An inquiry has been ordered after financial irregularities involving pension funds has surfaced at the Lahore Electric Supply Company (LESCO), it was reported on Tuesday.
According to the report, the national exchequer suffered a loss of Rs684 million due to the handling of interest on pension funds. Following the discovery, LESCO’s Board of Directors has ordered an inquiry to identify the officials responsible for the loss.
A high-level committee has been formed to investigate the matter. The committee is headed by the Chief Internal Audit and includes Chief Legal Officer Imtiaz Elahi and Deputy Director Finance Mehrab Zubair Liaqat as members.
The committee has been tasked with determining responsibility for the alleged loss and submitting its findings to the board. The Board of Directors has also recommended that the Chief Legal Officer initiate legal action against those found responsible.
According to the report, LESCO suffered losses worth millions of rupees due to the handling of pension fund interest.
LESCO has faced corruption allegations in the past, including cases related to pension funds and payments made to ghost employees
The report further stated that LESCO Chief Muhammad Ramzan Butt had previously faced allegations involving ghost payments, while a case related to alleged fake payments against him is currently pending before the court.
