ISLAMABAD: The Islamabad High Court has rejected application of Muslim Commercial Bank (MCB) seeking stay order on the National Accountability Bureau (NAB)’s investigation regarding privatisation 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Muzafar said that related documents could not be published so if the bench desired then in-chamber documents could be examined.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.
