Recovering looted money NAB’s top most priority

ISLAMABAD: Chairman National Accountability Bureau (NAB) Justice (R) Javed Iqbal said the top most priority of the NAB was to ensure the early return of the hard earned looted money of people after recovering from fake housing societies, cooperative housing societies, Modaraba, Musharka, bank frauds/scam etc.

The chairman NAB soon after assumptions of responsibilities of Chairman NAB had ordered apprehending corrupt elements, proclaimed offenders and absconders, resultantly 315 accused were apprehended besides filing of corruption references against 247 persons in the last nine months.

Special teams were constituted to nab the corrupt persons and 35 proclaimed offenders and absconders have been arrested in last nine months.

The chairman NAB said he intends to convene a meeting of CDA, RDA, ICT, LDA, PDA, QDA and KDA officers to chalk out a joint strategy to impede against fake housing societies from looting people's hard earned money in order to aware people about the illegal housing/cooperative societies so that they should always invest in legal housing societies having NOC and lay out plan approved from concerned government authorities.

The chairman NAB sought progress report on the ongoing inquiry in NAB against 435 Pakistani people who had offshore companies established in Panama and British Virgin Islands. The chairman NAB has also sought report about coordination and cooperation of all stakeholders who earlier gathered information from those key institutions including FBR, State Bank of Pakistan and SECP etc besides some material already available and conduct inquiry of 435 Pakistanis who had established offshore companies in Panama and British Virgin Islands.

The chairman NAB noticed that some Public Sector Departments of all the provinces and federal capital are not submitting the copies of contracts of Rs50 million or above to NAB as per law for scrutiny and review. As per law, all public sector departments are duty bound to submit the copies of contracts of Rs50 million or above to NAB including details of procurements and tendering process so that NAB may review and securitise the transparency in the execution of the projects under its prevention regime as per NAO, 1999.

Chairman NAB has directed all DGs of NAB to ensure submission of copies of all contracts of Rs50 million or above from public sector departments comes under their areas of jurisdiction to NAB as per law. Strict action would be taken against the failure officers as per law.

He also sought report of the misuse of authority and alleged corruption over 22 years delay in the construction of 22 storey building of State Life Tower in Islamabad owned by State Life Insurance Company of Pakistan. The Chairman NAB directed to fix responsibility of the delay in construction of State Life Tower in Islamabad and conduct inquiry against reports of corruption and causing losses worth multi-million rupees to national kitty. The chairman NAB earlier directed to ensure correct use of people's hard earned money invested in State Life Insurance Corporation of Pakistan and policy holder’s money should be invested in profitable schemes. The cost of tower being constructed with the preliminary cost of Rs1.3 billion has been increased manifold in 22 years. Despite passage of 22 years, only 19 stories of State Life Tower in Islamabad have so far been completed and remaining three stories need more time for completion. The delay of over 22 years is classic example of ill-planning and bad governance.

The chairman NAB has sought reasons behind frequent change of chairman of State Life Insurance Corporation of Pakistan so that the responsible of squandering public money could be identified and further course of action will be taken as per law. The chairman NAB sought report of squandering billion of rupees in Pakistan Steel Mills. The inquiry has been assigned to pinpoint that conspiracy against Pakistan Steel Mills and responsible and also investigate the reasons of government apathy on the issue.

It may be mentioned here that National Assembly Standing Committee on Industries and Production had taken notice of Steel Mills issue and asked NAB to take action against the responsible.