NAB to Take Action Against Rs. 80 Billion Chicken Company Scam

A delegation of representatives from Lasani Chicken and Chicks and Lasani Oil Traders has informed National Accountability Bureau (NAB) that the Chief Executive of their company, Anis-ur-Rehman, along with other members of the group, have been involved in profiteering, fraud, and deception.

They communicated this to NAB Chairman, Justice (Retd) Javed Iqbal, in a meeting held at NAB Headquarters.

During the meeting, they informed Chairman NAB that these officials of the company are also withholding payment of about Rs. 80 billion they owe to 46,000 people.

Chairman NAB took strict notice of nearly Rs. 80 billion fraud under the guise of high profits and directed the DG NAB Lahore to set up a special cell to take action against the accused per the law.

NAB Chairman also assured the delegation that all resources would be utilized to bring this scandal to a logical conclusion per the law.

In a separate incident, the National Accountability Bureau (NAB) has also swung into action regarding independent power producers (IPPs) and the memorandums of understanding (MoUs) that they have signed with the government over power prices.

NAB has started looking into the conversion of MoUs into altered contracts, starting from the signing of MoUs with 47 IPPs up to the signing of amended power purchase agreements (PPAs) to look for any wrongdoing.

NAB has also written a letter to secretary power on February 10, seeking details till Thursday (today) about the MoUs and amended PPAs. The anti-corruption body has also asked for the rationale to invoke local arbitration on the excess profit of Rs. 53 billion.

This has also lead to concerns in the industry players over whether the intended results of the MoUs and PPAs would even be realized, who feel that NAB’s investigation is tantamount to sabotaging the process.

For now, there is no mention of a local arbitration tribunal to resolve the excess profits by 13 IPPs, and the only decision finalized so far is that National Electric Power Regulatory Authority (NEPRA) will resolve the issue through due diligence.

Federal Energy Minister, Omar Ayub Khan, had already announced on February 10 that the NAB, NEPRA, or the Securities and Exchange Commission of Pakistan (SECP) would be free to proceed against IPPs for any misdeed or criminality.

Source: Propakistani