KARACHI: The major development has emerged in an ongoing high-profile financial inquiry after a leading national petroleum company acknowledged non-payment of petroleum levy amounting to Rs47 billion, triggering fresh debate over corporate accountability and regulatory oversight.
The admission came during an inquiry conducted by the Federal Investigation Agency’s (FIA) Corporate Crime Circle in Karachi. The company deposited Rs1 billion into the national exchequer, while submitting post-dated cheques and property documents as guarantees for the remaining amount.
However, officials indicate that this settlement may represent only the initial phase of a much broader investigation. The case, registered under Inquiry No. 03/2023, pertains to the alleged non-payment of petroleum levy over several years.
The FIA sources say the inquiry focuses on the period between 2019 and March 2023, during which the company allegedly failed to transfer billions of rupees to the federal government despite collecting the levy.
In this sense, investigators have named 13 individuals in connection with the case, including senior members of the company’s management and board. Among those nominated is Tabish Gauhar, former Chief Executive Officer of K-Electric, along with several other prominent corporate figures.
The company allegedly did not pay petroleum levy worth Rs33.6 million between 2019 and 2022. By March 2023, officials say the total outstanding amount had surged dramatically, reaching Rs47 billion.
Despite the scale of the alleged financial irregularities, no arrests have been made so far. FIA officials maintain that the inquiry is still underway and that further legal action will depend on its final conclusions.
The case has gained added significance amid broader concerns about petroleum levies and their impact on consumers and public finances.
