ISLAMABAD: The Auditor General of Pakistan (AGP) has found evidence of Rs 112.28 million worth of embezzlement in the accounts of the Karachi Shipyard and Engineering Works (KS&EW) Limited (KS&EW) and the Ministry of Defence Production.

The AGP office, in its ‘Audit Report on the Accounts of the Public Sector Enterprises for Audit Year 2005-2006’, said that due to no-payment of bills by clients for over three years, the KS&EW had suffered a loss of Rs 73.79 million.

The report said that the chances of financial recovery by the KS&EW were remote, as neither an effective effort had been made to recover the lost revenue nor had any legal action been initiated against defaulters, including government and semi-government departments, private customers and foreign parties.

The KS&EW suffered a Rs 35.44 million loss by purchasing stores, spares and loose tools in excess of its requirements. “It also suffered a loss of Rs 2.74 million for manufacturing and supplying items below their manufacturing cost,” the report said. The KS&EW also faced lost Rs 0.316 million because of liquidated damages.


Daily Times

How come the link doesn't work for me, do u need a subscription?

Thats less than $2 million, not really a big amount relatively.

Rooh Afza:
If someone gave you $0.2 mln, you'd die of an orgasm.
Whether its a small or big amount, its stealing and they should get public circumcision for actively undermining countries defence industry.

Good to see someone is doing their job.

Wait like a couple of days they'll the government will try and link it to Shaukat Aziz. Give them time.

Yeah then they will put there someone like Admeril who took kickbacks during Agosta deal. Who was in power then i don't need to tell. Actually these kind of things happen all over the world, but I am not supporting them rather an independent inquiry must setup.

It would explain why he ran away from the country