Islamabad—National Accountability Bureau (NAB) on Wednesday decided to authorize investigation against former Chairman/Managing Director (MD), National Investment Trust (NIT), Tariq Iqbal Khan for selling Pakistan Engineering Company (PECO) shares without necessary approval.
The other accused persons were ex-Director, NIT, Asif Jameel and others who in this case were alleged for illegal sale of Pakistan Engineering Company (PECO) shares by NIT management without obtaining necessary approval of the government.
The Executive Board Meeting (EBM) which was held here with Chairman NAB, Qamar Zaman Chaudhry in the chair took some decisions.
The EBM authorized inquiry against Dr. Muhammad Qaiser, Vice Chancellor, University, Karachi. In this case, the accused persons were alleged for misappropriation of public funds through illegal payments, illegal appointments and illegal use of provident funds, causing a loss of Rs. 566 million to national exchequer.
The board also decided to re-authorize two inquiries. First inquiry against officers of Capital Development Authority (CDA), Management of Free Balance and ECG companies in Integrated Resources Management Information System (IRMIS). In this case, the accused persons were alleged for pre-qualification of firm on the basis of defective evaluation and award of work to non-qualified firm, non- obtaining of performance guarantee from contractor and premature payment to the vendor/contractor without completion of module of project. Thus caused a loss of Rs. 38.99 million to national exchequer.
Second inquiry was authorized against Azeem Iqbal Siddiqui, Ex-MD SSGCL Pvt Ltd and others regarding purchase of Progas assets on exorbitant price. In this case, the accused persons were alleged for misuse of authority, purchase of progas assets in capacity of single bidder for Rs. 2.25 million on exorbitant prices, causing a loss of Rs. 800 million.
The EBM decided to close inquiry against Nadir Shah, MD, Liquidator National Construction Company Limited due to lack of incriminating evidence in a case against Ch. Zaheer ud Din, Ex-Provincial Minister, Punjab, Akhtar Ali, Ex-Town Nazim and others.
It was decided to refer the case back to Anti Corruption Establishment (ACE) as it did not fulfill threshold laid in the SOPs for taking cognizance of case.
Later, Qamar Zaman Chaudhry reiterated that NAB was committed to eradicating corruption through holistic approach of awareness, prevention and enforcement and by adopting zero tolerance policy against corruption throughout the country. He directed all officers/officials of NAB to put in their best efforts in conduct of complaint verifications, inquiries and investigations against corrupt in accordance with laid down laws/SOPs of NAB.