Voluntary return: NAB hands Rs106m cheques to BoP

NAB recovers money from Best Brands Inc.

LAHORE: The National Accountability Bureau (NAB) on Friday handed over cheques for Rs106.07 million to the management of the Bank of the Punjab (BoP). The money has been recovered from Best Brands Inc on account of a wilful loan default involving Rs220.08 million, NAB Punjab Director Attiqur Rehman said. He said after receiving a reference from the State Bank of Pakistan (SBP), proceedings had been initiated against Nadim Ahmad Khan and some other directors of Best Brands Inc. He said Best Brands Inc had later offered to re-pay the active amount. He said the NAB director general approved the voluntary return which had resulted in the recovery of Rs220.08 million. Of the recovered amount, Rs106.07 million has been returned to the Bank of the Punjab, Rehman said. He said the remaining money would be paid after fulfilling some legal procedures.

Published in The Express Tribune, April 26^th, 2014.