Senate committee to send Multan Metro Bus case to NAB
The decision has been taken as SECP did not respond to the Senate standing committee’s letter
December 30, 2017
ISLAMABAD: The Senate Standing Committee on Finance has decided to send three cases to the National Accountability Bureau (NAB), including the ones on circular debt payment and Multan Metro Bus.
According to a statement, Senate Standing Committee on Finance Chairperson Saleem Mandviwalla has said they will be requesting NAB to look into the cases as the Securities and Exchange Commission of Pakistan (SECP) was not providing details on them.
He added they wrote numerous letters to the commission but received no response.
Therefore, he stated, they will be asking NAB to provide details on the cases within a month.
The cases the committee will be sending to the anti-graft body are the ones regarding Multan Metro Bus, Bank of Punjab scandal and payment of circular debt of Rs480 billion.
The Bank of Punjab case pertains to the executive of the bank, who illegally tampered with the prices of shares and sold them knowing their value was declining.
On the other hand, the Multan Metro Bus case is regarding Rs5 billion of the project that was illegally sent to China.
Initial investigation revealed the money was sent to a Chinese company called Yabaite.
