NAB Arrests Five Accused In Rs 63 Bln PSO Scam

The National Accountability Bureau (NAB) Karachi, during a series of raids conducted in Karachi, Islamabad and Gilgit Baltistan, has arrested five accused persons wanted in the petroleum sale- purchase scam.

ISLAMABAD, (UrduPoint / Pakistan Point News - 14th Jul, 2018 ) :The National Accountability Bureau (NAB) Karachi, during a series of raids conducted in Karachi, Islamabad and Gilgit Baltistan, has arrested five accused persons wanted in the petroleum sale- purchase scam.

According to a NAB press release issued here Saturdayby NAB, the arrested acussed on Friday included General Manager (Supply) PSOCL Akhter Zameer former arrested from Karachi, former Chief Operating Officer (COO) Byco Pakistan Petroleum Ltd (BPPL) Kamran Iftikhar Lari arrested from Karachi, former President Refineries, Byco Pakistan Petroleum Ltd (BPPL) Qaiser Jamal arrested from Karachi, former General Manager (Retail, Consumer Business) PSO and CEO Jinn Petroleum Syed Zulfiqar Ali Jaffery arrested from Islamabad and former Senior General Manager (Marketing) PSO Dr Syed Nazar A Zaidi arrested from Hunza Gilgit Baltistan.

The accused in connivance with each other awarded illegal contract of crude oil supply worth Rs 2.43 billion to Byco Pakistan Petroleum Ltd in 2008-09, against which no payment was received.

It was also prima facie established against the accused that PSO management abused their authority in entering into an illegal contract of sale purchase of petroleum products with Byco Oil Pakistan Ltd (BOPL) in 2012 for supply of petroleum products to PSO, whereas BOPL was in fact commissioned in 2013.

As a result of illegal agreement, substandard products were supplied to PSO which caused loss of Rs 60 billion to the national exchequer.

It was also established prima facie during the course of investigation that in year 2012, PSO management abused its authority by entering into another illegal agreement with Byco Pakistan Petroleum Ltd (BPPL) for sale purchase petroleum products whereby Pakistan State Oil (PSO) supplied superior quality imported products (HSD & petrol) to BPPL at abnormally subsidized rates thus causing loss to the national exchequer.

Three agreements were entered into by PSO with mala fide and illegal considerations of extending favours to blue-eyed companies in petroleum business and with intention of personal illegal gains. The entire scam caused loss to the national exchequer to the tune of Rs. 63.687 billion.

The accused arrested from Karachi were produced before Accountability Court today at Karachi for physical remand. Akhter Zameer and Qaiser Iqbal were remanded in NAB custody for 13 days each, whereas Kamran Iftikhar Lari was remanded to judicial custody on medical grounds. The accused arrested from Gilgit Baltistan and Islamabad would be produced after legal formalities of transit.