PCB not heading towards bankruptcy: Pakistan senateFebruary 9th, 2009 - 8:54 pm ICT by IANS
Karachi, Feb 9 (IANS) Pakistan senators probing alleged mismanagement of the country’s cricket matters have rejected Pakistan Cricket Board (PCB) claims that it is heading towards bankruptcy.
Following a meeting with the PCB top brass in Islamabad Monday, the Senate’s sports committee came to the conclusion that the Board has enough reserves in its accounts to run cricket in a proper manner.
“At the last meeting with us, the PCB management had informed us that the Board’s reserves have fallen to Rs.1.5 billion and might not even last for a month. They were fearing that the Board is heading towards bankruptcy,” said Senator Haroon Khan, a committee member.
“But at today’s meeting the PCB gave us a report on its finances which says that it currently has Rs.2.7 billion in its accounts. We believe that with that kind of money in its coffers, the Board cannot be heading towards bankruptcy,” said the Senator, who is regarded as a financial expert.
Senator Haroon said after a six-hour long meeting at the Parliament House that the committee also took serious note of the fact that the PCB management gave misleading figures about a controversial development project at Lahore’s Gaddafi Stadium.
“At the previous meeting, the PCB officials told us that because of malpractices by the previous Board management, the development projects at the Gaddafi Stadium has caused major losses to the Board,” he said. “But today it became clear that their figures were all wrong.
“They had claimed that the project will now cost the PCB Rs.470 million while the contractor and consultant hired for the project told us at today’s meeting that the task can still be completed at a cost of Rs.310 million,” he said.