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30 November 2009

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Sunday, 1 November 2009

Zardari's corruption and our saviours in Pakistan Army


PAC wants culprits behind NLC losses identified

By Irfan Bukhari

ISLAMABAD: The Public Accounts Committee on Thursday directed the Planning and Development Division to identify those responsible for losses of Rs 1.7 billion to the National Logistics Cell (NLC).

Considering the audit para pertaining to losses suffered by NLC from investment in the stock exchange between 2004 and 2008, the PAC directed the secretary to submit names of the officials responsible within 15 days.

The Planning and Development Division secretary informed the committee that NLC had invested Rs 4.8 billion in the stock exchange between 2004 and 2008 and had suffered losses of Rs 1.7 billion.

Briefing the committee about the findings of an inquiry report, the secretary said NLC officials had purchased shares of various companies in violation of company policy and against the decision of the board of directors.

He said Lt General (r) Khalid Munir Khan, Lt General (r) Afzal Muzaffar, Major General (r) Khalid Zaheer Akhtar, Najeeb Ullah Khan and Saeedur Rehman were heading the NLC at the time.

He said the Planning and Development Division held these men responsible for the losses, but Auditor General Tanvir Ali Agha said responsibility could not be fixed without a proper trial.

PAC member Hamid Yar Hiraj endorsed Agha’s remarks and PAC acting chairperson Yasmeen Rehman directed the Planning and Development secretary to fix the responsibility through proper procedure, so that money could be recovered from them.

http://www.dailytimes.com.pk/default.asp?page=2009\10\30\story_30-10-2009_pg7_23


Three generals cause multi-billion loss to NLC

Friday, October 30, 2009

By Rauf Klasra

ISLAMABAD: Two former lieutenant generals and one major general of the Pakistan Army calling shots at the National Logistic Cell for five years, stood exposed before the Public Accounts Committee (PAC) on Thursday, when an inquiry report revealed that after defying the orders of the then prime minister Shaukat Aziz, these generals had quietly borrowed Rs2billion from four banks on commercial rates to make investments in the volatile stock markets and in the process lost Rs1.8billion in the stocks.

A total of Rs4billion of the NLC including the pension fund of its employees, were invested in the stock markets, out of which, according to the report, Rs1.8billion were already lost during this adventure.

The PAC was informed through its inquiry report that OIC/NLC Lt General Azfal Muzaffar evn continued to make investments in the stock market till the last day of his retirement in 2008 even though the rest of the government departments and organizations had stopped this exercise in 2006.

The PAC was informed that after causing a loss of Rs1.8billion in cash to the NLC which would continue to pay the loan installments of the banks in the years to come, these three army generals were never questioned about their acts of omission and commission which had caused a loss of billions to the organisation.

The PAC members suspecting some foul play in the multi billion investment spree sought the names of the brokers and directors of those firms through whom these billions were invested despite the orders of PM Aziz in 2003 to stop investing in stocks.

The interesting part of this scam is that this was Shaukat Aziz who as a finance minister had devised a policy to make the public sector departments, organizations, corporation etc to invest their pension funds into stock markets to show fake recovery and financial health of the country.

Earlier, the secretary planning division Ashraf Hayat placed the names of five top guns of NLC who according to inquiry repot were responsible for this massive financial loss. Secretary said he did not have any doubt in his mind that following five were responsible—-Lt General Khalid Munir Khan who served in OIC NLC during 15.1.2004 to 14.6.2005, Lt General Afzal Muzaffar ( 15.6.2005 to 17.10.2008), DG NLC Major General Khalid Zahir Akhar ( 25.7.2002 to 27.2.2008), DFA Najeebullah Khan ( 25.10.2002 to 10.4.2007) and Chief Finance Officer ( 20.6.2004 to 22.10.2008).

These top guns were holding the positions of OIC DG AND DFA/CFO when these amounts were borrowed from the four commercial banks and invested in the markets.

According to official inquiry report placed before the PAC, a total loan of Rs2billion was borrowed— Bank Al Falah (Rs650million), National Bank of Pakistan(Rs90million), UBL (Rs800m) and ABL (Rs500m) and out of this loan, Rs 1.8billion has already been lost in the stock markets because of the decision of these three top army generals who had contracted with some brokers to make these heavy investments in stock markets.

