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Irregularities worth Rs11.82b revealed in NTDC

Irregularities worth Rs11.82b revealed in NTDC

LAHORE: Irregularities worth Rs 11.82 billion have been revealed in the National Transmission and Despatch Company (NTDC) as per special audit report.
According to details, contracts were given to favorite companies and overpayments of Rs 3 billion were made. The NTDC suffered loss of Rs 19.50 crore in Neelum-Jhelum transmission line contract. GST fund worth Rs 4.10 billion was not even claimed.
The report further revealed that former MD and other officers gave contracts without getting approval from the concerned board. Material goods worth crores of rupees were stolen from the warehouse.
Embezzlements were committed in development schemes in Lahore, Multan and Islamabad. The company suffered loss of Rs 2.03 billion due to deliberate delay in eleven mega projects, of Rs 1.25 billion in duties and tax returns without verifications and of Rs 34 crore due to fraud in accounts.