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ISLAMABAD:
The Public Accounts Committee (PAC) on Tuesday examined audit objections worth over Rs 20 billion relating to the Petroleum Ministry, exposing large-scale non-recovery of oil levies, questionable financial arrangements and weak enforcement mechanisms, causing massive losses to the exchequer.
During the meeting of the apex parliamentary committee, held under the chairmanship of Syed Naveed Qamar, lawmakers considered audit objections involving Rs 14.63 billion in unpaid oil levies and penalties imposed by Hascol and Synergy.
Raising concerns over the age of the case, the panel chairman asked what the level of recovery had been so far.
Audit officials told the committee that only Rs 190 million had been recovered so far.
The petroleum secretary told the committee that Hascol paid the amount, but it was deposited into the wrong account. However, the Auditor General informed the committee that the account had since been closed and the record could no longer be corrected.