The shocked PAC members however stopped short of ordering the recovery of these huge financial losses from these top military generals even after it was established that not only these generals had defied the orders of the then prime minister Shaukat Aziz not to make investment in the markets, but Staff Retirement Benefit Fund of employees was also thrown and lost in the stock markets. The PAC decided to wait for two more weeks to get another review of the inquiry report before ordering the recovery of these losses from those top military men who made such silly investments in the stocks.

Earlier, the PAC met here with Yasmeen Rehman in the chair. Sardar Bhadur Khan Sihar, Riyaz Fatinya, Hamid Hiraj, Sardar Ayaz Sadiq, Nadeem Afzal Chann and others.

The secretary Planning Ashraf Hayat laid the inquiry report before the PAC and he did not have any doubt in his mind that these three generals were responsible for this huge financial losses to the NLC by making faulty decision of investing in the volatile markets of the country. Despite the repeated questions of the PAC members the secretary did not budge from his stance that three generals were responsible for this loss. MNA Riyaz Fatina was wondering that why PAC was ordering the fixing of responsibility when it was clear from documents that these generals had defied the orders of the PM Aziz and this single violation was enough to establish a case against them.

The PAC was informed that three generals even devised a new strategy to make the money invested when after consuming the pension funds NLC employees, they even decided to borrow from four commercial banks and then threw it in the stocks. The PAC was informed that the sorry part of this sordid affair was that even the pension fund of the employees of the NLC was not spared in the heat of investment with the help of some powerful brokers.

According to the inquiry report, as a part of its official policy, NLC should invest 20 percent of the total fund under the management in non government securities/TFCs and shares. The report said in its 37th meeting of NBL held on September 8, 2003 the chairman NLB approved the investment policy of NLC advising not to invest in the stocks and carry over transactions. In its next Board meeting held on Jan 7, 2005, while viewing the status and results of NLC investments, the prime minister/chairman of NLB pointed out that public sector companies should not trade in stocks. The DG NLC clarified that investment policy was made as per the guidelines by the ministry of finance. The PM Aziz asked the secretary finance for an approval and issuance of fresh guidelines, he further directed that a strategy should be worked out by NLC in consultation with secretary finance to disinvest from the stock market. The DG NLC reiterated that irrespective of the policy, PM Directive to withhold trading in stock till fresh guidelines from the finance division will be followed.

The inquiry report said it analysed the investment record and reached the conclusion that massive financial irregularities were detected. The report said, “ besides noticing the acts of blatant violations of instructions, procedures and other guidelines”. The PAC would now decided whether to summon these generals in meeting and put recovery on them in its next meeting after receiving another report within two weeks.
http://www.thenews.com.pk/top_story_detail.asp?Id=25281


http://www.jang.com.pk/jang/nov2009-daily/01-11-2009/col10.htm

(Abdul Qadir Hassan)

7 comments:

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Aamir said...

Shame on Mr Ansar Abbasi [Editor Investigation The News International/Jang Group of Newspapers] who has quoted EX-PML - N Senator Saif ur Rehman [Former Accountability Chief IN PML-N 2nd Government]'s Press Conference of 1997 against Asif Ali Zardari [detailed story with date, text and link is at the end http://www.jang.com.pk/jang/nov2009-daily/03-11-2009/main.htm ]. Very well, let me quote as to Senator Saif ur Rehman used to deal with the Jang Group of Newspapers in 1997. During those days Ansar Abbasi used to be in Daily Dawn. By the way Senator Saif ur Rehman is the person who as per The Friday Times, Editorial by Najam Sethi, Feb. 15, 2001

"QUOTE"

The Sunday Times of London has recently published a story that damns politicians and state institutions alike in Pakistan. The report suggests that an official of the Intelligence Bureau was ordered in 1998 by the head of the Accountability Bureau, Mr Saif ur Rehman, to tap the telephones of Justice Abdul Qayyum of the Lahore High Court (illegal order by politicians, illegal implementation by IB). The IB official later pocketed the tapes and decamped to London, eventually handing them over to the British newspaper. If true, the conversations between Justice Qayyum and Saif ur Rehman, Khalid Anwar (then law minister), Mrs Abdul Qayyum and others are fascinating because they reveal the political bankruptcy of the system and those who are elected or nominated to make it work.

