An audit report for the fiscal year 2022-23 has exposed significant financial irregularities involving contractors at the Punjab Cattle Market Management and Development Company, officials said.<\/p>\n
The report revealed that contractors caused a loss of Rs21 million to the company. Contractors, who had secured contracts for parking and livestock taxation, failed to make full payments before absconding. Out of a total contract value of Rs58 million, they reportedly paid only Rs12 million before disappearing.<\/p>\n
As a result, the company had to reassign the contract at Rs14 million, which resulted in a net loss of Rs21 million.
\nThe audit further noted that the company took no action against the defaulting contractors. Officials said no steps were taken to recover the outstanding amount, and the contractors were not blacklisted despite their non-compliance.<\/p>\n
The findings have raised questions about the company\u2019s oversight, accountability mechanisms and financial management practices in handling public contracts.<\/p>\n","protected":false},"excerpt":{"rendered":"
An audit report for the fiscal year 2022-23 has exposed significant financial irregularities involving contractors at the Punjab Cattle Market Management and Development Company, officials said. The report revealed that contractors caused a loss of Rs21 million to the company. Contractors, who had secured contracts for parking and livestock taxation, failed to make full payments […]<\/p>\n","protected":false},"author":5,"featured_media":70033,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30,16],"tags":[],"ppma_author":[213],"class_list":{"0":"post-70032","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-latest","8":"category-pakistan"},"yoast_head":"\n