Punjab Finance, Planning and Development Minister Tanvir Ashraf Kaira said on Tuesday that abolition of Punjab Co-operative Board for Liquidation (PCBL) is on the cards. Talking to Business Recorder exclusively, the provincial minister said the PCBL is a "burden" on the provincial exchequer therefore it has been decided in a recently held meeting that it should be closed down.
Chairman PCBL Nazar M Chohan, who resigned on Tuesday, rejected the provincial finance minister statement and pointed out that he has submitted a proposal for converting the PCBL into and endowment fund. According to him, the PCBL possesses huge volume of cede money of Rs 4 billion and it can go up to Rs 10 billion once the endowment fund is formed.
The endowment fund is operated like a trust and its principal amount remains intact, he added. He said the provincial government has no idea about the working of the PCBL, as it is not operated through charged expenditure and instead of, it is run through own resources generated through profits accruing on its investments in banks.
Chairman PCBL further criticised former chairman Brigadier Farooq Maan for his alleged corruption throughout the regime of President General Pervez Musharraf and said he could prove an embezzlement of Rs 5 billion through the former chairman and his cronies. According to him, evaluation of the PCBL was under process before a final decision about its future operations as endowment fund.
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