PAC Again Directs Ministry To Recover Looted Money From 2 Petroleum Companies

The Public Accounts Committee (PAC) on Wednesday again directed the Ministry of Petroleum to recover the money embezzled by two petroleum companies form the national exchequer

ISLAMABAD, (UrduPoint / Pakistan Point News - 17th May, 2023 ) :The Public Accounts Committee (PAC) on Wednesday again directed the Ministry of Petroleum to recover the money embezzled by two petroleum companies form the national exchequer.

The PAC meeting, chaired by its Chairman Noor Alam Khan, reviewed the audit paras of the Ministry of Petroleum from 2020 to 2021.

It was apprised that the two petroleum companies, BYECO and HASCOL, had not yet fully returned the looted public money.

It was told that BYECO was the defaulter of Rs 57 billion till date, and only Rs 3.9 billion had been recovered from it so far.

Expressing his dismay over the meager recovery, Noor Alam observed that they had already directed the Petroleum Division not to show leniency in recovering the embezzled amount, but they were holding talks with the defaulters.

He said they had also directed for putting the Names of officials involved in looting the national exchequer on the Exit Control List (ECL).

The PAC reiterated its directives of taking action against both the companies for the recovery of the looted amount.

Noor Alam also the Federal Investigation Agency (FIA) to arrest the owner of BYECO.