LAHORE, Nov 3: The Anti-Corruption Establishment (ACE) has registered a case against 11 officials of the Punjab Industrial Estate Development and Management Company for financial bungling of over Rs40 million in the company, says a handout.

An inquiry team, consisting of Kasur ACE Deputy Director Dr Muhammad Iqbal Shakir and Lahore Deputy Director Rana Tariq Mehmood, revealed that a loss of over Rs.41.7 million was caused through corruption in the Punjab Industrial Estate Development & Management Company.

The committee found that the former chief executive, Sabir P Chohan, spent over Rs5 million on his treatment and drugs in foreign against the rules.

Likewise, the company was to buy 62 acres for a tetra-pack company for which Rs10.2 million was paid out against 23.10 marlas without having got the registry of the land.

Also, Rs1.2 million was also paid to a commission agent. Mr Chohan allotted 15 acres in the Sunder Industrial Estate to his blue-eyed people. The plot was meant for a power plant.

Three former financial controllers Asifur Rehman Mirza, Farhan Pervaiz and Muhammad Javed Sheikh, accounts manager Muhammad Faisal Zia, accounts manager Saba Shahid Ali, accounts assistant Zaheeruddin Ahmad, Yasir Aurangzeb, commission agent Muhammad Tufail Bhatti and former customer services manager Raza Tariq were also booked in the case.