Asif Ali Khan
PESHAWAR: An audit of the Khyber Pakhtunkhwa Economic Zones Development and Management Company for the 2024–25 financial year has revealed financial irregularities and losses totalling Rs18.46 billion.
According to an audit paras by the Auditor General of Pakistan and reported in media, the PTI government failed to recover Rs2.0849 billion in lease payments for land allotted to industrial owners, despite court orders. The report also attributed a loss of Rs629.8 million to the failure to renew commercial land agreements.
The audit identified another Rs1.0774 billion in losses linked to the failure to retrieve land in Buner, Mohmand and Jalozai. It also reported a loss of Rs174.1 million arising from the alleged unauthorised allocation of commercial land for industrial use.
In Haripur, 10 acres of land comprising plots numbered 185, 186, 187 and 190 were allotted to Al-Hadeed Engineering. According to the report, the failure to recover the required amount resulted in a loss of Rs497.8 million to the national exchequer.
The report warned that the company’s potential liabilities had reached Rs14 billion, describing the situation as a serious risk to the continuity of its operations.
It raised questions about the company’s governance, land-allocation procedures, recovery of outstanding payments and financial management.
The report also pointed to poor administrative decisions and alleged preferential treatment that may have caused significant losses to public resources.
Related:
Billions Lost to Alleged Irregularities in KP Minerals Dept: Report