The Federal Investigation Agency (FIA) was instructed to begin the process of seizing the property and freezing the bank accounts of Hascol Petroleum Limited by the Public Accounts Committee (PAC) on Wednesday.
The committee gathered in Parliament House under the leadership of Noor Alam Khan to review the Power Division’s Audit Report for 2021–2022.
The committee’s chairman recalls instructing the FIA to look into Hascol Petroleum Limited.
The issue of unpaid debts owed to HASCOL and BYCO Petroleum Limited (now CnergyicoPk Limited) was brought before the members committee.
Hascol is a defaulted corporation, and BYCO owes the federal government Rs. 44 billion as well.
The company’s chief claims that Hascol’s toughest issues are behind it as it reveals plans to restructure its Rs. 54 billion in debt.
PAC Ordered FIA for Freezing Accounts of Hascol and Prepares a List of Defaulters
The committee was also informed that the previous administration had lent 600 people a total of $3 billion at a zero percent interest rate, and it asked FIA to produce the list of these people after Eid-ul-Fitr.
The committee further ordered to seize the suspected people on the list’s moveable and immovable assets.
Members raised the issue of foreign organizations operating in the region and talked about the contracts worth Rs. 22.78 billion that were given to three Chinese firms.
The committee was informed by the audit authorities that China Construction Industrial and Energy Engineering Group (CCIEE) had been given a Rs. 17.69 billion contract to build a 500 kV transmission line from Suki Kinari to Neelum Jhelum.
However, throughout the bidding procedure, the prerequisites for selecting the company based on its experience were disregarded.
Unlawfully, a Chinese joint venture was given an 868 million rupee contract for the Shikarpur grid station.
The members of the committee were informed by the audit officials that the Chinese JV had been awarded another contract for a 220 kV grid station financed by the World Bank.
The chairman of the committee noted a violation of the load-shedding timetable for the holy month set forth by Prime Minister Shehbaz Sharif and Energy Minister Khurram-Dastgir Khan.
The committee also took note of the recent nationwide increase in load-shedding.
Members of the committee expressed their concern with the significant load-shedding that was observed during the holy month of Ramazan in another matter.
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