Islamabad, Jan 14: Pakistan Cricket Board (PCB) chairman Ijaz Butt has said that the Board is on the verge of bankruptcy due to the "wrong policies" of his predecessor, Dr. Nasim Ashraf.

Ijaz was summoned by the Pakistan Senate Committee on Sports to explain the controversy of "illegal appointments"' and "unnecessary sackings" of lower grade employees in the PCB, The News reported.

This was the first appearance of Butt before the Senate committee that played a key role in the removal of two former PCB chairmen Shahryar Mohammad Khan and Dr Nasim Ashraf.

Talking to reporters after the meeting, Butt said his predecessor wasted PCB funds in a lavish way.

"If I fulfill the previous management's commitments and pay the amounts according to conditions set by them, the PCB would soon go bankrupt," maintained Butt.

He alleged that the former management threw away PCB funds and there were massive irregularities in the board during that period, claiming that the PCB was in a "terrible financial position."

Butt said the PCB needed concrete efforts to restore its coffers after Australia and India cancelled their tours.

India's tour cancellation cost the PCB at least 40 million dollars. "Emergency steps are needed, otherwise we will have no money and will have to carry a begging bowl before the government," he said, adding that the PCB's reserves had fallen from Rs 3.3 billion to Rs 1.5 billion over the past two years.

The cancellation of India's tour was the third major cricket event called off in Pakistan last year, after Australia refused to tour in March and the ICC postponed the elite eight-nation Champions Trophy set for August 2008.

Butt said the forthcoming Sri Lanka series would help the board generate just a small amount but hoped that the Indian cricket team would tour Pakistan in the near future. "

The Senate committee, however, criticized Butt for hi comments on his predecessor Dr. Ashraf's, saying that he too was part of the latter's team during its various questionable acts. (ANI)