Monday, April 15, 2024

Irregularities at Utility Stores worth Billions, Exposed by Audit Report

The Auditor General of Pakistan’s team has recently found that the irregularities of over billions of rupees in funds of USC- Utility Stores Corporation are running under the Ministry of Industries and the Production.

However, the audit team has found that the irregularities of worth RS 14.8 billion in the sales and purchase of food items like flour and sugar are recorded between 2019 and 2020.

Moreover, it is beside the other losses that are of RS 2 billion worth in dealings of flour and sugar and RS 640 million only in the proceeds of flour during this tenure.

Irregularities of overall RS 9.4 billion were identified in the sales of sugar and the purchase dealings; however, besides this alleged embezzlement of the worth RS 3 billion for flour dealings at USC were also highlighted.

The report also identifies that the collective RS 325 million were misappropriated by USC’s employees in previous fiscal year.

The corporation had also lost RS 8.4 million just by not initiating the risk and the cost action against any defaulter sugar mill.

Meanwhile, another RS 154 million loss was recorded because of non-procurement of the sugar from an alternate source on the risk and the cost of defaulter sugar mills.

Procurement of the low-quality sugar with worth of RS 2.3 billion was also pulled out by the audit team.

Mehjabeen Qasim
Mehjabeen Qasimhttps://startuppakistan.com.pk/
Business Journalist at Startup Pakistan

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