NAB Recovers Rs.698.8 Mln Of PCP From Trust Investment Bank

ISLAMABAD, (UrduPoint / Pakistan Point News -27th Sep,2016) : Chairman, National Accountability Bureau (NAB), Qamar Zaman Chaudhry on Wednesday handed over a cheque of Rs. 170.625 million to Sardar Ahmad Nawaz Sukhera, Secretary Privatization Commission of Pakistan (PCP).

As per details, the then management of Privatization Commission invested Rs. 300 million on May 26, 2010 and Rs. 200 million on June 28, 2010 in Trust Investment Bank Limited (TIBL) which was not a scheduled Bank.

The Privatization Commission issued notices to management of Trust Investment Bank Limited for recovery of money under Privatization Commission Act 2011 but failed to recover. Later, Privatization Commission referred the case to Federal Investigation Agency (FIA).

Post dated cheques were issued to Privatization Commission which were dishonored. The matter was then referred to NAB. NAB initiated inquiry proceedings to recover huge loss inflicted on public exchequer through misuse of authority by then management of Privatization Commission.

During inquiry proceedings, TIBL moved a settlement plan of Rs.

270 million to NAB which was turned down as it was not in accordance with law and procedure. Now the principle accused Asif Kamal and management of TIBL have moved an application for Voluntary Return (VR) u/s 25 (a) of NAO 1999 for an amount of Rs.300 million.

In his application, he has submitted that total invested amount with TIBL was Rs.500 million. He further submitted that Rs.230 million (Principal Amount) along with Rs.60 million as profit has already been paid to Privatization Commission by TIBL and the remaining liability of Rs.270 million (Principal Amount) along with Rs.30 million as profit has been offered.

NAB carried-out its proceedings and worked-out liability of accused by levying additional charges based on KIBOR rates. The accused offered Voluntary Return of Rs.404.8 million. Thus total amount recovered by NAB from TIBL including already deposited amount of Rs.294 million stands at Rs.698.8 million against loan of Rs.500 million.

Secretary Privatization Commission has thanked Chairman NAB for helping in recovering government dues which were pending since long.