ISLAMABAD, Mar 13 (APP): The Islamabad High Court (IHC) has
rejected application of Muslim Commercial Bank (MCB) seeking stay
order on the National Accountability Bureau (NAB)’s investigation
regarding privatization matter of the Bank.
Justice Aamir Farooq observed that NAB notice to the Bank was
not against any individual but to probe alleged irregularities
raised while privatizing the MCB bank.
A division bench comprising Justice Aamir Frooq and Justice
Mian Gulhassan Oranzaib heard the petition challenging the NAB
notice to the Bank to cooperate with Bureau in investigating
privatization matter of MCB.
The counsel for the petitioner, Manawar ul Islam apprised the
court that MCB bank was purchased through auction and observed all
the rules and regulations of the Privatization Commission.
The counsel contended that the NAB’s notices to MCB were
violation of the rules of Privatisation Commission Ordinance, 2000.
He further argued that an investigation agency could probe
irregularities, if any, within the period of one year from the
privatization of a company/bank, but NAB had initiated inquiry
against his clients after seven years.
He prayed to the court to restrain the NAB from initiating an
inquiry and declared illegal the issuance of notices to the bank by
NAB.
Meanwhile NAB prosecutor, Sardar Muzafar submitted reply
before the bench stating hat NAB was a constitutional department and
have authority to probe the irregularities of the departments.
He alleged that Privatization of the MCB was a white collar
crime and so many people could be involved in this offense as Bureau
had many evidences in this regard, he added.
Muzafar said that related documents could not be published so
if the bench desired then in-chamber documents could be examined. He
requested the bench to reject the stay application as it was against
the constitutional rights of the Bureau.
Subsequently, the bench rejected the stay application with
direction to the petitioner to make, Ministery of Finance and
Privatization Commission as party in the main petition, and
adjourned further hearing till March 14.