[New] NATCO Loss Rs. 50 million Rupees
October 19, 2012 2 Comments
Ahman Bari (Gilgit): Northern Areas Transport Corporation incurred a loss of Rs. 50 million rupees. We were used to operate 15 buses whereas now there are only 5 buses are operational, stated by the Managing Director (MD) Mr. Zafar Iqbal.
Mr. Zafar Iqbal has stated that another major reason is the burden of excessive employees in the corporation as there are more than 450 surplus employees without any work to do.
The decline of NATCO is fall of another well-functioning and profitable corporation running under the federal government of Pakistan under the ruling PPP. NATCO has been time to time been talked about for corruption in the recent past and the MD was once put on NAB list at the time of Pervez Musharaf Govt. However, as he is stood to be a stunt Jiyalaa of PPP and had played a decisive political rule in the latest elections of GB to make sure PPP will win in the area was promoted unprecedently as a reward.
They are also been named in embezzlement of the
transportation of quota flour meant for
Giglit-Baltistan by diverting and selling them
illegally on the route and the money going
directly into the pockets of MD and some
well-known federal administrators and
Politicians within PPP.
There are claims of fraud and embezzlement of millions of rupees from the income of the corporation where the main character in it said to be PPP’s ex minister for Kashmir and Gilgit-Baltistan affairs and ex-governor of GB, Mr. Qamar Zaman Kaira and MD Zafar Iqbal, since than bleeding of the organization is going on unstopably. They are also been named in embezzlement of the transportation of quota flour meant for Giglit-Baltistan by diverting and selling them illegally on the route and the money going directly into the pockets of MD and some well-known federal administrators and Politicians within PPP. The civil supply Department of Gilgit-Baltistan is in huge debt to the federal government because what it has sold in Gilgit-Baltistan is less than what it has received from Islamabad on papers and this difference is what the NATCO has embezzled during the shipment of goods from Punjab to Gilgit-Baltistan. It is important to note that only NATCO has the authorizations to transport flour from Punjab to Gilgit-Baltistan and no open tenders are invited.
Very recently the opposition leader Mr. Hafiz-ur-Rehman has given a very tough statement on the matter of NATCO where he had stated that “we will not let the NATO to have the same fate of Pakistan Railway and PIA”. Now it is highly important to take actions that will save this iconic organization of Gilgit-Baltistan.