Investigating private sector deals: Supra body proposes limiting NAB’s role

PM had assigned the task of suggesting measures in redefining the role of NAB

ISLAMABAD: The supra body, constituted by the prime minister and led by his special assistant on revenue Haroon Akhtar Khan,  has proposed limiting the role of the National Accountability Bureau (NAB) in investigating private business deals, suggesting that the anti-graft body should approach the private sector only through the equity and corporate sector regulators.

The supra body has also recommended the Prime Minister Nawaz Sharif to limit the role of NAB in application of Anti-Money Laundering Act, seeking a role for Securities and Exchange Commission of Pakistan (SECP), sources told The Express Tribune.

Nawaz threatens action against NAB over harassment of govt officials

Currently, some leading businesspersons are facing investigations and there is growing resentment among official circles against their public backlashing.

Along with Khan, six business executives are members of the supra body that gave the recommendations. Arif Habib of Arif Habib Group, Atif Bajwa of Bank Alfalah, Bashir Ali Muhammad of Gul Ahmed Textiles Mills Limited and Shahzad Saleem of Nishat Group, along with two other businessmen, complete the lineup.

Prime Minister Nawaz Sharif assigned the task of suggesting measures in redefining the role of NAB in a manner that does not clip the wings of the watchdog, but also addresses the business community’s concerns, said sources privy to the discussions.

They said the PM had raised concerns in a February 12 meeting with senior party leadership and six business executives of the country. The meeting took place just four days before the premier expressed his frustrations with NAB during a public meeting in Bahawalpur.

During the February 12 meeting, the PM had set up the supra body to suggest growth and job-oriented economic policies. In the same meeting, he gave the task of proposing measures to protect the businesses from the unnecessary harassment, said the sources.



On February 16, while addressing party workers in Bahawalpur, the premier said that NAB was harassing government officials and they were afraid to perform their duties.

The PM’s speech was criticised by almost all political analysts and was seen as an indication of accountability expanding towards the province of Punjab as well. The Pakistan Tehreek-e-Insaf (PTI) has challenged the PM’s statement in Lahore High Court.

The committee has already presented its findings to the premier. One of these recommendations is to amend the National Accountability Ordinance (NAO). The sources said the committee has suggested that the NAB should not directly approach private businesses, in case it has some information.

The NAB should move through SECP - the equity and corporate sector regulator. They said the original purpose of forming NAB was curbing corruption in public dealings.

They said there have been incidences where NAB launched an inquiry against private business executives, but could not handle the case.

They said the SECP’s role would be of a barrier, much like the way the State Bank of Pakistan is declared a barrier in willful loan default cases.



In the eyes of the government, there are three main bones of contentions. They said the NAB law allows retroactive opening of cases, which the government wants to review. The second is the powers to probe allegations of accumulating assets beyond means and lastly was the issue of proving innocence by the accused person instead of the prosecutor.

The supra body recommendations would be taken up by a law review committee, which is being headed by Minister for Climate Change Zahid Hamid.

Published in The Express Tribune, March 24^th, 2016.

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