When Educational Institutions are led by corrupt heads, Nations don’t survive

NAB starts inquiry against KU VC for ‘embezzling funds’

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The National Accountability Bureau (NAB) on Wednesday launched an inquiry against the Karachi University’s vice chancellor, allegedly for misappropriation of public funds through illegal payments, appointments and use of the provident fund, which caused a Rs566 million loss to the national exchequer.

The decision was taken in a meeting of the Executive Board of the National Accountability Bureau (NAB), held with its Chairman Qamar Zaman Chaudhry in the chair.The NAB Executive Board decided to refer the case of senior  PML leader and former provincial minister, Punjab, Ch Zaheerud Din, Akhtar Ali, ex-Town Nazim, and others to theAnti-Corruption Establishment (ACE) as it did not meet the threshold laid in the SoPs for taking cognizance of the case.

The NAB Executive Board decided to authorise an investigation against Tariq Iqbal Khan, ex-chairman and MD, National Investment Trust (NIT), Asif Jameel, ex-director, NIT, and others. In this case, the accused persons were alleged of making illegal sale of Pakistan Engineering Company (PECO) shares by the NIT management without obtaining the necessary approval of the government.

The NAB board authorised an inquiry against Azeem Iqbal Siddiqui, ex-MD SSGCL, and others regarding the purchase of pro-gas assets at exorbitant price. In this case, the accused persons were alleged of misuse of authority, purchase of pro-gas assets in capacity of single bidder for Rs2.25 billion at exorbitant price, thus causing a loss of Rs800 million to the national exchequer.

The EBM decided to close the inquiry against Nadir Shah, MD, Liquidator National Construction Company Limited, due to lack of incriminating evidence. On the conclusion of the Executive Board meeting, NAB Chairman Qamar Zaman Chaudhry reiterated that NAB is committed to eradicating corruption through holistic approach of awareness, prevention and enforcement and by adopting zero tolerance policy against corruption throughout the country.

He directed all the NAB officers/officials to put in their best efforts in conduct of complaint verification, inquiries and investigations against corrupt persons in accordance with the laid down laws/SoPs of NAB.

Source: http://www.thenews.com.pk/print/117635-NAB-starts-inquiry-against-KU-VC-for-embezzling-funds