PAC orders NBP to file recovery suit over Rs27.85 million pending for four years

The Public Accounts Committee (PAC) of the National Assembly on Wednesday directed the National Bank of Pakistan (NBP) to initiate legal proceedings to recover Rs27.85 million that remains outstanding from one of its executive vice presidents for the past four years, Dawn reported. 

The directive was issued during the committee’s review of audit briefs of the Finance Division for 2023-24. The Auditor General’s office informed the panel that the amount had not been recovered despite the lapse of considerable time.

When lawmakers sought recommendations, the finance secretary suggested taking penal action within NBP management against those responsible. However, PAC members instructed NBP President Rehmat Ali Hasnie to file a formal recovery suit and submit a compliance report to the committee within 15 days.

The committee expressed concern over delays in recovery of public funds and stressed that accountability measures should be pursued through proper legal channels.