LAHORE, (DNA)- Joint Stock Companies on Tuesday handed over record of Punjab’s 17 public limiter companies to National Accountability Bureau (NAB) as anti-graft watchdog accelerates the ongoing probe in Rs80bn scam case.

All companies were registered under section-42 of Company Act, 2017.

These companies were registered as non-profitable companies in Joint Registrar Office. Memorandum of these companies were also handed over to NAB.

Rs80 bn scam case
on October-20 this year, had unearthed mammoth irregularities worth over Rs80 bn in financial matters of 56 companies formed by Punjab government.

As per details garnered, Punjab govt had constituted 56 companies under guise of good governance and registered them under Article-42 of Companies Ordinance 1984. Punjab Chief Minister Shehbaz Sharif was inspired by the Turkish model and therefore summoned analysts from the same.

While deliberately turning a blind eye towards similar local companies operating in Pakistan, Sharif-led Punjab govt awarded dozens of contracts to Turkish conglomerates on hefty paybacks.

Before formation of these companies, 113970 employees were working in different departments across Punjab and the figure augmented to 157500 following arrival of Turkish corporations.

Rules were either disregarded or revoked while contracts were given on basis of sheer nepotism, thus inflicting hefty losses on provincial exchequer as Shehbaz Sharif issued mammoth Rs150 bn funds in this regard. Earlier, only six companies were formed but the amount soared to 56 in years to come.