Public Accounts Committee (PAC) has revealed that RS68 billion in taxes and sanctions from two oil companies remain unpaid, causing concern about regulatory lapses.

During a PAC meeting, the petroleum secretary revealed that one of the companies, Byco, redirected as Cnergyico after default, reported Express News.

The company has now agreed to pay RS1 billion annually.

PAC questioned how the company was registered under a new name and called the chairman of Securities and Exchange Commission of Pakistan (SECP) to clarify.

Auditing officials stated that the case had been referred to Special Investment Facilitation Council (SIFC), pulling inquiries from legislator Naveed Qamar on the legal basis for such a movement.

They added that the case was also sent to Federal Investigation Agency (FIA) and National Accountability Bureau (NAB).

However, the FIA ​​and NAB officials at the meeting were unaware of the current status of the case, which caused PAC’s dissatisfaction.

The committee has called the NAB -chairman and FIA general director for an explanation of the next meeting.

Last week, PAC had promised to recover RS2.5 trillion and surpassed RS1.6 trillion, which was recovered during the committee’s previous term.

The meeting with PAC was held OUNDER chairman of the Junaid Akbar at the House of Parliament. During the meeting, the National Assembly Secretariat informed the committee on the current status of audit paras and recovery.

According to the briefing, an improvement of 1.6 trillion rupees was made in PAC’s previous period.