Daily Times

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

Sources told Daily Times that all the investment has been made in banks outside the country. According to information provided by PEMRA to National Assembly (NA), a high profile inquiry is underway against PEMRA regarding large investments in foreign banks. The officers behind this investment are being identified.

According to rules it is mandatory to seek permission from finance ministry before making investment of Rs 10 million or depositing the same amount in any bank but PEMRA had not obtained this permission. It instead 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 finance ministry.

Earlier secretary WWF, a subsidiary of ministry of Overseas Pakistanis had approved two Eid bonuses arbitrarily. The federal secretary took notice of it and ordered the return of this amount and constituted an inquiry committee to determine as to why an institution took such a step on its own which led to the loss of millions of rupees to the national kitty. A high level inquiry committee is likely to be constituted to probe into 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.

Sources said PEMRA has taken removed the record pertaining to Eid bonus. However, the facts are likely to truly emerge following the conclusion of inquiry. The performance of PEMRA has also been called into question because recovery amounting to Rs 107 million has not been made from as many as nine companies including FM Radio, Satellite TV and other private TV channels.

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