The Public Accounts Committee (PAC) has revealed that 68 billion deduction rupees and the penalties of two oil companies remain unpaid, which has aroused concerns about regulatory shortcomings.
At a CAP meeting, the oil secretary revealed that one of the companies, Byco, renamed Cnergyico after failing, reported Express News.
The company has now agreed to pay 1 billion rupees per year.
PAC asked how the company had been registered under a new name and summoned the president of Securities and Exchange Commission of Pakistan (SECP) for clarification.
Audit officials said the case had been referred to the Special Investment Facilitation Council (SIFC), drawing questions from the Naveed Qamar legislator on the legal basis of such a decision.
They added that the case had also been sent to the Federal Investigation Agency (FIA) and the National Bureau Bureau (NAB).
However, FIA and NAB officials at the meeting were not aware of the current status of the case, which prompted PAC dissatisfaction.
The committee summoned the president of the NAB and director general of the FIA for an explanation at the next meeting.
Last week, the CAP agreed to recover 2.5 billions of rupees, exceeding the Rs1.6 Billions recovered during the previous mandate of the Committee.
The PAC meeting was held by plane the president of Junaid Akbar in Parliament. During the meeting, the Secretariat of the National Assembly informed the Committee of the current status of paras and audit recovery.
According to the briefing, a recovery of 1.6 billion of rupees was carried out during the previous quarter of the PAC.
