Faulty insurance deal behind PCB’s whopping financial loss
May 23rd, 2009 - 2:34 pm ICT by ANI
Lahore, May 23 (ANI): A four year audit report of the Pakistan Cricket Board’s financial accounts has revealed that the board has suffered a whopping financial loss of about 43,036,361 rupees because of its laid back attitude in arranging the insurance cover for the cancelled home series against Australia in 2008.
The audit was completed two months ago, but neither the government nor the PCB has made the report public, The Dawn reports.
According to the report, the PCB suffered a massive loss of 26,542,942 rupees in contingency insurance and a further loss of 16,493,419 rupees over the terrorism clause.
Australia was scheduled to visit Pakistan to play three Tests and five One Day International matches besides a Twenty20 game, but Cricket Australia (CA) cancelled the tour citing precarious security conditions.
Later, Oz agreed to play Pakistan at a neutral venue, and a five match ODI series was recently concluded in the UAE.
The reports also stated that the then PCB management, headed by Dr Nasim Ashraf, had paid 500,000 rupees to a legal firm for seeking its opinion regarding the insurance cover for the cancelled series.
Interestingly, the law firm had concluded that the cancellation of the ‘insured’ tour had taken place because of a threat of terrorism, and hence the insurance policy well covered the losses suffered by PCB.
“The PCB was put through the loss due to an imprudent decision. Had the insurance policy been made effective from the date of the start of each series, the loss could have been avoided,” the report said. (ANI)
- Efforts on to revive cricket series with India: PCB official - Apr 13, 2011
- Audit uncovers massive financial mismanagement in PCB - Nov 27, 2009
- PCB, BCCI at loggerheads over ICC's new Future Tours Programme - Dec 12, 2010
- PCB presents surplus budget after two years thanks to ICC - Jul 08, 2010
- PCB announces reward for victorious players - Jul 25, 2010
- PCB Governing Council to hold 'crucial meeting' on Thursday - Dec 21, 2010
- Butt pats his own back for helping reveal massive irregularities in PCB accounts - Nov 28, 2009
- Pakistan wants to play scrapped series with India - Dec 14, 2009
- PCB officially appoints Waqar as head coach, names Ijaz Ahmed as deputy - Mar 02, 2010
- Audit reports unearths massive 500 m rupee financial scam in PCB - Mar 20, 2010
- Now, a multi-billion rupee police arms purchase scam surfaces in Pak province - Nov 20, 2010
- PCB lifts 'indefinite' ban on Younis Khan, revokes Afridi's fine - Jun 05, 2010
- Pakistan not to hire security guards for series in UAE - Oct 28, 2009
- PCB summons coach Waqar for probe in team rift - May 30, 2011
- Few takers for Pakistani cricket team coach - Sep 27, 2011
Tags: audit report, cancellation, contingency, cricket australia, dawn, financial accounts, insurance deal, insurance policy, laid back, massive loss, match, nasim ashraf, neutral venue, odi series, pakistan cricket board, pcb management, play three, rupees, security conditions, uae
