ISLAMABAD: Financial irregularities of Rs 6.42 billion have been revealed in Utility Stores Corporation (USC).
The document obtained by Bol News has made the said revelation. During 2018 to 2020, the state organisation suffered a loss of Rs12.81 billion.
It transpired that alleged fraud was committed in procurement of sugar, flour and ghee, and the commodities were sold in black.
Flour mills owners allegedly earned illegal profits of Rs5.30 billion with the connivance of management. Millions of bags of 20 kg wheat flour were deliberately under-received during the government wheat’s milling process, the document laid bare.
It said utility stores remained at a loss because of financial mismanagement and alleged fraud. An increase of Rs1.41 billion has been witnessed from 2020 to the tune of Rs15.51 billion.
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On June 21, in a veiled support for embezzlement, Minister for Planning and Development Ahsan Iqbal had said he could tell names of the countries which had progressed with corruption of Pakistani leadership’s level.
“It is time for every Pakistani to be serious. We should provide our next generations such a path that they do not repeat blunders of the past,” Ahsan Iqbal had said addressing a seminar organized under the Grand National Dialogue regarding improving Pakistan’s economic performance in Islamabad.
He had said progress without political or economic continuity was impossible. The world waited for none, we had to rectify our mistakes and for development we would have to understand continuity of the policies, he had maintained.
Giving reference of a country which made progress despite being allegedly marred with corruption, he had said Bangladesh had more corruption than Pakistan, but it left our country behind. “No country in the world has made progress without continuity of the policies and with internal conflicts and battles,” he had added.
The federal minister had said the political leadership and other stakeholders would have to agree on a charter of economy to take the country towards sustainable development.
