Islamabad:
The Committee of Public Accounts (PAC) of the National Assembly was amazed Thursday by revelations of corruption, theft and poor financial management within the Development Development Bank (ADB).
Chaired by MNA Naveed Qamar, the CAP met to examine the audit objections related to the BAD. The members of the committee have been alarmed in the face of the reports of non-repair of loans, fraud and a series of unresolved audit objections which afflict the institution.
Munaza Hassan, member of the CAP, pointed out: “All other auditories implies corruption, theft or diversion. What exactly is happening to this bank?”
Responding to the concerns, the president of the AfDB said that the situation had improved thanks to the recruitment of better qualified officers, noting that many former employees had only matrix level qualifications.
Hassan replied that such large -scale irregularities could not have been committed by “an imprudent profane”.
President Qamar condemned the Bank’s loans to the defaults, appeal to the fraud.
