Huge investment by PEMRA in foreign banks comes to the fore


ISLAMABAD: Investment to the tune of Rs 588 million made by PEMRA out of public funds in different banks has come to the fore and the finance ministry and the information ministry have sought an explanation from PEMRA on this count.

Sources told media that all the investment had been made in banks outside the country. According to the information provided by PEMRA to the National Assembly (NA) a high profile inquiry is under way against PEMRA’s colossal investment in foreign banks. The officers who are behind this investment are being identified.

According to rules it is mandatory to seek permission from the finance ministry before making investments of Rs 10 million or depositing an amount in equal proportion in any bank but PEMRA had not obtained this permission. On the other hand it earned a profit by making a secret investment.

PEMRA has distributed Rs 40 million as Eid bonus among its employees without obtaining any approval from the finance ministry.

Earlier the secretary WWF, a subsidiary of the ministry of overseas Pakistanis had approved two Eid bonuses arbitrarily. The federal secretary took notice of it and ordered for returning this amount besides constituting an inquiry committee to determine as to why an institution took such a step on its own which led to a loss of millions of rupees to the national kitty.

A high level inquiry committee is likely to be constituted to probe into the payment of Eid Bonus to PEMRA employees in order to determine whether any institution could take such a step or otherwise on its own without seeking permission from the ministry of information. If it could not do so then a proposal will be given to impose a penalty so that no one dares to inflict a loss on the national exchequer in future.

Sources said PEMRA had taken away the record pertaining to Eid bonus. However the facts are likely to come into the open following the conclusion of the inquiry.

The performance of PEMRA has also been called into question because a recovery amounting to Rs 107 million has not been made from nine companies including FM Radio, Satellite TV and other private TV channels.

PEMRA has provided vehicles to GM level officers along with fuel. Repairing and other charges are also being paid from the national kitty. This is illegal because the officers to whom these vehicles have been provided are not entitled to the same.

Check Also

All eyes on Islamabad as opposition meets to devise anti-govt strategy

ISLAMABAD: All eyes are on Islamabad today where the stage is set for a much-hyped …