Latest news with #AGP
Business Recorder
an hour ago
- Business
- Business Recorder
Oh, the audacity of being a DISCO!
There was a reason the 'Apna Meter Apni Reading Scheme' earned public approval. It was not just about giving power back to the people; the real reason for the jubilation was that it took away from power distribution companies the opportunity to be dishonest with their customers. Now, an official audit has alleged massive irregularities in how consumers were billed in FY24 by state-owned DISCOs—the very same entities that were touted as the cornerstone of the Energy Ministry's performance in a recently held press conference. If this level of irregularity still resulted in a loss (inefficiencies and under-recovery) of Rs 591 billion by the end of FY24, then heaven help us if these DISCOs had been honest in their affairs. Meanwhile, the official audit—details of which have yet to be released publicly—has alleged that eight DISCOs, including one that is a front-runner for the government's privatisation agenda, were involved in overbilling consumers to hide their line losses, electricity theft, and other inefficiencies. These eight are out of the ten DISCOs operating in this sector. The argument for verifying DISCOs' data and information through external auditors could not have become stronger—every dataset that comes from these DISCOs needs independent scrutiny. The report states that five companies reportedly overbilled 278,649 consumers by Rs 47.81 billion in a single month. More than 900 million extra units were billed to customers during FY24, with no action taken against the officials responsible, the audit reveals. This is roughly 2.5 million units billed irregularly every single day—imagine the level of inefficiencies being masked. But is it really a surprise?The regulator, the National Electric Power Regulatory Authority (NEPRA), has already raised these concerns several times in its State of Industry Report. Understand this: these issues often only come to light when consumers raise complaints. In many cases, complaints aren't even brought to the authorities' attention. Millions of customers and yet, the lack of accountability is astonishing. Coming back to the audit. The AGP report attributes the overbilling to incorrect meter readings and violations of the official detection billing policy. These inflated bills were later revised, and refunds—proof of which, according to some media reports, was still not handed over to the AGP office—were issued. Crucially, the report concludes that this was not an accidental oversight but a deliberate attempt to conceal actual line losses and widespread electricity theft. Rather than addressing the underlying issues or holding responsible officials accountable, DISCOs have reportedly resorted to temporary credit adjustments. No disciplinary action has been taken, exposing a deep lack of transparency and institutional accountability. More troubling is the revelation that the DISCOs' management and the Ministry of Energy were made aware of these irregularities and yet failed to take meaningful corrective action. The inaction further underscores systemic governance failures within the power sector. Interestingly, the report identifies LESCO (Lahore Electric Supply Company) as having the highest number of overbilled consumers—11,996 in total. This is in the political stronghold of the leader of the coalition government. Separately, and prior to the release of this audit, Minister for Energy Sardar Awais Leghari praised the DISCOs for reducing line losses and power theft. He specifically lauded LESCO for outperforming others in loss reduction. However, this narrative now stands in stark contrast to the findings of the AGP report, which reveal that such improvements may have been achieved through manipulation of billing data rather than genuine operational efficiency. The issue isn't just that overbilling took place; what's worrying is that it seems to have become institutional practice. You cannot overbill millions and pocket billions unless multiple layers of management and stakeholders are involved. Perhaps the most interesting part of the media coverage on this was that 'despite repeated requests, relevant records were not shared with audit teams.' Such audacity!
