February 20, 2021

Ending pacts with assets recovery firms: Company claimed $515m compensation but settled for $2.2m

ISLAMABAD: A foreign assets recovery firm had claimed $515 million as compensation after the termination of its agreement but had settled on a much lower sum of $2 million after negotiations with the National Accountability Bureau .In its objections, the Auditor-General of Pakistan held that against a claim of $515.6m, only $2.2m were paid and accepted by International Assets Recovery , indicating that the demand was not filed on a factual basis. Either the claim was exorbitant or there was...