Business

Senate committee: Details of NTC’s Rs1.7b investment sought

Officials say transaction was carried out as per law

Our Correspondent July 15, 2016

The officials further stated that only 87 people have been inducted in the NTC during the last five years against which 580 people have retired. PHOTO: AYESHA MIR/EXPRESS

ISLAMABAD: Senate Standing Committee on Information Technology and Telecommunication has asked the National Telecommunication Corporation (NTC) to submit a detailed report on an investment worth Rs1.7 billion made by the corporation over a period of time.

Senator Shahi Saeed chaired the meeting and discussed various issues.

The main topic of discussion was the corporation’s decision to invest Rs1.74 billion in various private banks. The committee said that it will examine whether the investment was made as per law and whether the desired benefits have been received.

The committee sought the details including the minutes of the investment committee of the NTC which had recommended the transaction.

NTC officials informed the committee that the corporation took all the necessary steps as stipulated by the law and got approval from the competent authority management board of NTC.

The officials further informed that the investment and audit committees of the management board of the NTC had recommended an investment of Rs1.74 billion. They added that the NTC had also issued several advertisements in various newspapers seeking the bidding for this investment, saying that the corporation usually makes investments for a period of six months to one year.

Moreover, the committee was informed that the NTC had also sent a summary to the finance division for approval of ad hoc allowances for the employees of the NTC and all dues including arrears will be paid to the employees.

Senator Rehman Malik said that the corporation must submit a report with details of the transaction.

The committee also sought details about the induction in the NTC during the last three years. The panel was informed that only 34 people have been recruited during the last three years and all appointments were made following regional and provincial quota as per rules.

The officials further stated that only 87 people have been inducted in the NTC during the last five years against which 580 people have retired.

Published in The Express Tribune, July 15^th, 2016.

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