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Ownership of 280kg gold, 1,880kg silver yet to be identified: PAC informed

Ownership of 280kg gold, 1,880kg silver yet to be identified: PAC informed

ISLAMABAD: The Avacuee Trust Property Board (ATPB) has informed the Sub Committee of Public Accounts Committee on Monitoring and Implementation that the ownership of 280kg gold, 1,880kg silver and cash has not been resolved since 1947.

The Public Accounts Committee (PAC) had directed the ATPB to find a way in which the wealth would remain with the federation in consultation with all the concerned departments and in accordance with law.

The sub-committee met in Islamabad under the chairmanship of Rana Afzal and attended by other members and officials of ATPB.

The body discussed the matter and reviewed the implementation of PAC’s recommendations over the audit objections of Ministry of Religious Affairs and FATA Secretariat.

Religious Affairs Secretary Khalid Masood informed the committee that the above wealth is safely stored in lockers of the State Bank of Pakistan (SBP).

“After the 18th Amendment in the constitution, the matter has been shifted to the provinces,” he said.

Masood said the cash was being paid to the federation by Khyber Pakhtunkhwa (KPK) and Sindh governments.

He said the opinion of foreign office should also be sought regarding the ownership of gold and silver.

Mian Abdul Mannan said this wealth was owned by the federation.

The PAC directed the ministry to ensure physical examination of this wealth and develop a strategy in consultation of with all stakeholders to resolve the matter.

The audit officials informed the committee that ATPB had invested an amount of Rs2.40 billion in infamous banks in 2006.