PAC inquires into Federal Benevolent Fund investment in private sector

ISLAMABAD: The Public Accounts Committee (PAC) in a session at Parliament House discussed investment of Federal Employees Benevolent Fund in private sector, ARY News reported on Thursday.

The PAC meeting presided over by its chairman Rana Tanveer Hussain discussed an unlawful investment of Rs. 22 billion from the Federal benevolent fund in the private sector.

Audit officials in the PAC hearing said that the Federal benevolent fund is public money and it could not be invested in private sector.

Secretary Establishment Division informed the committee that the National Accountability Bureau was inquiring into the matter.

“The NAB only investigate promptly in matters when it related to politicians,” Chairman PAC Rana Tanveer quipped. “This case is under the NAB inquiry since year 2012,” he said.

“On this performance the accountability bureau should be shuttered down,” he further said.

He asked the reasons behind unnecessary delay in the NAB inquiry.

The NAB is only chasing down politicians, Senator Mushahid Hussain Sayed, remarked in meeting.