Rs 80 Billion Scam by Punjab Government Formed 56 Companies- LHC Takes Action – Research Snipers

Rs 80 Billion Scam by Punjab Government Formed 56 Companies- LHC Takes Action

LHC has issued a notice to 56 Punjab companies on 80 billion scam case. The heads of the companies are asked to clarify their position by November 14.

Mansoor Ali Shah LHC Chief Justice has asked government officials on the reason behind developing these companies when there is an operational municipal system.

Also read: LHC issue notice on illegal hiring in PIA

Shah asked, “How can a secretary become company’s head and withdraw double salary”, and he further inquired about the method of the audit of these companies. Also, the opposition is thinking to talk about this issue in Punjab Assembly.

On October 20th it was found that there were irregularities going on in Punjab government formed 56 companies. The damage amounted to more than Rs 80 billion.

Now Punjab government formed these 56 companies and disguised them under good governance. They were registered under Article-42 of Companies Ordinance 1984. Now, this whole scam is quite unbelievable and shocking.

Rules of the companies were not given importance and broken while jobs were offered on basis of favoritism. Shahbaz Sharif gave a huge fund of Rs150 billion to these companies which just got lost in the dust. Initially, 6 companies were formed which was extended to 56. Moreover, Punjab government did not audit the financial doings of these companies through Punjab Accountant General. Also, 4 companies audit details were not made public and financial records of around 38 companies is just missing.