Latest news with #Rs3.7
Business Recorder
21-05-2025
- Business
- Business Recorder
‘False earnings, affiliation claims': CCP fines British Lyceum Rs5mn
The Competition Commission of Pakistan (CCP) has imposed a penalty of Rs5 million on British Lyceum (Pvt.) Limited for publishing a misleading advertisement. The ad falsely claimed that teachers could earn up to Rs250,000 per month, and stated a project valuation of Rs3.7 billion,the commission said in a statement. It also falsely claimed affiliation with Cambridge Global UK, which is a dormant entity. Additionally, the ad said that well-known educationists and technologists were on the company's Board of Directors. CCP launched an enquiry after receiving complaints about these claims. The investigation found the claims to be false, unverified, and deceptive. Deceptive claims: CCP imposes Rs40m fine on Al-Ghazi Tractors The Commission concluded that British Lyceum had violated Section 10 of the Competition Act, 2010 by engaging in deceptive marketing. Subsequently, the Commission has imposed Rs3 million penalty under Section 10(2)(b) for misleading consumers and another Rs2 million penalty was imposed under Section 10(2)(a) for potentially harming other businesses. The company also submitted improper and unsigned financial statements during the investigation. Moreover, the SECP had also enlisted the company among those suspected of unauthorized activities. These were taken as aggravating factors in deciding the final penalty. British Lyceum, however removed the ad after the enquiry began. This was treated as a mitigating factor in reducing the fine. The Commission reiterated its commitment to promoting fair competition and protecting consumers from deceptive marketing practices.
Express Tribune
27-02-2025
- Business
- Express Tribune
PRAL board starts amid violations
Listen to article The board of Pakistan Revenue Automation Limited (PRAL) – a key player in the government's Rs3.7 billion plan to modernise the information technology arm of the tax machinery – has started its work without first disclosing potential conflicts of interest or developing a code of conduct, a requirement under the law. The non-disclosure of conflicts of interest violates the State-Owned Enterprises (SOE) Act and the SOE policy – two legal frameworks developed with international financial institutions' assistance to improve governance in state-run entities. Sources revealed that the board has been holding meetings without first ensuring that newly appointed members have no direct or indirect conflicts of interest while making key policy decisions. The board is also responsible for overseeing the Rs3.7 billion PRAL restructuring plan. PRAL serves as the technology arm of the Federal Board of Revenue (FBR). The decision to proceed with meetings without first obtaining conflict of interest declarations from newly appointed members directly violates the SOE Act, SOE Policy, and the Companies Act 2017. The Express Tribune sent queries to PRAL Board Chairman Arif Saeed, FBR spokesperson Dr Najeeb Memon, and PRAL management regarding these violations. Only PRAL management responded, while the chairman and FBR spokesperson remained silent even after four days. "The management of the company is fully cognisant and strives to be compliant with all applicable legal requirements and obligations," PRAL stated in a written response. This suggests the board is operating in violation of the SOE law, which could result in penalties under the Companies Act. Sources said that after receiving the Express Tribune's questions, the PRAL board began drafting a conflict of interest policy. Under SOE policy, all directors and managers must sign a declaration upon appointment. This declaration confirms they have received and understood the policy on conflicts of interest. It also states they will not accept payments, bribes, favours, or inducements that could influence their decisions. Failure to comply could lead to their removal. The government recently appointed the PRAL board, which Finance Minister Muhammad Aurangzeb and FBR Chairman Rashid Langrial have praised as highly talented. The board is chaired by Arif Saeed, with independent directors including Salman Akhtar, Dr Muhammad Fareed Zafar, Ehsan Saya, and Nazish Afraz. The Express Tribune asked the chairman about the SOE policy's requirement for directors and managers to declare conflicts of interest. He was also asked about Section 34 of the SOE Policy, which mandates a code of conduct for PRAL board members. Additionally, the chairman was asked about Section 13 of the SOE Act, which defines the term of office for directors. Section 13(2)(f) states that a director can be removed for failing to comply with the SOE's code of conduct and conflict of interest requirements. No response was provided. Meanwhile, PRAL has decided to hire 50 data experts through a third party. Sources raised concerns that this could compromise data protection and privacy. A third party may not ensure