Pak Senate to probe PCB’s bank balances

May 8th, 2008 - 7:52 pm ICT by admin  

Karachi, May 8 (ANI): Pakistan Senate’s Standing Committee on Sports is contemplating to probe PCB’s bank accounts. A meeting of the Committee was slated to be held this morning to take a decision to this effect.
The Senate committee would seek PCB’s account details from 2004 onwards.
The Board has been criticised for putting its funds in several second-tier banks like Soneri Bank, My Bank, Bank of Kyber, NIB, Atlas and Habib Metropolitan Bank. There have also been reports that the Board’s bank balances have constantly declined during Ashraf’s regime. According to one report, within a short span of a couple of months between 30th November 2007 and 31st January 2008, they have fallen by 7 percent.
Some of the Senators are said to be fuming over the Board’s lethargy over the matter and say that they are yet to receive the PCB’s accounts details.
“We were expecting to receive the accounts details of the PCB at least four to five days before the meeting but are yet to get hold of any such document,” The News quoted Senator Enver Baig as saying.
Baig was displeased with what he termed as was lack of co-operation shown by the PCB officials. “We needed to prepare ourselves before going into the meeting but now will have little time to go through the accounts details provided by the Board,” he said.
The PCB bosses will chiefly be grilled by Senator Haroon Akhtar, who is regarded as a financial expert.
A top PCB official told this correspondent that the Senators will be provided with comprehensive details of the Board’s bank balance. “We have nothing to hide. The Board’s finances are in good shape and will be presented before the Senate committee tomorrow,” said PCB senior official Naghmi.
The PCB devised its treasury policy for the first time in May 2007 following an approval of the ad-hoc committee which has been now been disbanded, he said and added: “All our bank deals are governed by that policy.”
Naghmi also said that PCB funds were growing in a healthy manner. “In 2004 the average return on the Board’s investments was 5 percent but currently it is nine percent,” he said. (ANI)

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