Construction of dams: 'Funds are in safe hands': SC

The Supreme Court has made it clear that there are no directives to the public and private banks not to accept funds in the Supreme Court and Prime Minister Diamer-Bhasha and Mohmand Dams account.

Dams Funds are in the custody of National Bank of Pakistan, but are supervised by the apex court, said Justice Ijaz ul Ahsan. "There should be no misgiving about these funds in the public and it precisely be clear to everyone that the funds are in safe hands."

The top court on June 13, 2019 had decided to invest Supreme Court and Prime Minister Diamer-Bhasha and Mohmand Dams Funds in National Bank of Pakistan (NBP).

The then Chief Justice Mian Saqib Nisar on July 10, 2018 had set up Supreme Court of Pakistan Diamer-Bhasha and Mohmand Dams to raise funds for the construction of Diamer-Bhasha and Mohmand Dams. When Prime Minister Imran Khan joined efforts towards the construction of dams then the Fund was renamed as Supreme Court and Prime Minister Diamer-Bhasha and Mohmand Dams Fund. The amount on June 13 in the Fund was Rs 10.66973 billion.

A five-member special bench, headed by Justice Gulzar Ahmed, on Thursday heard the implementation of its directives regarding the construction of Diamer-Bhasha and Mohmand Dams.

Senior executive member of National Bank of Pakistan Wajahat Qureshi informed the bench about the status of the Dam Funds. He said that with crude interest, the amount of money on 28-02-2020 will be Rs 12.098 billion.

Justice Ijaz stated there are complaints that people go to deposit money in private banks, but they are not accepting money for deposit in Dams Funds. He said no order has been issued in this regard. The counsel for State Bank of Pakistan (SBP) said banks are accepting donations, adding, "I will check."

"This account is perpetual and if anyone wants to deposit money in the Dams Funds then he/she can do so," said Justice Ijaz. He further said that Pakistanis abroad have also complained that they cannot deposit money into Dams Funds account.

The bench directed State Bank of Pakistan to resolve the issue so that Pakistanis wherever they are living can send money for Dams Funds. The governor SBP was directed to file a report in this regard on the next date. The SBP counsel was asked to take immediate measure for continuously receiving funds.

Chairman WAPDA Maj Gen Muzamil Hussain (retd) said that Mohmand Dam will be completed by 2025. Justice Gulzar said; "We are not alluding or interfering as this is a project of WAPDA." There should be no problem for WAPDA to accelerate the work and complete it as per schedule, he added.

Justice Ijaz observed that the federal government has given commitment that there will be budgetary allocations. He inquired from the chairman whether the government is providing funds for the dams.

Gen Muzamil said that out of 15,000 acres, the Khyber Pakhtunkhwa has acquired 900 acres of land for Mohmand Dam. About the finance strategy of the dam, he said that 37% funds will be provided by the federal government, while WAPDA will arrange 63% funds itself that include WAPDA equity, 26%; local commercial financing, 10%, and foreign commercial financing, 27%.

The court expressed concern over awarding contract to Saadat Enterprises, which sub-let it to Hasnat Brothers. Justice Gulzar said the purpose of sub-letting it is to make money without doing the required job. The chairman WAPDA is directed to file a report on this on the next hearing.

The case was adjourned for four weeks.