ISLAMABAD: The National Accountability Bureau (NAB) has once again initiated an inquiry into an alleged high-value scam, delving into the payment of a substantial sum of Rs 500 billion to Independent Power Producers (IPPs) amid concerns of irregularities.
The inquiry was prompted by the recently amended NAB Act of 2022 and may once again result in a delay in payments.
According to sources, the Secretary of the Power Division has been directed to provide the required information by July 11th. As part of its renewed inquiry, NAB has specifically requested details regarding the assets declared by the officials involved in the disbursement of funds to the IPPs.
Background
The scandal dates back to 2013 and revolves around the borrowing of a substantial Rs 500 billion from various banks to settle outstanding dues owed to the IPPs. The Power Division, in conjunction with Power Holding Private Limited (PHPL), facilitated the loan and played a significant role in distributing the funds to the favoured IPPs. NAB’s relaunched inquiry aims to shed light on the potential irregularities that may have occurred during this process, focusing on both the IPPs and the officials within the Power Division.
The issue has particularly been in limbo since March 2021, when the NAB investigation into IPPs reportedly put the first instalment of 40 percent of agreed amount of over Rs 400 billion in limbo.
In April that same year, NAB had written to the power division saying that the government has the full authority to execute their altered agreements with 47 IPPs in a bid to provide relief to those officials who are hesitant to implement the new agreements because of fears of possible action against them in future.
The decision to relaunch the inquiry demonstrates NAB’s unwavering commitment to addressing large-scale financial misconduct. By revisiting this investigation, the bureau seeks to ensure transparency, accountability, and responsible use of public funds.
The relaunch of this inquiry has sent shockwaves throughout the power sector and the wider business community, sparking concerns about fair competition and the integrity of the industry. Stakeholders eagerly await the outcome of NAB’s efforts, as the investigation is expected to have significant implications for the energy sector.
Investigation in limbo
As the inquiry progresses, NAB is expected to meticulously scrutinise financial records, contracts, and relevant documents to build a compelling case against those involved. While the outcome of this high-profile investigation remains uncertain, NAB’s decision to relaunch the inquiry instils hope for a more transparent and corruption-free society. Citizens eagerly anticipate justice, with expectations that this investigation will serve as a strong message, deterring potential financial misconduct.
In conclusion, NAB’s relaunch of the inquiry into the alleged Rs 500 billion scam involving favoured IPPs marks a significant step in the fight against corruption and the pursuit of accountability in Pakistan. This renewed investigation aims to uncover potential fraudulent disbursements to select IPPs, involving officials from the Power Division. As NAB intensifies its efforts to unveil the truth, the nation awaits with anticipation, hopeful that this endeavour will restore faith in governance and financial systems while reinforcing the values of transparency and integrity.
What a Joke, Nab wakes up 10 years later,
Nab is truly a waste of tax payer money. Just close it down. No body really involved will really be caught.I dont think that is the intention.
A big company collected money for allotment of shops in Acquarium Mall on GT Road Rawalpindi from people including my son, but they couldn’t build the shopping complex so far. Now they have sold out the land to some other company whose owner is not honouring the agreement. We have a legal agreement on a stamp paper and the many paid in instalments is a huge amount which was invested out of hard earned money by my son ( an officer from the Armed Forces of Pakistan). The company has illegal and fraudulent motives and there are several persons who fell as victims . Does this case fall into the ambient of NAB and if so whom should we contact?