The Board of Investment had failed to recover Rs.118,729,170 from 9 defaulters and more than 800 million rupees given as incentives to non-starter projects, the Auditor General’s review of the BOI annual report for 2006 presented to Parliament recently revealed.
The misuse of incentives to start BOI approved ventures in a considerable number of cases or of cancelled projects showed that they had used the duty waivers to import vehicles or machinery but did not start the project. "Efforts had not been taken by the BOI to collect the value of such duty concessions granted to cancelled projects. There was no evidence to prove in audit that the relevant ...