LESCO Orders Legal Action Over Alleged Pension Fund Scandal

An inquiry has been ordered after financial irregularities involving pension funds surfaced at the Lahore Electric Supply Company.

According to the report, the national exchequer suffered a loss of Rs684 million due to the handling of interest on pension funds. Following the discovery, LESCO’s Board of Directors ordered an inquiry to identify the officials responsible for the loss.

A high-level committee has been formed to investigate the matter. The committee is headed by the Chief Internal Audit and includes Chief Legal Officer Imtiaz Elahi and Deputy Director Finance Mehrab Zubair Liaqat as members.

The committee has been tasked with determining responsibility for the alleged loss and submitting its findings to the board. The Board of Directors has also recommended that the Chief Legal Officer initiate legal action against those found responsible.

According to the report, LESCO suffered losses worth millions of rupees due to the handling of pension fund interest.

LESCO has faced corruption allegations in the past, including cases related to pension funds and payments made to ghost employees.

The report further stated that LESCO Chief Muhammad Ramzan Butt had previously faced allegations involving ghost payments, while a case related to alleged fake payments against him remains pending before the court.