The Supreme Court on Tuesday exonerated M B Abbasi, who was Chairman of National Development Finance Corporation (NDFC), from allegedly granting financial facility of Rs 40 million in 1994 in violation of rules and regulations.
A three-member bench of the Court comprising Chief Justice Abdul Hameed Dogar, Justice Mohammad Qaim Jan Khan and Justice Chaudhry Ejaz Yousaf exonerated the former Chairman of NDFC. Advocate Muhammad Qayyum appeared as counsel for Abbasi. Attorney-General, Latif Khosa represented the federation.
According to the reference (27/2003) filed by National Accountability Bureau, Sindh, the NDFC had approved a financial facility of Rs 40 million in favour of West Pakistan Tanks Terminal (Pvt) Ltd as trade finance facility in 1994.
Subsequently, the facility was converted into working capital fund for purchase of molasses to be exported abroad, and was disbursed in January 1995. The defence counsel submitted that his client was entitled to get protection under NRO since he was a public office holder and the case was registered against him during the period mentioned in the ordinance. The counsel pleaded for the acquittal of his client. On Tuesday, the Supreme Court cleared him of the charges of fraud.
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