ISLAMABAD: The Privatisation Commission in collaboration with the National Accountability Bureau (NAB) has recovered Rs 404.5 million from Asif Kamal, chairman of the Trust Investment Bank Limited (TIBL) under the voluntary return offer. The decision was approved by the Executive Board of the NAB at a meeting on April 18. The commission had earlier recovered Rs 294.37 million and now the total recovered amount stands at Rs 698.87 million. In 2010, the TIBL procured Rs 500 million of the public money in instalments of Rs 300 million and Rs 200 million on May 26, 2010 and June 28, 2010, respectively, at the rate of return of 12.85 percent per annum for a period of one year. The investment of Rs 500 million was made in violation of sections 14, 16, 18, 19 and 20 along with other enabling provisions, rules and regulations of the Privatisation Commission Ordinance, 2000 and the Trust Act, 1882. In February 2011, it was found that the investment made with the TIBL was in breach of the Finance Division instructions, as well as provisions of Section 14 of the Privatisation Commission Ordinance. The TIBL was therefore requested to return the invested amount in February 2011. However, the TIBL refused to return the amount and said that it would not be able to return the money even upon maturity of the investment schemes in May and June 2011. After liasing with the Finance Division, the State Bank of Pakistan (SBP), the Securities and Exchange Commission of Pakistan (SECP), the Privatisation Commission and the TIBL signed a settlement agreement on November 28, 2011. The TIBL deposited eight post-dated cheques with the Privatisation Commission for repayment of the principal outstanding amount of Rs 500 million in 12 months and agreed to the service mark up at 14 percent per annum on the outstanding amount. All the cheques were dishonoured. As a result, the Privatisation Commission lodged an FIR with the Federal Investigation Agency (FIA) on November 11, 2012 under sections 409 (criminal breach of trust) and 489F (dishonour of cheques) of the Pakistan Penal Code, 1860. Subsequently, the Supreme Court took suo motu notice of the matter and directed the FIA and the NAB to investigate the matter along with the Finance Division and the Privatisation Commission to ensure that every effort is made for recovery of the amount invested with the TIBL along with the mark-up. On July 3, 2013, an amount of Rs 294.37 million was recovered from the TIBL in lieu of the principal amount as well as the mark-up on Rs 500 million. Thereafter, no substantial progress could be made on this case. However, the current management of the Privatisation Commission pursued the case at every level — Supreme Court, high courts, banking courts, FIA and NAB. As a result, the defaulters submitted an application to the NAB that they wanted to return Rs 210 million under the voluntary return offer. The defaulter however refused to service the accrued mark-up. The Privatisation Commission continued to pursue the case in cooperation with the NAB and finally the defaulters agreed to return the amount that was due. The NAB authorities approved this offer.