Islamabad, February 18, 2025: The Public Accounts Committee (PAC) has revealed that Rs68 billion in levy and penalties remain unpaid by two petroleum companies, raising concerns over regulatory oversight.
During a PAC meeting, the Petroleum Secretary disclosed that one of the defaulters, Byco, had rebranded itself as Cnergyico after failing to clear its dues. The company has now agreed to pay Rs1 billion annually towards its outstanding obligations.
Committee members questioned how the company was allowed to register under a new name despite its financial defaults. In response, PAC summoned the Securities and Exchange Commission of Pakistan (SECP) Chairman to clarify the matter.
Audit officials informed the committee that the case had been referred to the Special Investment Facilitation Council (SIFC), a move that prompted lawmaker Naveed Qamar to question the legal grounds for such an action.
They further revealed that the matter had also been forwarded to the Federal Investigation Agency (FIA) and the National Accountability Bureau (NAB). However, FIA and NAB representatives present at the meeting were unaware of the case’s current status, leading to PAC’s dissatisfaction.
The committee has now summoned the NAB Chairman and FIA Director General to provide explanations in the next meeting.
Last week, the PAC set a target to recover Rs2.5 trillion, aiming to surpass the Rs1.6 trillion collected during its previous tenure.
The committee meeting, chaired by Junaid Akbar at Parliament House, also included a briefing from the National Assembly Secretariat on audit paras and financial recoveries. Officials confirmed that Rs1.6 trillion had been successfully recovered during the PAC’s last term.
The committee continues to push for greater accountability in financial recoveries, emphasizing stricter enforcement against corporate defaulters.
