Islamabad, August 04, 2021 (PPI-OT):The Pakistan Economy Watch (PEW) on Wednesday expressed concern over the failure of FPCCI to hold Export Award and Achievement Awards function which are the main revenue-generating events for the Apex Chamber. FPCCI has failed to hold these important functions for the last two years limiting its income to rental earnings from the FPCCI Head Office, it said. Moreover the other sources of income that are annual subscription from trade bodies and sale of membership books are also not encouraging, said Dr. Murtaza Mughal, President PEW.
The income from business councils has also gone to less than half making the FPCCI financial position very alarming, he added. He said that mismanagement and incompetence rules in the FPCCI due to interference of non-elected members of the Businessmen Panel that came to power by promising a positive change but made matters worse.
Dr Murtaza Mughal said that unnecessary expenses have further aggravated the financial health of FPCCI. Without realizing the financial position the needless expenses have not been controlled rather they have gone to their peak. Substantial funds of millions of rupees were released on account of unnecessary renovation, decoration, and purchase of new furniture for the rooms of office bearers’ room while solar panel system was installed at Head office violating rules and regulations.
More than eight million were spent in a very shady manner for the construction of the boundary wall of the Peshawar office while the same process was repeated for the unnecessary renovation of capital office Islamabad. It is quite astonishing that all of the above work was given to the relatives and friends of office bearers or members of the Businessmen Panel. The government should take note of the situation to improve the situation or appoint an administrator to take control of the FPCCI, he demanded.
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