Stock exchange scam: PAC body directs NLC to hand over inquiry report to NAB

A sub-committee on monitoring & implementation of the Public Accounts Committee (PAC) Monday directed officials of National Logistic Cell (NLC) to hand over inquiry report into stock exchange scam and relevant record to National Accountability Bureau (NAB).

The decision was taken while discussing compliance with the PAC reports on the Ministry of Planning, Development and Special Initiatives and Ministry of State and Frontier Regions for the years 1999-2000 to 2008-09.

Six-member committee, which met under its Convener Sardar Ayaz Sadiq, directed the NLC management to provide relevant record to NAB. The secret inquiry report into Rs 5.3 billion scam in the NLC has involvement of two retired lieutenant generals, one major general and two civilians who caused a colossal loss to the institution.

Member Committee Khawaja Asif said that parliamentarians would have been in 90 days remand of the NAB or FIA in case of unauthorized investment of Rs 5,387 million by the management of NLC in stock exchange. Member Committee Khawaja Asif said if parliamentarians had made unauthorized investment of Rs 5,387 million in stock exchange instead of the NLC management, they would have been in 90 days remand of the NAB or FIA.

The NLC officials said that the management and General Headquarters (GHQ) had penalized according to the rules and regulations to those who were involved in irregularities. They said that the rank of major general was stripped off along with other perks and privileges including pension.

The committee directed to submit details of the investment of NLC in the stock exchange to NAB for forensic audit. The committee observed that no recovery was made despite former director general NLC was made accountable.

Khawaja Asif questioned why no action was taken against stock brokers who earned Rs 300 million. The committee was not informed about the action taken against those involved in NLC investment scam in stock exchange. The convener committee said since 2009, the committee was asked for record but no record was handed over to PAC. The officials of NLC said that all the record is in the possession of GHQ. Khawaja Asif said that the civilians involved in the scam are sitting in the present government of Pakistan Tehreek-e-Insaf.