The tapes suggest that Justice Qayyum was bullied by the then prime minister Nawaz Sharif and his minions into convicting former prime minister Benazir Bhutto and her spouse Asif Zardari for corruption in 1998. This means that - irrespective of the substantial evidence laid against the two accused - the trial wasn`t conducted entirely in a free or fair manner as required by law. Ms Bhutto shrieked as much during and after the trial but critics, including TFT, dismissed her allegations against Justice Qayyum as inconceivable. Hence when the review petition comes up for hearing before the Supreme Court on February 26, the court will be hard put to choose between acquitting the couple or ordering a fresh trial. If it clings to a third option - upholding the verdict - it risks being tarred by the same brush. The Friday Times, Editorial by Najam Sethi, Feb. 15, 2001

Aamir said...

SHAME ON ANSAR ABBASI:

QUOTE FROM Hegemony of the Ruling Elite in Pakistani by Abdus Sattar Ghazali

NAWAZ SHARIF'S CAMPAIGN AGAINST THE PRESS [part 1]

ATTACK ON JANG

The government of Nawaz Sharif started a campaign against the Jang group in July 1998 when it refused to sack a number of journalists critical of the government policies. First, the government objected to the Jang group newspapers' reporting about the law and order situation in the country and put a ban on its advertisement for the Jang group. On Aug. 13, a report was published about non-payment of Rs. 700 million to farmers by the sugar mills owned by the Nawaz Sharif family. Three days later, the government sent notices to Jang for non payment of taxes and the case was shifted to the Ehtesab cell. On Sept. 27, 1998, the government asked the Jang group not to publish a report of The Observer London that said that PM Nawaz Sharif has siphoned off millions. The report was not published by the Jang but it was published by its sister English newspaper The News. On Nov. 5, bank accounts of the Jang group were frozen and FIA raided the Jang and the News offices in Rawalpindi and customs authorities stop delivery of newsprint to the Jang.

On Dec. 17, Sentaor Saifur Rehman said that another case is being prepared against the Jang group. On Jan 27, 1999, FIA encircles the Jang group office in Lahore and Karachi. And on Jan 28 1999, a sedition case was registered against Mir Sahkilur Rehman for publishing an advertisement of Muttahida's Khidmat-e-Khalq Foundation on January 1, which according to the police, was aimed at inciting people against the state. Offices of the Jang group in several cities were surrounded by security and taxation people; its godowns were sealed and newsprint was not allowed to be delivered for its paper.

Aamir said...

SHAME ON ANSAR ABBASI:

QUOTE FROM Hegemony of the Ruling Elite in Pakistani by Abdus Sattar Ghazali

NAWAZ SHARIF'S CAMPAIGN AGAINST THE PRESS [part 2]

ATTACK ON JANG

Mir Shakil-ur Rehman revealed that Senator Saifur Rehman asked him to sack a number of Jang employees who should be replaced in consultation with the government. He released to the press audio-tapes of conversation with Senator Seifur Rehman on this Senator Saifur Rehman, addressing a press conference in Islamabad on 25th Jan. 1999 acknowledged that he had asked the Jang group to "avoid sensationalism and concentrate on objective reporting. He said the government has asked the Jang group for support on the 15th amendment because it wanted enforcement of the Islamic order according to the aspirations of the people. The Senator said he was asked to extend support to the government in what he called strengthening of democratic institutions. He particularly referred to the tragic incidents in Karachi and imposition of governor's rule in Sindh. He also said: Mir Shakilur Rehman evaded tax and customs duty to the tune of Rs. 2.6 billion during the last two years.

The New York-based Committee to Protect Journalists, a press freedom organization, said on June 1, 1999 that it was conducting an investigation into a "hit list" prepared by the Pakistan government that contains 35 prominent journalists of Pakistan. According to reports received by the CPJ, the federal government had decided to establish a special media cell comprising officials from the police, Intelligence Bureau and the Federal Investigation Agency to punish the journalists who have been writing against the government.

Aamir said...

SHAME ON ANSAR ABBASI:

QUOTE FROM Hegemony of the Ruling Elite in Pakistani by Abdus Sattar Ghazali

NAWAZ SHARIF'S CAMPAIGN AGAINST THE PRESS [part 3]

ATTACK ON JANG

Ehtesab Bureau Chairman, Senator Saifur Rehman Khan would head this cell which would function simultaneously at Lahore, Islamabad, Karachi and Peshawar with its head office in Islamabad.

