ISLAMABAD Expressing concern over the financial wrongdoings of Rs 4.826 billion in EOBI, Public Accounts Committee (PAC) Monday has decided to hold a complete inquiry into the matter. Chairing the PAC meeting, Chaudhary Nisar Ali Khan raised his serious concern over the irregularity in Employees Old Age Benefits Institution (EOBI). The meeting focused on audit report of Ministry of Labour and Manpower 2008-09. In the meeting, it was directed to constitute a committee comprising senior officers for the recovery of pension dues. The meeting was also attended by Yaseem Rehman, Rukhsana Bangash, Sardar Ayaz Sadiq, Riaz Hussain Pirzada, Nadeem Afzal Chan, Hamid Yar Hiraj and others. It was informed to PAC panel that EOBI purchased the BoP shares, worth Rs 4.30 billion and further deposited Rs 1.3 billion in the bank. The total portfolio of the Bank at that time was Rs 5.3 billion, informed the audit officials. EOBI has invested 13 billion in procurement of shares of five institutions; including MAC PAC, Shell Pakistan, SSGCL, Bank of Punjab (BoP) and Tele Card. The audit officials also mentioned in detail the clauses for strategic investment in rules, which were violated. However, Principle Accounts Officer of Ministry of Labour and Manpower was of the view that the rules set for the investment were followed. The meeting showed its concern over the unjustified expenditure of Rs 23.8 million on hiring of security services by Sindh Worker Welfare Board for the residential accommodation. As per the audit report, it was revealed that investment to the tune of Rs 4.30 billion was made in BoP by EOBI, in utter defiance of the rules and regulations and a sum of Rs 1.30 billion was deposited in cash.