Sub-committee of Public Accounts Committee (PAC) has been informed on Wednesday that State Life Insurance has invested Rs 200 million and Rs 250 million in Chakwal Cement and Pakistan Emerging Venture projects in 2003-04 and 1995-96, respectively, in violation of rules. The committee also directed to present a list of defaulter parliamentarians who did not clear their dues of federal lodges in Karachi.
Naveed Qamar, the convenor of committee, directed the ministry to present a report within one month. The committee was informed that State Life Insurance could not authorise to invest in unregistered companies. Violating its own rules, State Life Insurance invested Rs 200 million in a un- registered company, Chakwal Cement, on an individual guarantee of Khawaja Javed.
The management of State Life Insurance said that former chairman Zaheer Khan was behind this investment and management has no clue to his whereabouts. The committee directed the management to find him out through NAB. In another case, State Life Insurance in a venture with three companies invested Rs 250 million in a project Pakistan Emerging Venture in 1995-96 against the rules and procedures. The committee directed for an inquiry. While examining the audit report of Ministry of Housing and Works for year 1996-97, the committee sought details of those parliamentarians who did not pay Rs 4.8 million dues for using federal lodges in Karachi.
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