Inside Financial Markets

Co-accused of ex-NBP chief sent on judicial remand

Rs18 billion graft case

Seven accused of sectarian violence acquitted as prosecution fails to prove charges

An accountability court (AC) on Monday sent co-accused Imran Ghani to prison on judicial remand in order to face trial along with former National Bank of Pakistan (NBP) president Ali Raza, former NBP senior executive vice president Zubair Ahmed and others.

As many as 16 accused including six Bangladeshi nationals are alleged to have committed corruption of billions of rupees. The reference alleged that the corrupt bankers had caused a loss of around Rs18 billion.

The reference filed by the National Accountability Bureau (NAB) Sindh termed Raza, Ahmed, Ghani, Tahir Yaqboob, Qamar Hussain, Saleemullah, Pardeep, Qazi Nizamuddin and others as co-accused in the corruption case.

Raza and other former officials are also accused of misusing their powers for committing bank frauds and granting illegal loans. They are also alleged to have misused their authority and committed criminal breach of trust while granting and revising financing facilities in NBP’s Bangladesh branch which caused huge loss to the national exchequer.

The senior NBP officials are alleged to have doled out loans to defaulters of other banks from NBP’s branches in Bangladesh.

An executive board meeting of the NAB had in 2012 decided to hold the inquiry against irregularities committed by the then NBP president and other executives including Dr Mirza Abrar Baig under the cover of streamlining the bank’s operations.

A petition filed in the Supreme Court in 2011 sought formation of a commission to investigate alleged illegal appointments, corruption and other illegalities committed by the NBP’s higher ups over the past 10 years. The petition was filed by the officer bearers of the Collective Bargaining Agent (CBA) union.

Seven acquitted

An anti-terrorism court (ATC) acquitted seven accused of sectarian violence as the prosecution failed to prove a single charge against the accused. The accused including Ali Raza alias Langra, Agha Moni, Ammar, Anees and Raees were alleged to have created a law and order situation in 2012 in the area of Shah Faisal Colony by attacking a procession of mourners in the area. One man was killed while dozens of people were injured during the violence. However, the court in its verdict observed that no accused was found guilty of creating a law and order situation.

Baqar Hussain

A Wannabe CFO, just had stepped in the corporate sector, willing to explore every aspect here and learn as mush as i can, awareness for those who dont, get the info where ever possible and stay up to date always.

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Inside Financial Markets was a joint publication of Pakistan Stock Exchange (PSX)and Society of Technical Analysts Pakistan (STAP)