Rs 960m loss. NAB files reference against sugar mill, TCP officials.

KARACHI  (  WEB  NEWS  )

The National Accountability Bureau (NAB) has filed a reference in an accountability court against a private sugar mill and officials of the Trading Corporation of Pakistan (TCP).

The Ministry of Commerce lodged a complaint with NAB over alleged misappropriation involving 5,365 metric tons of sugar.

NAB Karachi conducted an inquiry under the National Accountability Ordinance regarding allegations of corruption within the sugar stocks.

According to the inquiry, the accused acted in collusion with TCP officers to commit fraud.

NAB stated that this corruption caused a loss of approximately Rs 960 million to the national exchequer.

A NAB spokesperson confirmed that NAB Karachi has now converted the initial inquiry into a formal investigation.

Earlier, Chairman of the National Accountability Bureau (NAB), Lt. Gen. (retd) Nazir Ahmed, has invited the business community to develop a plan, promising that the bureau will work in close consultation with them.

Speaking to the business community on Wednesday, the NAB Chairman stated that the anti-corruption body recognizes the challenges faced by entrepreneurs and is committed to facilitating a more supportive environment.

Lt. Gen. (retd) Nazir Ahmed noted that the global landscape changed significantly after last May, adding that the next two years will be crucial. “We must be prepared to face the new world order,” he said, highlighting that major deals are currently progressing within the defense sector.

The Chairman emphasized that Pakistan remains a trillion-dollar economy. He urged the community not to worry excessively over the $200 million GSP status, suggesting that the country should instead focus on competing based on its own capabilities.

Regarding regional progress, he shared that he has held meetings with the Sindh Chief Minister and the provincial bureaucracy. He revealed that NAB has achieved remarkable success in the province, recovering a staggering Rs 11.4 trillion.

Furthermore, NAB has handed over jewelry, vehicles, and properties worth Rs 50 billion, and recovered land valued at Rs 1,570 billion that had been occupied through fraudulent means.

He informed the gathering that a joint framework has been established with the Sindh government, noting that NAB identified land worth Rs 11 trillion in Jamshoro and Hyderabad.

The Chairman expressed his determination that, through collective effort, the country’s debt could be retired using Karachi’s economic potential.

Touching upon fiscal policy, he noted that “protected spaces” for black money are declining. He argued that taxes should not be unbearable and called it “odd” to increase taxes on an annual basis.

Finally, he expressed optimism that once Pakistan exits the International Monetary Fund (IMF) program, its economic policy will become independent, with foreign reserves potentially reaching $40 to $45 billion.