Published On: Tue, Dec 24th, 2013
Published in Category: Islamabad

NAB to investigate PSM, NICL cases

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ISLAMABAD: National Accountability Bureau has decided to investigate Pakistan Steel Mills (PSM) case, NICL case and wilful delaying of the Nandipur and Chichokimalina projects.

The Acting Chairman, Rear Admiral (Retd) Saeed Ahmed Sargana, decided to upgrade three inquiries to investigations, while chairing a meeting of NAB Executive Board.

The first one is against Mueen Aftab Sheikh, former Chairman Pakistan Steel Mills (PSM), Sameen Asghar, former Director Commercial PSM, Rasool Bux Phulphuto, former Managing Director (MD) PSM and others. The accused allegedly misused their authority and took illegal gratification. Price Fixation Committee of PSM is alleged to have reduced prices of miscellaneous items (Billets, Hot Rolled, Cold Rolled and Galvanized) products, so as to favour 63 firms and cause a loss of Rs. 1.235 billion to the national exchequer.

In another case, an investigation has been ordered against those individuals who were identified in the inquiry and allegedly misused their authority to create hurdles and hamper the investigation of NICL case. The third inquiry upgraded into investigation is against those accused of misuse of authority in appointment of Ayyaz Khan Niazi as Chairman NICL.

The Acting Chairman also decided to authorize two more inquiries. The first against officers and officials of Ministry of Law and Justice, Ministry of Finance, and Ministry of Water and Power. The accused are alleged to have wilfully delayed the Nandipur and Chichokimalina projects resulting in the loss of approximately Rs. 113 billion to the national exchequer.

The second against officers and officials of Trust Investment Bank Limited (TIBL), a non-banking financial institution based in Lahore. The accused are alleged to have misused their authority to cause loss to the national exchequer.