Business Recorder
a day ago
- Business
- Business Recorder
Sindh Auqaf Dept: AGP ‘uncovers' Rs423m irregularities
KARACHI: The Auditor General of Pakistan has detected serious financial irregularities totalling over Rs 423 million during audit of the Sindh Auqaf department for the financial year 2023-24, indicating a troubling pattern of fiscal mismanagement that has persisted for years. The audit report revealed that approximately Rs 75.941 million was illegally retained across various bank accounts rather than being deposited into the government treasury as required under Sindh Financial Rules 41 and 41(a). Of Rs 287.356 million collected from contracts, rent, and religious offerings known as Nazrana, the department improperly maintained over a quarter of these funds in three separate bank accounts located in Sehwan, Hyderabad, and Bhitshah branches. AGP unearths irregularities in old-age pension Despite assurances made during a Departmental Accounts Committee meeting in December 2024, where management pledged to deposit receipts by the fifth of each month, no measurable progress has been documented. This failure to comply with basic financial protocols represents a significant breach of government fiscal discipline and accountability standards, the report said. The audit findings extended beyond fund retention issues to encompass Rs 347.539 million in questionable expenditures related to maintenance, repair works, and development schemes. Auditors identified multiple procedural violations that fundamentally undermine the legitimacy of these substantial financial outlays, raising serious questions about the department's operational integrity. Critical procedural failures included the absence of mandatory pre-audit procedures for contractor payments, the department's failure to appoint a professionally qualified Divisional Accountant, and the execution of repair works without proper cost estimates, the report said. Additionally, AGP found no work completion certificates and inadequate record-keeping practices in measurement books, suggesting a systemic breakdown in financial oversight mechanisms. The financial breakdown showed that Rs 322.633 million was allocated to Public Sector Development Program original works, while Rs 24.905 million was designated for maintenance and repairs, highlighting the substantial public resources at stake in these irregularities. The audit report further indicated that similar irregularities were identified in previous years' reports for 2022-23 and 2023-24, involving a staggering combined financial impact of Rs 1.696 billion. The retention of government funds was previously reported with impacts reaching Rs 717.209 million, while construction-related irregularities had earlier involved Rs 979.027 million, establishing a clear pattern of persistent financial mismanagement within the Sindh Auqaf department. When confronted during Departmental Accounts Committee meetings held in December 2024 and January 2025, department management provided verbal assurances but consistently failed to produce the required documentation or demonstrate concrete corrective measures, the report said and added that officials claimed to have issued instructions for timely fund deposits but could not provide evidence of compliance, while management insisted that proper construction procedures were followed despite being unable to furnish supporting records within a given deadline. The audit report called for conducting thorough inquiries to determine accountability for construction irregularities, implementing robust preventive mechanisms to avert future violations, and issuing formal warnings to concerned officials for their negligence in handling public resources. Copyright Business Recorder, 2025
Yahoo
4 days ago
- Business
- Yahoo
$700M soybean crushing operation to start in Nebraska's David City by late August
Ag Processing Inc. (AGP) held a ceremonial grand opening for its new soybean processing complex in David City, Nebraska. The facility is on a nearly 275-acre site and is to process more than 50 million bushels of soybeans a year. (Courtesy of AGP) LINCOLN — A new soybean crushing facility that owners say brings a $700 million investment to Nebraska's David City and will support 80 jobs is set to launch commercial operations by the end of August. On a site that spans nearly 275 acres, the Ag Processing Inc. plant at full speed is expected to process 50 million bushels of soybeans and produce 700 million pounds of refined soybean oil. Such byproducts are used for animal feed, cooking and biofuel. The operation about an hour northwest of Nebraska's capital city, will be the 11th soybean processing location for AGP, an agribusiness headquartered in Omaha and owned by local and regional cooperatives representing farms and producers across the U.S. A spokesman said the latest plant location, announced in 2022, was chosen largely for proximity to cooperative members, a reliable supply of soybeans, workforce and transportation access. Infrastructure was another factor, said AGP's Michael Dolch, as the grounds include 2.5 miles of paved roads and nearly 13.6 miles of rail track. 'As a cooperative, AGP's mission is to add value to our members' soybeans by processing the beans into meal and oil, selling those products in the open market, and returning the earnings to our local owners,' Board Chair Dean Thernes said in a statement. He said David City adds to AGP's midwestern processing capabilities and improves its competitive edge in domestic and international markets for the growing industry. The cooperative's last soybean processing plant opened six years ago in Aberdeen, South Dakota. State leaders including Nebraska Gov. Jim Pillen joined AGP members and industry representatives on Thursday for a ceremonial grand opening. Pillen talked about Nebraska's reliance on agriculture and said the new plant would consume more than 15% of the state's soybeans grown. 'AGP's processing facility is creating fantastic opportunities for our soybean farmers and bringing rewarding careers to David City,' he said. 'This plant … improves the basis for local markets and puts more cash in producers' pockets.' AGP managers credited local support for helping the project to materialize. 'With the amount of rail track on site, AGP will load a unit train of 110 cars every three to four days. We will be able to hold a loaded unit train, receive an empty unit train and continue to build a third unit train of soybean meal,' said Lou Rickers, chief operations officer. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX Solve the daily Crossword
