Peshawar: The audit of the Khyber Pakhtunkhwa Economic Zones Development and Management Company for the financial year 2024-25 has identified financial irregularities worth Rs 18.46 billion. The report raised questions on the company’s financial management, industrial land issues and administrative oversight.
According to the audit report, government resources were affected due to weak management systems, poor planning and failure to recover financial liabilities. The report also estimated the company’s potential liabilities at Rs 14 billion, which is a threat to the continuity of business activities.
The report states that Rs 2.849 billion could not be recovered in respect of lease dues of industrial land, despite court orders in this regard.
The audit also identified a financial loss of Rs 629.8 million due to non-renewal of commercial land agreements under the lease renewal policy introduced in 2024.
Similarly, a loss of Rs 1.774 billion was identified in the case of non-recovery of government land in Buner, Mohmand and Jalozai. According to the report, a financial loss of Rs 174.1 million was also caused by the allocation of commercial land for industrial purposes against the rules.
The audit report also includes the case of Al-Hadeed Engineering in Haripur. The company was allotted plots numbered 185, 186, 187 and 190, consisting of 10 acres. According to the report, the government exchequer suffered a loss of Rs 497.8 million due to non-recovery of the relevant dues.
After these observations, the need for further investigation into the company’s financial affairs, allotment of industrial land and the procedure for recovery of dues has emerged.
The final status of the audit objections, the amount receivable and the responsibilities can be determined only after the investigation and legal action by the relevant authorities. Therefore, the financial irregularities mentioned in the report cannot be considered as a proven crime against any individual.
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