Pak Govt. run entities squandered Rs 200 bln last fiscal due to 'mismanagement'

Islamabad, June 18 (ANI): Pakistan's annual audit report has revealed that almost Rs 200 billion of taxpayers' money has apparently been squandered by the government, through various irregularities and mismanagement in the top ten state-run enterprises during the last fiscal year.

The Water and Power Development Authority ( WAPDA) is at the top of the list, with a whopping Rs 180 billion worth of losses, reports The Express Tribune.

The report also showed irregularities worth Rs 5 billion in Pakistan Steel Mills' accounts. Another public enterprise- Pakistan Agriculture Storage and Services Corporation- has lost Rs 11.2 billion due to the procurement and sale of substandard rice.

The audit ors also found irregularities worth Rs 91 million in the accounts of the National Insurance Company Limited (NICL). In Trading Corporation Pakistan, irregularities worth Rs 2.4 billion were pointed out. These losses were due to a shortage of sugar, irregular payments to transporters, and a shortage of wheat. Wah Industries Limited also met with losses worth Rs1.4 billion.

The Ministry of Defence also lost Rs 1.6 billion due to premature re-payment of loans and other irregularities in various departments. Similarly, the Oil and Gas Development Authority met losses of Rs 2.1 billion, stated the report. The National Logistic Cell, meanwhile, is marred by financial irregularities worth Rs 1.65 billion in various departments, stated the report. According to the report, the respective government departments have been asked to explain the losses. (ANI)