LESCO has launched a high-level inquiry after alleged financial irregularities involving pension funds reportedly caused a loss of Rs684 million. The development has raised fresh concerns over financial oversight within the Lahore Electric Supply Company.
The company’s Board of Directors has ordered a formal investigation to determine how the reported loss occurred. At the same time, it has directed a committee to identify the officials responsible for the matter.
LESCO Orders High-Level Investigation
According to available details, the reported loss is linked to the handling of interest generated from pension funds. As a result, the LESCO Board decided to initiate an inquiry to establish accountability.
The board has constituted a high-level committee to examine the issue in detail. The committee is headed by the Chief Internal Audit.
Chief Legal Officer Imtiaz Elahi and Deputy Director Finance Mehrab Zubair Liaqat are serving as members of the investigation team. Together, they will review the financial records and assess how the alleged irregularities occurred.
The committee has also been directed to submit a detailed report to the Board of Directors after completing its investigation.
Committee to Determine Responsibility
The inquiry committee will examine financial transactions related to the pension funds. Furthermore, it will identify any procedural lapses or administrative failures that may have contributed to the reported loss.
The Board of Directors has instructed the committee to establish responsibility through documented evidence. Once the findings are submitted, the board will decide on the next course of action.
In addition, the board has recommended that the Chief Legal Officer begin legal proceedings against anyone found responsible after the investigation concludes.
Reported Loss Linked to Pension Fund Interest
The reported financial loss is associated with the management of interest earned on pension funds. Officials believe the issue resulted in significant losses to the national exchequer.
Authorities are now examining the financial processes followed during the handling of these funds. The investigation aims to determine whether any negligence or misconduct occurred.
Meanwhile, the committee will review all relevant financial records before presenting its conclusions.
Previous Allegations Also Draw Attention
LESCO has faced allegations related to financial management in the past. Previous cases included claims involving pension funds and payments allegedly made to ghost employees.
The report also noted that LESCO Chief Muhammad Ramzan Butt had previously faced allegations linked to ghost payments. In addition, a court case concerning alleged fake payments involving him is still pending.
However, those earlier allegations remain separate from the current inquiry into the reported Rs684 million pension fund loss.
Investigation Underway
The inquiry is expected to determine whether officials violated financial procedures while managing pension fund interest. Authorities will review the evidence before recommending any disciplinary or legal action.
For now, the investigation remains ongoing, and the committee is working to submit its findings to the LESCO Board of Directors. Once the report is completed, further decisions will be made based on the evidence collected.
