A new report by the Auditor General of Pakistan (AGP) has found billions of dollars in discrepancies in the Civil Aviation Authority (CAA) pension funds, reported ARY News.
The investigation revealed that the CAA’s Finance Directorate placed an alarming fund of Rs. 47 billion from the CAA’s pension funds in various banks as “investments” without approval from their superiors, as per the report.
The investigation also found that the Rs. 47 billion invested by CAA finance officials exceeded the predetermined investment threshold of Rs. 4 to Rs. 6 billion. This means that the CAA finance officials invested far more amount than they were authorized to.
The auditors tried to get comments from CAA officials during the audit, but none of them responded. This led the AGP to recommend a full investigation into the CAA finance department’s financial activities.
Via ARY News