Saudi Arabia to announce slight rise in oil, gas reserves after audit – source

For almost 30 years - despite rising production, large swings in oil prices and improved technology - Riyadh has annually reported the same number for reserves at around 261 billion barrels, according to a statistical review by BP

Fresh audit reveals PIA’s market share greatly diminished between 2008-2017

According to the audit report, the state-owned airline couldn’t continue as a going concern without the assistance of the government since it had accumulated a loss of Rs361 billion till December last year

Naqvi shouldn’t be blamed for Abraaj’s disintegration, says lawyer

Mr Naqvi’s lawyer Habib Al Mulla, executive chairman of Baker & McKenzie said the Abraaj scandal had inflicted “some damage” to Dubai’s reputation and raised fingers at the local regulators including DFSA

Abraaj fund investors hire Duff & Phelps to help recover money: sources

The advisory firm will seek to trace an estimated $33 million owed by Abraaj relating to the Infrastructure and Growth Capital Fund

Special audit of PIA-owned Roosevelt Hotel recommended

Profit of the New York hotel plunged from $21m in 2008 to $3m in 2017ISLAMABAD: The auditor general of Pakistan has been recommended by...

NAB starts graft probe against Customs DG

-- Complainant claims DG created and operated an unlawful “incentive system” at Faisalabad DryportISLAMABAD: The National Accountability Bureau (NAB) has formally started its investigation against...

AF Ferguson celebrates 125 years of service

KARACHI: AF Ferguson & Co. on Friday celebrated its 125 years of professional services.The event, held at a local hotel in Karachi, was attended...

Abraaj shutting down London office, as woes mount

Earlier this week, Bloomberg reported Abraaj’s fund unit had received an offer of $1 from private equity firm Actis, sources aware of the development disclosed

FIA to undertake special audit of mega transport projects: Report

During the previous government's tenure, large transport projects were undertaken including Punjab’s capital city Lahore and various other cities with financial assistance from China

Tax regulator contemplating forensic audit of share transactions

The Federal Board of Revenue (FBR) officials deduced hiding of withholding taxes on share transactions since the brokerage commission on these transactions exhibited growth during FY18

Summit–Sindh Bank merger takes another turn, share swap ratio revised again

Ahsan Raza Durrani appointed as acting president and chief executive officer/executive director as Sindh Bank-Summit Bank merger has come under scrutiny due to alleged financial irregularities.

Has CPEC hit a major roadblock?

China’s infrastructure building spree across the nation seems to have been halted due to Pakistan’s inability to pay its loans

Rs128 million fraud in IESCO uncovered by auditors

IESCO is accused of having made excessive and incorrect payments to contractors and auditors have recommended them to be recovered

Objections against KASB Bank-BankIslami amalgamation disposed of: SBP

Previously, shareholders of defunct KASB Bank had sought a minimum compensation of Rs14.2 billion from the State Bank of Pakistan (SBP), terming the Rs5.9 billion negative valuation of the bank, determined by AF Ferguson, mala fide and dubious

AGP office, federal government at loggerheads over exempting of audit to secret service fund

According to sources, AGP department which comes under the purview of the Finance Ministry is mulling to challenge the amendment in the AG’s ordinance in the apex court

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Offshore drilling near Karachi coast completed

ISLAMABAD: Offshore drilling near Karachi coast on Indus G-Block (Kekra-1) has finally been completed after four months of hard work. The drilling was done through...

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