National Assembly's Public Accounts Committee on Tuesday directed to put the name of former chief financial officer (CFO)of Zarai Taraqiati Bank (ZTBL) Imtiaz K Lodhi on the Exit Control List (ECL) for having fake degree of a foreign university.
When the attention of the committee was drawn that Imtiaz Lodhi has been posted as acting Chief Executive Officer Pakistan Steel Mills Corporation, PAC decided to officially inform Prime Minister Yousuf Raza Gilani to take punitive action against him for forgery.
Reviewing the audit report pertaining to public sector enterprises 2008-09 of finance division, it was brought to the PAC notice that Imtiaz Lodhi had been appointed in ZTBL on lucrative package as chief financial officer. On verification of his degrees, it found fake and he was removed from services. "Since his removal from the office, we have been trying to recover arrears from him", an official of ZTBL disclosed.
The committee expressed its surprise that no legal action had been initiated against Lodhi and he was permitted to work as Chief Executive Officer (CEO) Pakistan Steel Mills Corporation. The PAC asked the prime minister to intervene in the matter and order the accused to leave the office and recommend filing of a criminal case against the accused.
According to Audit report, "ZTBL appointed Imtiaz as CFO in 2006 with gross salary of Rs 200, 000 per month. Meanwhile, the bank started process of verification of his documents to establish the genuineness. When mis-statement of facts came to the knowledge of the Lodi, he submitted resignation. His degree of ACCA from Institute of Chartered Accounts in England and Wales was referred fro verification. Status of last experience as well as membership of ICAEW has not been testified as genuine".
Committee also recommended for putting the name of former Managing Director SME Bank Tahir Abbas on ECL and also referred the cases of his mismanagement and irregularities to National Accountability Bureau (NAB) for probe.
Responding to the queries of privatisation of SME Bank, Secretary Finance Dr Waqar Masood informed the committee that government has been looking into an option of merger of Bank after receiving little response from the potential buyers in case of Bank's privatization.
Secretary Finance and Revenue further disclosed that federal government would arrange commercial loans for Pakistan Railways to run its affairs. "We have put a subsidy of Rs 22 billion in federal budget 2011 to finance pay and pension of employees, fuel, repair of locomotive and rail tracks." he said. But government is facing serious budgetary constraints, therefore it is not possible to finance it through budget. However, commercial loan would help make 150 locomotives operational. He further said that the budget deficit remained 3 percent in first six months of the fiscal year.
Comments
Comments are closed.