ISLAMABAD: Audit report for the year 2015-16 has pointed out widespread financial irregularities in the Ministry Of Industries and production and its subsidiaries. The audit reports worked out by Auditor General (AG) Pakistan for the years 2011-14 in respect of accounts of Pakistan Industrial Development Corporation revealed that administration hired the services of two security guards from two security companies against payment of Rs 21.075 million and acquired PIDC building at the cost of Rs 3.11 million without calling open tenders. Audit said that these services were not hired at the best competitive rate. The administration replied that these services were hired on emergency grounds and the main reason behind it was the law and order situation in Karachi. DAC directed the management to hold inquiry but no progress has been made so far in this respect. The national exchequer was caused loss amounting to Rs 3.102 million by giving undue favours to a favoured company. As per the audit report, Kot Lakhpat building of PIDC was rented out to PDDC in 2009. Later, PDDC defaulted and Rs 3.102 million were sunk. It is said in an audit report that TMDC management purchased raw material of Rs 8.327 million from Dubai and it was done without an open tender. This institution also obtained goods worth Rs 6.202 million from two suppliers and this purchase was made to avoid competitive rates in the open market. This way, loss amounting to Rs 4.647 million was inflicted on the national kitty. It was said in the audit report of TDMDC for the year 2014-15 that administration sold out products valuing Rs 4.744 million, while their original cost stood at Rs 9.391 million. The institution had to suffer losses to the tune of Rs 4.647 million. It is said in audit report that a loss amounting to Rs 8.327 million was caused to the national exchequer through irregular purchases made by Karachi Tools Dyes and Mould Centre (KTMDC). Audit has asked the administration to explain the reasons for losses caused to the national kitty. The audit paras in respect of National Industrial Parks Development and Management Company revealed that loss to the tune of Rs 3.43 million was inflicted on national coffers due to illegal payment of conveyance allowance to the employees. Loss of Rs 4.8 million was caused to the national exchequer through appointment of overage managers and no permission was obtained from competent authorities on this count. Loss amounting to Rs 72.68 million was caused to the national kitty under the head of contracts. These contracts were awarded to companies irregularly. Rs 1.27 million were spent lavishly on foreign tours. Financial irregularities running into millions of rupees have been pointed out in the accounts of Pakistan Gems and Jewellery Development Company (PGJDC). Losses to the tune of Rs 8.561 million were caused to national exchequer through appointment of an officer as director. During the course of audit of Pakistan Steel Mills, financial malpractices running into billion of rupees have come to light. Financial loss amounting to Rs 328.72 million was caused to national exchequer by not utilising different items. Due to non recovery of outstanding dues, a loss of Rs 261.921 million was inflicted on the national kitty. Audit directed the management to work out a summary on this count.