ISLAMABAD:The National Accountability Bureau (NAB) has challenged the Lahore High Court’s (LHC) verdict to halt the inquiry into the 15-year-old case of privatisation of Muslim Commercial Bank (MCB) against Mian Muhammad Mansha in the apex court, it was learnt here.
The NAB had conducted a preliminary inquiry into the privatisation of MCB in the year 2001-2002. During the inquiry various aspects of the privatisation process, including authenticity and value of bid bond, were furnished, as well as the first and third tranches of payment examined by MCB sponsors.
A high-level meeting was held at that time in the finance ministry, which was attended by the privatisation minister, the then chairman NAB, State Bank of Pakistan’s (SBP) governor and others.
Privatisation: ‘Govt to ensure tranparency’
In that meeting, the case was referred to the SBP in 2004. The case remained unattended with the SBP and no action was taken for 11 years.
In light of the Supreme Court’s observations on July 9, 2015 to proceed further in the matter of privatisation of MCB, NAB conducted an inquiry on four allegations. READ MORE