), National Disaster Management Authority, Board Of Investment, Prime Minister's Inspection Commission, Special Technology Zone Authority, National Anti-Money Laundering and Counter Financing Terrorism Authority, Cannabis Control and Regulatory Authority, Establishment Division, Federal Public Service Commission, Federal Public Service Commission, National School Of Public Policy, Civil Services Academy, National Security Division, Council Of Common Interests, (Secretariat, Special Investment Facilitation Council Division (SIFCD), Intelligence Bureau Division, development expenditure of Cabinet Division, development expenditure of Board of Investment, development expenditure of Special Technology Zones Authority Division, development expenditure of Establishment Division and capital outlay on development of atomic energy. While winding up the discussion on the cut motions, Federal Minister for Parliamentary Affairs Dr Tariq Fazal Chaudhary said that the size of the federal cabinet is well within the constitutional limit, and the country's economy is showing signs of improvement. He rejected all motions moved by the opposition and defended the performance of the cabinet. Fazal explained that under Article 92(1) of the Constitution, the federal cabinet cannot exceed 11 per cent of the total National Assembly membership. 'The current cabinet has 42 members, which is four less than the allowed limit of 46,' he said. He said that when the present government took office, Pakistan was facing a severe economic crisis and risked default. 'Today, economic indicators are stable, and key sectors are recovering,' he stated. He said that the government has revived the China-Pakistan Economic Corridor (CPEC), introduced tax reforms, and is promoting investment in sectors such as energy and agriculture. 'The energy sector has undergone major reforms, and initiatives in agriculture are effectively addressing long-standing challenges,' he added. Fazal said that the Special Investment Facilitation Council (SIFC) has played a major role in attracting billions of dollars in foreign investment. 'The SIFC was created to remove hurdles in investment and ensure timely project implementation,' he explained. Copyright Business Recorder, 2025
