Islamabad:
The Public Accounts Committee (PAC) of the National Assembly became stunned on Thursday due to revelations of generalized corruption, theft and poor financial management within the Agricultural Development Bank (ADB).
Chaired by MNA Naveed Qamar, the PAC met to review audit objections related to ADB. The members of the Committee expressed alarm for the lack of reimbursement of loans, fraud and a series of unresolved audit objections that affect the institution.
The PAC member, Munaza Hassan, commented: “Any other audit objection implies corruption, theft or embezzlement of funds. What is happening exactly in this bank?”
Responding to the concerns, the president of ADB said that the situation had improved through the recruitment of better qualified officers, and pointed out that many former employees only had qualifications at the matrix level.
Hassan replied that such large -scale irregularities could not have been committed by “an imprudent secular.”
The president who condemned the Bank’s loan history to the Moors, calling it fraud.
