ISLAMABAD - Public Accounts Committee (PAC) of the National Assembly has expressed grave concern over the loss of Rs 4.30 billion investments in Stock Exchange by National Logistics Cell during the tenure of former Prime Minster Shaukat Aziz and directed the Planning and Development Division to submit an inquiry report within two months. The PAC was told that according to NLC policy, 20 per cent maximum investment could be done but it was increased by taking loans from banks and surplus funds. Khawaja Muhammad Asif also sought the replies of his three questions including what is the value and kind of scrap that has been purchased and the name of broker for the investment in Stock Exchange in the investigation report, which would be submitted till April 15. Audit Report 2005-06 and Special Audit Report of Federal Dera Unit of financial years 2003-06 of Planning & Development Division were discussed in the PAC meeting on Tuesday at Parliament House. Leader of Opposition in the National Assembly Chaudhry Nisar Ali Khan chaired the meeting. Riaz Hussain Pirzada, Khawaja Muhmamd Asif, Riaz Fatyana, Ayaz Saddique, Yasmeen Rehman and others were also present on this occasion. Secretary Planning Division Ashraf Hayat told the committee that he was already investigating this issue and in this regard he would submit inquiry report within three months. The committee directed the Secretary Planning to ensure representation of Finance Ministry and Audit authorities in the inquiry committee and to submit inquiry report within two months. In the meeting, PAC Chairman Ch Nisar said that the committee would take action against those Principal Accounting Officers who would not hold monthly meeting. He said that the PAC would transfer the Principal Accounting Officer who would not hold monthly meeting. The PAC Chairman said that the proceedings of the committee would be open for the public and it would also present big occurrences of irregularities and embezzlement in the National Assembly for discussion. The committee also expressed annoyance about the purchase of 32 vehicles amounting to Rs 21.347 million by the NLC. During discussion of audit report, the Audit Official told the meeting that the NLC Headquarters Rawalpindi had purchased 32 light vehicles during the ban, valued at Rs 21.347 million in 2004-05. In this regard, he said that the approval was not obtained from the Prime Minster. Hence the expenditure of Rs 21.347 million incurred on this account was considered to be irregular, he said. Planning and Development Division Secretary Ashraf Hayat said the NLC did not follow the rules. PAC Chairman Chaudhry Nisar Ali Khan said that everyone should follow the rules and regulations. He said that the process of the purchase of 32 vehicles be regularized and its approval be obtained from Prime Minister Syed Yousuf Raza Gilani. PAC Chairman said that the Ministries especially the Finance Ministry which is responsible to run the economic affairs of the country would have to show transparency in their financial and administrative affairs. In another objection para, the Audit official told the meeting that the NLC appointed Saeed-ur-Rehman as Chief Finance Officer (CFO) in 2004 at a monthly pay of Rs 150,000 plus allied facilities. It was, however, observed that the Administrative Ministry did not issue standing instructions specifying the post and parameters governing this contract. Moreover, he said that the appointment was made for an indefinite period without selection by authorized Selection Committee/ Board and advertising in the newspapers. "The irregular appointment of CFO resulted in the incurrence of an expenditure on account of pay and allied facilities to the extent of Rs 1.800 million up to May 2005," he said. Director General NLC Maj Gen (Retd) Imtiaz told the meeting that the post was created and the services of Saeed-ur-Rehman were required. He admitted that the period of contract was not mentioned, which Was a violation of the rules. The PAC Chairman settled this para and said that this process should be regularized.