ISLAMABAD: The Pu­­blic Accounts Committee (PAC) on Tuesday expr­es­sed shock over reports that the chairman of the Secu­rities and Exchange Com­mission of Pakistan (SECP) was drawing an annual salary of Rs41 million.

PAC Chairman Junaid Akbar Khan questioned how a country facing economic hardships could afford such packages.

“Is the board free to fix salaries at its own discret­i­­on without seeking appro­­v­­al from anyone?” he asked.

The chairman directed the finance division to provide details of the matter in the next meeting, to be held today (Wednesday), along with a list of how many other chairmen in various institutions were drawing salaries in the hundreds of millions.

The PAC also reviewed an audit objection regarding the non-recovery of Rs1.66 billion from the Karachi Country Club.

Members recalled officials had assured the committee that the case had been decided in government’s favour, the land taken over, and payments cleared, but fresh claims contradicted those statements, with officials admitting the government never had possession of the land.

“This is a new story altogether. Previous­­ly, we were told not only that the land was secured and payments made, but even that future plans for the property were finalized. Now, the narrative has completely changed,” remar­ked committee member Kha­­waja Shiraz Mahmood.

Published in Dawn, August 27th, 2025