Massive financial scam of Rs500 mln recorded in PCB
LAHORE: Massive financial irregularities worth Rs500 million have been recorded within the Pakistan Cricket Board from year 2003 to 2008, reveals a report prepared by the Auditor General of Pakistan.
The report says that the board had spent Rs180.53 million on the construction of Qaddafi Stadium for and Pavilion. The project caused the cricket board a loss of Rs40 million due to some poor planning, it said.
In addition, the PCB suffered losses worth Rs50.82 million in the form of Security Insurance Premium paid for the recently held Pak-Australia series.
According to the report, former chief operation officer (COO) Shafqat Naghmi was illegally paid Rs10.07 million in the form of salary and benefits.
The audit report further says that eight senior officials were also illegally paid Rs10.28 million during the Champions Trophy 2008.
Besides, the board’s staff was also paid Rs90.72 million in the form of bonuses in violation of the laws.