Islamabad:
The National Assembly’s Public Accounting Committee (PAC) was left stunned on Thursday by revelations of widespread corruption, theft and financially wrong leadership in the Agriculture Development Bank (ADB).
Chairman of MNA Naveed Qamar met PAC to review audit objections related to ADB. Committee members expressed alarms in reports of failure to repay loans, fraud and a number of unresolved revision objections that plagued the institution.
PAC member Munaza Hassan noted, “Every other revision of revision involves corruption, theft, or subdues. What exactly is going on in this bank?”
In response to concerns, the ADB president claimed that the situation had improved through the recruitment of better qualified officers, noting that many former employees had only matric level qualifications.
Hassan reiterated that such great irregularities could not have been committed by “a careless layman”.
Chairman Qamar condemned the bank’s list of lending to defaults and called it direct fraud.
