Punjab Companies scandal: City News acquires details of salaries paid to CEOs - City News HD

Punjab Companies scandal: City News acquires details of salaries paid to CEOs

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LAHORE (City News) – A probe by investigation cell of City News stated that officials of the public companies formed by Punjab government were awarded salary up to Rs2 million. Apart from salary, allowances up to Rs3 lakhs, house and vehicles were also awarded to the officials.

CEO of National Thermal Power withdrew Rs2 million per month from provincial exchequer, CEO of Knowledge Park withdrew Rs1.4 mln, CEO of Clean Water Company North withdrew Rs1.3 mln, CEO of Clean Water Company South withdrew Rs1.35 mln and CEO of Skill Development Company was hired at mammoth salary of Rs1.1 mln per month.

Likewise, Punjab Urban Development’s CEO withdrew Rs6 lakhs, CEO of Punjab Investment and Trade Company withdrew Rs8 lakhs whereas CEO of Punjab Model Bazar withdrew as much as Rs6 lakhs.

On the other hand, Supreme Court (SC) has taken suo motu notice on paying heft salaries and allowances to the the officials of public limited companies.

City News Investigation Wing had unearthed mammoth irregularities worth over Rs80 bn in financial matters of 56 companies formed by Punjab government.
As per details garnered, Punjab govt had constituted 56 companies under guise of good governance and registered them under Article-42 of Companies Ordinance 1984. Punjab Chief Minister Shehbaz Sharif was inspired by the Turkish model and therefore summoned analysts from the same.

While deliberately turning a blind eye towards similar local companies operating in Pakistan, Sharif-led Punjab govt awarded dozens of contracts to Turkish conglomerates on hefty paybacks.

Before formation of these companies, 113970 employees were working in different departments across Punjab and the figure augmented to 157500 following arrival of Turkish corporations.

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