The Public Accounts Committee (PAC) has revealed that RS68 billion in tax and sanctions of two oil companies remain unpaid, which caused concern about regulatory lapses.
During a PAC meeting, the oil secretary revealed that one of the companies, Byco, was renamed as Ceryico after breaching, said Express News.
The company now agreed to pay RS1 billion annually.
PAC questioned how the company was recorded under a new name and summoned the president of the Pakistan Stock Exchange and Securities Commission (SECP) to clarify.
Audit officials declared that the matter had been sent to the Special Investment Facilitation Council (SIFC), which caused consultations with the Naveed legislator Qamar on the legal basis of such movement.
They added that the case was also sent to the Federal Research Agency (FIA) and the National Responsibility Office (NAB).
However, FIA and NAB officials at the meeting did not know the current state of the case, which caused the disgust of PAC.
The Committee has summoned the president of the NAB and the Director General of the FIA for an explanation at the next meeting.
Last week, the PAC had pledged to recover RS2.5 billion, overcoming the RS1.6 billion recovered during the previous mandate of the committee.
The PAC meeting was held in the Junaid Akbar chair at the Parliament’s house. During the meeting, the Secretariat of the National Assembly informed the Committee on the current state of auditing paras and recoveries.
According to the informative session, a recovery of 1.6 billion rupees was made during the previous period of the PAC.
