The Public Accounts Committee (PAC) of the National Assembly was left stunned on Thursday by revelations of widespread corruption, theft, and financial mismanagement within the Agriculture Development Bank (ADB).
Chaired by MNA Naveed Qamar, the PAC met to review audit objections related to the ADB. Committee members expressed alarm at reports of non-repayment of loans, fraud, and a string of unresolved audit objections plaguing the institution.
PAC member Munaza Hassan remarked, "Every other audit objection involves corruption, theft, or embezzlement. What exactly is going on at this bank?"
Responding to concerns, the ADB president claimed the situation had improved through the recruitment of better-qualified officers, noting that many former employees held only matric-level qualifications.
Hassan retorted that such large-scale irregularities couldn't have been committed by "an imprudent layman".
Chairman Qamar condemned the bank's record of lending to defaulters, calling it outright fraud.
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