During the meeting, the HBFC team was unable to properly answer the queries of the committee’s chairman. PHOTO: EXPRESS
Top officials of the House Building Finance Corporation (HBFC) are upset at the improper presentation of the organisation’s financial summary at a meeting of the National Assembly Standing Committee on Finance and Economic Affairs.
According to sources, at a recent meeting of the committee, an HBFC team presented a financial summary of the corporation’s performance over the last four years. The summary contained statistics regarding advances, recoveries, disbursement of loans, profit, litigation, markup, administrative expenses and outstanding liabilities.
During the meeting, the HBFC team was unable to properly answer the queries of the committee’s chairman and other members, sources said. In particular, the HBFC officials were unable to satisfy the panel when, in reference to the figures for capital reserves in 2013 and 2014, they were asked to explain how a Rs15 billion was possible in a year’s timeframe, they added.
Published in The Express Tribune, January 8th, 2015.
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