CFO Utilities alleges embezzlement by MD seeks inquiry into irregularities

Utility Stores

ISLAMABAD: Utility Stores Corporation (USC) Chief Financial Officer has recommended an impartial inquiry against the USC managing director over alleged embezzlement of funds and unlawful practices.

According to sources, the USC Chief Financial Officer Hamood-ur-Rehman leveled serious allegations on the USC managing director and urged the corporation’s chairman to hold a fair inquiry into the issue.

Sources further said Hamood-ur-Rehman, in a letter to the chairman and finance committee, painted alleged irregularities and unlawful practices of the managing director and demand to immediately reverse all postings in the finance and accounts section.

He highlighted that all postings in the finance and accounts section were done without his consolation, moreover initiating punitive action against the managing director and general manager under the concerned service rules.

The chief financial officer also asked the chairman to conduct a special audit of all the payments, which were made after 1st October 2020 by the finance department without his acquaintance and consent, and all the illegitimate benefits received by the managing director.

Hamood-ur-Rehman raised grim concerns over the posting of grade-18 officer Haider Raza as acting General Manager Finance on September 25 last year, saying Haider was not qualified and experienced for such a position related to finance.

He also objected to the postings of the finance manager, manager accounts and accounts officers, violation of reporting channel and board’s resolutions, and illegal payments worth billions of rupees released by the managing director.

The managing director was using three vehicles, including Toyota Fortuner and Toyota Corolla, under the name of protocol duty and drawing fuel of all the vehicles, besides getting monetization of more than Rs 94,000 and personal fuel card, he alleged.

USC has sustained a huge aggregate financial loss, mainly due to non-compliance of signed terms of agreement with the vendors, ineffective price negotiations and placement of orders without performing any due diligence, he revealed.