Business News Wales
7 days ago
- Business
- Business News Wales
Six Innovative Founders Recognised in Business Wales Start-Up Accelerator Awards
Six entrepreneurs from across Wales have been recognised for their creativity, impact and progress after completing the Business Wales Start-Up Accelerator – an intensive programme designed to help high-potential start-ups fast-track their growth. Delivered through the Business Wales Accelerated Growth Programme (AGP), the Start-Up Accelerator equips early-stage founders with the essential tools, expert support and valuable networks needed to grow and scale their businesses. To date, AGP has played a key role in driving entrepreneurial success in Wales, supporting an increase of £486 million in investment, £550 million in export sales and the creation of 13,440 jobs. This latest cohort brought together 20 founders for a 10-week programme focused on refining business models, generating sales, and preparing for investment. The programme culminated with a showcase event, where six standout participants were presented with awards to recognise their exceptional commitment and progress. This cohort's award winners are: Proposition Flex Award: Natasha Page, founder of VitalAir VitalAir develops fast, child-friendly allergy tests to address the frustration parents face when their child's mouth breathing goes unexplained or dismissed. Sales Accelerator Award: Michele Sims, founder of Clearlypods Clearlypods provides modular off-grid-capable wellness pods to boutique hotels and luxury venues, helping them expand their offerings quickly with high-spec, self-contained units. Accelerator Award Winner: Sarah Alex Carter, founder of Yuple Yuple develops intuitive speech-to-text and playback tools to address the isolation and communication barriers faced by adults with acquired hearing loss. Fastest Sales Award: Vlad Tanasescu, founder of safeIncent safeIncent provides a self-funded habit change app to individuals seeking personal growth, helping them stay accountable by putting their own money on the line. Accelerator Champion Award: Pam Jones, founder of Easy Care Products Ltd Easy Care offers a portable comfort-enhancement system designed for wheelchair users, enabling them to make small, independent adjustments to relieve pressure and enhance long-term comfort. Most Collaborative Participant Award: Tessa Polniaszek, founder of Thinking Diversity Tessa offers personality-informed training programs, tools and services, helping service providers understand how neurodivergence shapes communication, leadership, service design and practice. Richard Morris, Programme Director for the Accelerated Growth Programme, said: 'We work closely with start-up founders at the earliest stages to help them build momentum, reduce risk and turn their ideas into commercially viable ventures. This cohort was full of energy and talent, and these six award winners stood out for their exceptional hard work, collaboration with others, and effective use of the support available.' Sarah Alex Carter, winner of the Accelerator Award, said: 'Taking part in the Accelerator has been transformative. It helped me get clarity on where I want to take the business and gave me the confidence to act on that vision. Having access to mentors, expert guidance, and a supportive peer group made all the difference. Being recognised with an award is the icing on the cake, but the real win is feeling ready for what's next.' Applications are now open for the next Start-Up Accelerator, which will run from 30th September 2025 to 12th December 2025. The programme is open to early-stage founders in Wales that are ready to take their business idea to market and scale at pace. The deadline for applications is 25th August 2025. To find out more and apply, visit:
Time of India
25-06-2025
- Business
- Time of India
200 faculty members of engg colleges await grade pay revision in Gujarat
Ahmedabad: More than 200 qualified faculty members in the state's govt engineering colleges continue to wait for their academic grade pay (AGP) revision, despite the career advancement scheme (CAS) being in effect for over a year. These educators, who actively support programmes like SSIP, Vibrant Gujarat, Semicon, G20 summits, hackathons and Skill India, say they find the inordinate wait frustrating. Following a govt resolution in March 2024 regarding CAS benefits for appointments made after Jan 1, 2016, the Commissionerate of Technical Education (CTE) sought applications through the Kozent portal in Aug 2024. Although 80% of applications have been reviewed, various administrative and procedural challenges prevent the issuance of AGP orders. Former govt polytechnic faculty, who joined the engineering colleges through Gujarat Public Service Commission recruitments, face AGP denial due to their previous service being unrecognized. Furthermore, faculty members obtaining PhD qualifications after their initial AGP (Rs 6,000-7,000) have not received the one-year relaxation stipulated in AICTE's Jan 2016 guidelines for AGP progression to Rs 8,000. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Tìm hiểu thêm Undo You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad Faculty members who earned additional qualifications after their appointments and filed post-facto NOC applications in Jan 2025 remain in limbo. Additionally, those who have previous adhoc or regular service experience face delays in pay protection, pending verification from the Pay Verification Unit (PVU), Gandhinagar. Teaching staff associations have requested the education department and the CTE to address the pending cases by July 31, indicating possible statewide demonstrations if their concerns remain unaddressed.