the security of sensitive information. The Express Tribune also asked the board chairman if third-party hiring could put taxpayer data at risk. External firms may not be trusted with highly confidential information. Additionally, the chairman was asked whether board members were involved in the hiring process, which falls outside their policy-making role. He did not respond. In its most recent meeting, the PRAL board approved several measures. These include creating an operational unit for FBR's requirements, forming a dedicated data wing for analytics and governance, and assigning experts to validate Change Request Forms (CRFs). The board also created an Apex Committee for project approvals and structured software development teams based on project scope. A Data Governance Policy was implemented, and recruitment for a Chief Information Security Officer (CISO) and Chief Data Officer (CDO) began. The board also formed a committee within the FBR to streamline project prioritisation. Sources said board member Salman Akhtar suggested hiring third-party firms for technical expertise. PRAL has already invited bids for third-party hiring, with a submission deadline of March 4. In December, the federal cabinet approved a Rs3.7 billion supplementary grant for PRAL restructuring. Official documents show the estimated recurring cost for the next fiscal year is Rs4.5 billion. Government documents highlight that PRAL's restructuring is critical to improving the tax-to-GDP ratio. The board has a key role in this effort. According to the cabinet's decision, PRAL will receive a one-line budget, with its board approving the annual budget based on government grants and its own revenue. The restructuring has significant financial implications. The government will provide Rs3.7 billion for the current year, while recurring costs will reach Rs4.5 billion from 2025-26 onwards. Among the major components of the PRAL restructuring are enhancing software development and maintenance capabilities through three modes: in-house development, in-house maintenance only, and outsourcing development to third parties. The plan also includes upgrading hardware and data centres, replacing end-of-life equipment, and establishing an analytics hub.
Express Tribune
17-02-2025
- Express Tribune
Two arrested in Libya boat tragedy case
ISLAMABAD: In a major breakthrough in the investigation of the 2025 Libya boat tragedy, the Federal Investigation Agency (FIA) Kohat Zone has arrested two members of an international human trafficking network. The suspects, Habibur Rehman and Naveed Ahmed, were apprehended in a raid at Pusht Bazaar, Bajaur. According to officials, the arrested individuals were part of a network operating alongside accomplices based in Italy, including Wajid Ali and Shah Faisal. The gang was involved in smuggling people to Europe through illegal channels. The tragic boat accident claimed the lives of 14 victims from Kurram, who had been lured into the perilous journey. Investigators revealed that the suspects had defrauded a citizen named Shehzad Hussain of Rs3.7 million, promising to facilitate his travel to Europe. They, along with their accomplices, extorted large sums from multiple victims. Hussain, like many others, tragically lost his life in the boat disaster. During the raid, authorities recovered four mobile phones containing crucial evidence, including videos, images, messages and bank transactions, which enabled the freezing of three bank accounts linked to the suspects. Preliminary investigations further revealed that victims were detained in safe houses in Libya, where they faced physical abuse before being forced onto the ill-fated boat bound for Europe. The FIA has launched an extensive probe into the case and is collaborating with Interpol to apprehend fugitive traffickers operating abroad. FIA Kohat Zone Director affirmed that the crackdown on those responsible for such tragedies is ongoing. He stated that all available resources are being used to track and arrest human traffickers, and intelligence-based operations are being carried out to dismantle these networks. "No one will be allowed to play with innocent lives," he asserted, adding that suspects will face the full force of the law based on solid evidence. The Foreign Office last week confirmed that 16 Pakistani nationals had died in a boat accident off Libya's coast, with at least 10 still missing. Smuggling Pakistanis Five Pakistani travelers who refused to illegally travel to Europe by sea and returned to the country have exposed another gang involved in smuggling Pakistanis to Europe. According to the FIA spokesperson, the immigration staff stationed at Karachi Airport interrogated five passengers who arrived from Mauritania. The passengers disclosed that an organised gang helped them and others to reach Europe via illegal means. During the investigation, the passengers revealed that agents had made deals with them to smuggle them into Europe in exchange for Rs2.5 to 3.5 million per person.
