KP PAC for reinvestigating financial irregularities in SMEDA

PESHAWAR: The Public Accounts Committee (PAC) of the KP Assembly Thursday expressed its concern over poor financial monitoring of public sector organisations and asked the Industries Department to re-investigate loaning irregularities in certain projects floated by Small and Medium Enterprise Development Authority (SMEDA).

The observations were made during a meeting regarding disposing audit paras on fiscal anomalies in the projects of Small and Medium Enterprises Development Authority (SMEDA) under the Industries Department during the militancy period.

The meeting was chaired by MPA Muhammad Idrees at the KP Assembly Secretariat and was attended by MPAs Inayatullah, Salahuddin and Babar Saleem Swati as well as high ups of the Industries, Commerce, Technical Education, Law, Finance, Accounts & Audit departments.

Criticising the “poor” financial monitoring of public sector organisations, the committee directed the officials concerned to fix responsibility and ensure recoveries of losses caused to the public exchequer.

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It also underlined the need for evolving foolproof mechanism of joint departmental scrutiny of the loaning support to the SME so that deserving youth could be benefited from its fruits.

The committee, however, asked the departments for expediting the process of recoveries in respect of damages caused to public funds during the under Pera periods including loss due to delay of recoveries from defaulters.

 

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