LAHORE: The Lahore Electric Supply Company (LESCO) has initiated an investigation after alleged financial irregularities involving its pension funds reportedly caused a loss of Rs684 million to the national exchequer.
Following the revelations, LESCO’s Board of Directors ordered a formal inquiry to determine how the loss occurred and identify those responsible. A high-level investigation committee has been established, led by the Chief Internal Audit. The panel also includes Chief Legal Officer Imtiaz Elahi and Deputy Director Finance Mehrab Zubair Liaqat.
The committee has been assigned to examine the matter, fix responsibility, and submit a detailed report to the board. Based on the findings, the Board has directed the Chief Legal Officer to initiate legal proceedings against any officials found involved in the alleged irregularities.
The reported losses are linked to the management of interest earned on pension funds. LESCO has previously come under scrutiny over allegations of financial misconduct, including issues involving pension funds and payments to ghost employees.
The report also noted that LESCO Chief Muhammad Ramzan Butt has previously faced allegations related to fake or ghost payments, while a separate case concerning those claims remains pending before a court.
