Pak AG objects to PCB's multiple accounts

Updated: 14 April 2009 08:51 IST

The AG of Pakistan has objected to the PCB's 57 accounts in different banks, many of which are not listed in the category meant for reliable banks.

Pak AG objects to PCB's multiple accounts
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Karachi:

The Auditor-General of Pakistan has objected to the Cricket Board's 57 accounts in different banks, many of which are not listed in the category meant for reliable and safe banks in the country.

The report of the AG office has been sent to Pakistan Cricket Board chief patron Asif Ali Zardari and the national assembly public accounts committee headed by opposition leader Chaudhary Nisar Ahmed.

"The Audit report has pointed out that many of these foreign currency and local currency accounts are in banks which are not listed as triple A banks," one source in the board said on Tuesday.

Triple A rating means banks which are deemed as reliable and sound by the state bank of Pakistan.

"The AG report has questioned as to what is the need for maintaining so many accounts and it points out to poor administration and financial management by the board," the source said.

The AG conducted an audit of the board accounts from 2003 to 2008 and according to sources it had pointed out at least around 55 discrepancies in the board accounts.

The board presently has cash assets of around Rs 2.5 billion with other liquid assets of property and investments.

Sources said the AG's report has mainly noted financial discrepancies during the tenure of former Chairman Nasim Ashraf.

Topics : Cricket Sreesanth
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