Home Latest News NAB Reaffirms it has Recovered Rs. 821bn Since its Formation

NAB Reaffirms it has Recovered Rs. 821bn Since its Formation

by Newsweek Pakistan

File photo

Anti-graft watchdog claims the funds have been directly returned to relevant bodies

The National Accountability Bureau (NAB) on Wednesday maintained that it has recovered Rs. 821.57 billion—directly and indirectly—from its formation in 1999 till September 2021.

In a statement, the anti-graft watchdog said that it was issuing the details to counter media reports that it had only deposited Rs. 6.458 billion to the Finance Ministry and had not provided any details of the remaining sum. It said that indirect recoveries amounted to Rs. 500.65 billion, and had been directly handed over to the relevant quarters, including owners, claimants and other entities.

Additionally, it said, some of its recoveries included loan defaults and funds of financial institutions, such as the Punjab Cooperative Board for Liquidation (Punjab Cooperative Board Limited), which amounted to Rs. 198.057 billion. This amount, it said, had also been returned to the respective financial institutions.

According to the statement, NAB had recovered fines of Rs. 45.915 billion imposed by various accountability courts. It said the option of voluntary return and plea bargain was availed by accused persons during the course of inquiries and investigations and recoveries under this were in cash and kind. However, the Supreme Court has ordered not to exercise the option of voluntary return vide petition no 17/2016.

The amount recovered under voluntary returns and plea bargain deals totaled Rs. 54.902 billion while the remaining recoveries were in kind, it said. It said Rs. 46.22 billion had been disbursed to the respective provincial/federal entities concerned as per law.

Related Articles

Leave a Comment