Federal Minister for Power Division, Sardar Awais Ahmed Khan Leghari, has ordered an inquiry into financial loss of Rs 2.45 billion by the Jamshoro Power Company ie 777 MW Jamshoro Power Plant in financial year 2016. He ordered the inquiry in a meeting on evaluation of GENCOs and way forward here on Wednesday. The Minister appeared unaware of the fact that all power sector entities, excluding PPIB, are headed by the Power Division''s "look busy do nothing" inexperienced officers, said an insider.
The Auditor General of Pakistan has unearthed Rs 1.32 trillion worth of financial misappropriation, irregularities, recoveries and overpayments in companies operating under the water and power ministry during 2016-17. According to an official statement, Federal Minister also took stern notice of decline in profit from 1.469 billion rupees in financial year 2014 to Rs 751 million in 2015 and 780 (unaudited) million rupees in 2017 by the Jamshoro Power Company and ordered an investigation as to the reason in the inquiry report.
Accordingly, the Minister has directed the CEO, GENCO Holding Company to conduct an inquiry into the accounts of the company for the last four years and ascertain the reasons for the mismatch in profit and loss of the company within 15 days. He further directed that strict action may be taken in the light of inquiry against those responsible.
Leghari also directed that in case of failure to complete the inquiry in time, an external inquiry will be conducted. Jamshoro Power Company registered a loss of Rs 2.453 billion during the financial year ending June 30, 2016. The same company however earned a profit of Rs 1.469 billion in financial year ending June 30, 2014, a profit of Rs 751 million in financial year ending June 30, 2015 and a profit of Rs 780 million in financial year ending June 30, 2017.
Sardar Awais Ahmed Khan Leghari said that transparency in all types of transactions will be ensured and the Power Division will go to any extent in this regard. He emphasized that transparent transactions are bound to produce good results. He further directed the Power Division to figure out the role of the GENCOs in the country''s energy plan for the future, keeping the supply /demand and emergency scenarios under consideration. This exercise will help GENCOs to evolve a future strategy of either modernization or exit for better utilization of resources, added the Minister.