PAC goes harsh on NAB over $3b loans probe

The Public Accounts Committee of parliament on Wednesday directed the National Accountability Bureau (NAB) to submit the details of easy loans of $3 billion -- given by commercial banks to 600 businessmen at zero markup rate because of the Covid-19 outbreak during the rule of the PTI -- to the body by August 8.

The PAC meeting was held at Parliament House in Islamabad, presided over by its chairman Noor Alam Khan.
Besides parliamentarians, NAB officials including its deputy chairman Zahir Shah attended the huddle.

The officials of the Federal Investigation Agency (FIA) also participated in the meeting.

Shah told the PAC members that the NAB chairman could not attend the meeting because he was feeling unwell.
Irked by the NAB chief’s absence, the PAC chairman sought his medical reports.

Noor further complained to Shah that the PAC had sought the investigation report on the matter of $3 billion loans within 15 days but the NAB official in Karachi had not attended the huddle.

The PAC chairman further expressed his displeasure over NAB, FIA and the auditor general of Pakistan not presenting their reports on the issue despite the fact that the deadline had passed.

Noor reminded the NAB officials that they had told the PAC a year ago that the anti-graft body would file references against the Peshawar Bus Rapid Transit (BRT) and Billion Tree Tsunami projects but there had been no progress so far.

He further complained that NAB had not presented any investigation report on the cases pointed out by the PAC members.

PAC member Malik Mukhtar said NAB would be held accountable for the $3 billion loans.

He pointed out that the PAC had directed NAB and the FIA to probe into the matter.

Mukhtar added that the State Bank of Pakistan (SBP) governor had distanced himself from the case saying that it was the commercial banks, which gave the loans.

“The question was where did the sum of $3 billion come from and who were the people who received it,” he continued.

PAC chief Noor inquired whether the loans worth $3 billion were for the industrialists only or other sectors were given any money too.

The PAC chairman directed that NAB would lead the investigation into the issue of the $3 billion loans while the FIA would head the probe into the affairs of the National Database and Registration Authority (NADRA).

He ordered both the investigation agencies to attach the relevant documents with their reports and submit them to the committee by August 8.

The NAB officials told the PAC that they were probing into the Peshawar BRT and they would file a reference against the project this month.

They added that their investigation had completed and they had collected enough evidence to ensure that the people involved in misappropriation of funds would not be given relief by the courts.

The PAC chairman said nine years had passed and the reference against the Peshawar BRT had not been filed.
He added that the Peshawar BRT was a complete company and NAB should file a reference against its corrupt officials.

Noor continued that the move would give a boost to the anti-graft efforts.

NAB Khyber-Pakhtunkhwa Director General Waqar Ahmed Chohan told the PAC that they had asked the consultant and contractor of the Peshawar BRT that why had the project not completed despite the fact that 90% of its work had been finished.

He added that the inquiry had not delayed the project.

The PAC huddle was later adjourned because of the loss of quorum.