Pak SC issues notice to National Bank officials

The apex court reprimanded the FIA for not registering cases against NBP officials who misused 2.5 billion rupees from the bank`s fund.

Last Updated: Jun 23, 2011, 15:27 PM IST

Islamabad: The Pakistan Supreme Court has issued notices to the National Bank of Pakistan (NBP) Chairman, President and 14 executives, who were paid huge amounts of money illegally from the NBP`s Staff Welfare Fund as ``achievement awards``.

The apex court reprimanded the Federal Investigation Agency (FIA) for not registering cases against NBP officials who misused 2.5 billion rupees from the bank`s fund.

Pakistan Chief Justice Iftikar Mohammad Chaudhary also said that the delay in the registration of cases indicated that the FIA was under pressure. Had the FIA registered the cases and started action against the accused officials, the court said there was no need for it to get involved in the matter.

The court directed NBP counsel Abdul Hafeez Peerzada, to file paragraph wise comments against the misappropriation, misuse and embezzlement of funds by NBP officials.

The court also ordered him to submit the record of the achievement awards approved by the Board of Directors, and the performance record of executive members at the next hearing.

Peerzada informed the court that the NBP was the largest bank in the country, with the annual net profit was 25 billion rupees, in reply to which, Chief Justice Chaudhary said this profit should not be drained out.

"How did an official get Rs 60 million from the fund as an achievement award?" the Daily Times quoted Chief Justice Chaudhary, as asking.

A three-member bench of the Supreme Court (SC), comprising Chief Justice (CJ) Iftikhar Muhammad Chaudhry, Justice Tariq Pervez and Justice Amir Hani Muslim, was hearing a petition filed by Syed Jahangir, NBP Trade Union Foundation secretary general, regarding embezzlement of two billion rupees in the Staff Welfare Fund.

ANI