ISLAMABAD - The audit officials on Thursday informed the Public Accounts Committee (PAC) that Federal Employees Benevolent Fund (FEB) and Group Insurance Fund (GIF) had lost Rs1.2 billion due to irregular investments in non-government securities during year 2011-12.

The committee was further informed that the FEB and GIF had made irregular investments of Rs3, 186.555 million in non-government shares and TFCs which resulted in loss of huge amount.

The audit official further said that all these investments were unauthorised and irregular. However, the management of FEB replied that Board of Trustees had devised its own investment policies and these investments were made strictly under the investment policies approved by the Board in consultation with Finance Division.

Meanwhile, the members of PAC showed their annoyance over the lazy progress of the NAB on this very important issue.