Daily Times

ISLAMABAD: The Senate’s Standing Committee on Finance on Thursday expressed concern over Rs 1.50 billion scam.

During a meeting under Senator Saleem Mandviwala, National Bank of Pakistan (NBP) President Iqbal Ashraf categorically denied the scam.

Briefing the committee, he said the amount was transferred on the permission of Abandon Property Organization (APO) in Habib Bank Limited (HBL) while there was no account of APO in HBL.

The committee chairman said it is a mega scam whose value may likely to be increased up to Rs 6 billion. It seems that the scam was committed through master plan.

The HBL officials told the committee that the bank is probing the matter. The committee has sought details of matter from HBL officials in the next meeting.

The Public Procurement Regulatory Authority (PPRA) managing director said that approximately $55 billion are bought in Pakistan annually in which corruption worth $8 billion is done. The purchase would be enhanced after the completion of CPEC.

“It is not our obligation to check the corruption. Action cannot be taken against corruption without its identification as PPRA has not financial autonomy,” he added and maintained that proposals regarding autonomy of PPRA would be tabled before the board. The members of the committee expressed their dissatisfaction over the performance of PPRA.

Mandviwala said PPRA is an inactive organisation. The PIA aircraft was sold and it is ignorant. The committee said that recommendations should be prepared to make PPRA an active organisation.