NAB recovers Rs 698.8m from Trust Investment Bank

Qamar Zaman Chaudhry, Chairman NAB handed over a cheque of Rs. 170.625 million to Sardar Ahmad Nawaz Sukhera, Secretary Privatization Commission of Pakistan at NAB Headquarter.

According to the details, the then management of Privatization Commission invested Rs. 300 million on the 26th of May, 2010 and Rs. 200 million on the 28th of June, 2010 in Trust Investment Bank Limited (TIBL), which was not a scheduled Bank. The Privatization Commission issued notices to the management of Trust Investment Bank Limited for the recovery of money under Privatization Commission Act, 2011, but failed to recover the money. Later on, the Privatization Commission referred the case to FIA. Post-dated cheques were issued to Privatization Commission, which were dishonoured. The matter was then referred to NAB.

NAB initiated inquiry proceedings to recover the huge loss inflicted on public exchequer through misuse of authority by the then management of Privatization Commission of Pakistan.

According to the details, during inquiry proceedings, TIBL moved a settlement plan of Rs. 270 million to NAB, which was turned down by NAB, which was not in accordance with law and procedure. Now the principle accused, Asif Kamal, and management of TIBL have moved an application of TIBL 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 the Privatization Commission by TIBL and the remaining liability of Rs.270 million (Principal Amount) along with Rs.30 million as profit has been offered.

As per details, NAB carried-out its proceedings and worked-out the liability of accused by levying additional charges based on KIBOR rates. The accused offered to voluntarily return Rs.404.8 million in form of VR u/s 25 (a) of NAO, 1999. Thus total amount recovered by NAB from TIBL including the already deposited amount of Rs.294 million by TIBL stands at Rs.698.8 million against the Loan of Rs.500 million.

Sardar Ahmad Nawaz Sukhera, Secretary Privatization Commission of Pakistan, thanked Mr. Qamar Zaman Chaudhry, Chairman NAB for helping recover government dues that were pending since long.