KPEZDMC CEO resigns on ‘moral grounds’ after NAB case

PESHAWAR: Khyber Pakhtunkhwa Economic Zones Development and Management Company (KPEZDMC)’s Chief Executive Officer Muhammad Mohsin Syed has resigned on ‘high moral’ grounds after the National Accountability Bureau (NAB) instituted a case against him in a land purchase deal for the National Industrial Parks Development (NIPD).

Mohsin Syed tendered his resignation to the Board of Directors of the KPEZDMC on July 12.

However, no decision has yet been taken on his resignation. The Board of Directors will take a final decision about it at its meeting scheduled for August 7.

A traders’ leader, who is in the know of the developments taking place in the KPEZDMC in the wake of the arrest of Mohsin Syed, quoted two board members as saying that the Board of Directors had asked Mohsin Syed to resign as the chief minister was not ready to keep him in the position anymore.

In the same breath, he acknowledged that Chief Minister Pervez Khattak or Board of Directors’ decision might be a political one as the Pakistan Tehreek-i-Insaf (PTI) leadership was seeking to avoid embarrassment at the hands of their political rivals.

However, an official holding an important position in the company informed that the CEO wanted to leave the company on ‘high moral’ grounds.

The NAB Lahore arrested him on May 21 on the charges of fraudulently purchasing 100 acres of land in Sargodha for an industrial park when he was regional director of National Industrial Parks Development (NIPD) in 2012. He was charged with causing a loss of Rs112.5 million to the government exchequer.

The NAB Lahore initiated an inquiry against Mohsin Syed in 2015 on the complaint of an internal source.

However, he got bail in the case on June 22. He had resumed his duties as KPEZDMC chief executive officer and lined up some important matters in the company until his resignation on July 12.

When asked that the Board of Directors had demanded his resignation because the chief minister did not want to keep him anymore, Mohsin Syed said in a text reply: “Not correct. I have resigned due to ethical reasons. All the board members don’t want me to resign. My NAB case is so weak. It will not survive even a few hearings. The case was already closed by the FIA.”

He also shared a copy of the FIA report with this scribe wherein he has been exonerated of the charges of fraudulently purchasing land for the industrial park. The report concluded that bidding process was transparent and no evidence of embezzlement of government funds and misuse of power was found during the probe. The FIA, as mentioned in the report, recommended the closure of the probe against him.

Mohsin Syed pointed out that he was still providing guidance to the KPEZDMC team on various matters. He expressed the hope that Khyber Pakhtunkhwa would lead all the provinces in terms of growth in the future as it has been put on the fast track of industrialisation over the last two years.

“I resigned as I did not want to create any difficulty for anyone and after clearing my name form the court of law, my services would again be available to serve my people,” Mohsin Syed said.