LAHORE, June 14: An inquiry has been initiated into the affairs of the Punjab Entertainment Company (PEC) with the decision to eventually disband it if any irregularities are found in it.

Official sources informed Dawn on Saturday huge funds were being spent on running the company, which had no work to do since it went into litigation over its major project of establishing an IMAX Theatre and a shopping mall in the Gulberg’s Doongi Ground.

They said the so-called public-private company had only two persons from the private sector whereas a majority of its shareholders were government officers.

The officials said as per the latest decision, the Punjab government would import Rs150 million machinery for the IMAX Theatre from Canada and install it at the Doongi Ground. The theater would be used for educational purposes and instead of building a shopping mall at the site, which was included in the original plan, a state-of-the-art library would be established.

They said the government had decided to import the machinery because the previous regime had made full payment for it to the Canadian company. The library would have books, besides having on-line access to 100 renowned libraries of the world.