ISLAMABAD, March 8: The Senate Standing Committee on Ports and Shipping has called upon the Port Qasim Authority (PQA) for early audit and improvement of its financial position by adopting policies which should contribute in the socio-economic development of the country.

The committee, which met in the Parliament House here on Wednesday with Senator Gulshan Saeed in the chair, made these observations while discussing the last five years accounts of the authority. Asad Qureshi, chairman of the authority, said commercial audits have been carried out regularly whereas the statutory audit would be completed soon. He informed the committee that PQA had invested in schemes giving profit of 2.5 per cent to 3.75 per cent.

The committee directed PQA high ups to keep the members apprised of the financial position and get commercial accounts from the auditor general properly audited. In reply to a query from a member of the committee, PQA chairman stated that 1,400 plots of 1,000 yards each were offered for sale on a lease of 50 years through open balloting in a most transparent manner.

The committee observed that the issue of placement of funds with banks should be examined at the appropriate level and the auditor general should audit the accounts of PQA as early as possible. It was further informed that the decision to offer PQA land to overseas Pakistanis was taken with a view to promote industrial growth.

The meeting was attended, besides the chairperson of the committee, senators Fauzia Fakharuz Zaman, Saeeda Abbasi, Lt-Gen (retired) Javed Ashraf, Liaqat Ali Bangulzai, Dr Abdullah Riar and Sardar Mahtab Ahmed. Secretary ports and shipping, PQA chairman and senior officers of the ministry were also present during the meeting.