NAB against Mepco, Trust bank and former IGP

MULTAN: The National Accountability Bureau (NAB), Multan, forwarded a complaint to the Lahore office on Friday against Balochitan former inspector general police (IGP) Abdul Qadeer Bhatti for amassing assets beyond his known sources of income.

According to an official handout, a meeting of the NAB executive board was held in which two cases were presented.

In the first case, investigation against the officials of the Multan Electric and Power Company (Mepco), Trust Investment Bank and others was authorised for illegally investing Rs215 million (principal amount).

“The Trust Investment Bank bypassed processes, procedures, rules and regulations set by the Ministry of Finance for investment of surplus funds and directly approached Mepco with their investment proposal which was accepted by the then officers of Mepco in 2011-12”, reads a handout.

The bank subsequently went into default on Oct 6, 2012 thereby showing inability to repay Mepco.

It said that the company approached the Securities and Exchange Commission of Pakistan and later lodged a complaint with the Lahore NAB office which was processed and inquiry was authorised.

“During the inquiry it transpired that Mepco officers and board members of the bank and others were actively involved. Among them are: former Mepco chief executive officer Chaudhry Guftar Ahmad Anjum, former finance director Syed Mushtaq Hussain Bukhari, bank directors Asif Kamal, Mir Javed Hashmat, Khalid Rafique, Mubarak Ali, Shahid Iqbal, Shazib Masud, Mumtaz Ahmed and Muhammad Humayun Nabi Jan”, states the handout.

In another matter, a complaint verification was authorised and sent to the Lahore NAB office for further verification.

Former IGP Bhatti is accused of amassing assets beyond know sources of income.

Source: Dawn