According to the CPJ, the names were: Irshad Ahmed Haqqani, Rehmat Ali Razi, Anjum Rasheed, Suhail Warraich, Sohaib Marghoob and Roman Ehsan, (Jang Lahore), M. Ziauddin and Ansar Abbasi (Dawn Islamabad), Dr. Maleeha Lodhi, Javed Jaidi, Nusrat Javed and Mariana Babar (The News, Islamabad), Rehana Hakeem and Zahid Hussain (Newsline), Ejaz Haider, Khalid Ahmed, Jugnu Mohsin and Adnan Adil (The Friday Times, Lahore), Mahmood Sham (Jang, Karachi), Rashed Rehman (The Nation, Lahore), Amir Ahmed Khan (Herald, Karachi), Imtiaz Aalam, Beena Sarwar, Shafiq Awan, Kamila Hyat and Amir Mir (The News Lahore), Abbas Athar (Nawa-e-Waqt, Lahore), Kamran Khan and Shehzad Amjad (The News Karachi), Azam Khalil (Pulse), Mohammad Malik (Tribune), Imtiaz Ahmed (The Frontier Post, peshawar), Ilyas Chaudhry (Jang Rawalpindi), Naveed Meraj (The Frontier Post Islamabad) and Syed Talat Hussain (The Nation, Islamabad).

Commenting on the Nawaz Sharif government campaign against the press, the US Human Rights report for 1998 said: Although the press largely publishes freely, the government uses its large advertising budget to influence content, journalists practice self-censorship, and the broadcast media remains closely controlled by government monopoly.Favorable press coverage of the prime minister's family compound/hospital/college south of Lahore was widely understood to have been obtained for a price. Rumors of intimidation, heavy-handed surveillance, and even legal action to quiet the unduly curious or non-deferential reporter are common. The government has considerable leverage over the press through its substantial budget for advertising and public interest campaigns, its control over newsprint, and its ability to enforce regulations.

The country's leading Urdu daily, Jang, and the English-language daily News, both owned by Shakilur Rehman, were cut off for a time from critical government advertising revenue after publishing articles unflattering to the government. The Jang group also was served with approximately $13 million in tax notices, harassed by government inspectors, and pressured not to publish articles. There is credible evidence that Senator Saifur Rehman, a close associate and head of the Accountability Bureau, demanded a number of journalists and editors be fired. Jang also reportedly had difficulty in obtaining sufficient newsprint to publish.

Rehana Hakim, editor of the English-language monthly Newsline also has complained that her publication, which is highly critical of the government does not receive government advertising revenue, has been raided and harassed by tax inspectors and security agents. The editors of the weekly The Friday Times have alleged government harassment of their staff as well. On March 19, Public of Karachi, a local Urdu-language daily, was banned by the local magistrate and ceased publication on March 20. [References /Dawn 26-1-1999 - 27. Dawn 27-2-1999]

Aamir said...

First it was Chaudhry Shujaat Hussain, who after remaining former president General Musharraf’s main ally and beneficiary for nearly eight years, declared his party’s opposition to the corruption laundering bill.

DETAILS: NRO, Chaudhry Brothers, PML - Q & Jang Group of Newspapers

http://chagataikhan.blogspot.com/2009/11/nro-chaudhry-brothers-pml-q-jang-group.html

Aamir said...

Shame on Mr Ansar Abbasi [Editor Investigation The News International/Jang Group of Newspapers]

So shameless these journalists are that they are filing stories after stories on Corruption and NRO and that too with the documents provided by NAB [National Accountability Bureau] which was created by a Military Dictator after sabotaging 1973Constitution of Pakistan by imposing Martial Law. Isn't it strange that these Journalists/Lawyers are after the blood of Musharraf and want to try him for treason and the very same lobby shamelessly quote documents from the department which was created by the same General Musharraf. If Martial Law of 12 Oct 1999 is invalid and illegal then how can National Accountability Documents be Legal.

DETAILS:NAB Documents, Accountability, Ansar Abbasi & Musharraf's Treason Trial.

http://chagataikhan.blogspot.com/2009/11/nab-documents-accountability-ansar.html

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