Sources in the Planning Commission termed it coincidental that the Army Chief ordered another inquiry on a case on which a probe was recently concluded by the Planning Division on the directive of National Assembly's Public Account Committee (PAC).
The Planning Commission's inquiry fixed responsibility for the Rs 4 billion scam on two retired lieutenant generals, one major general and two civilians. The inquiry report that was earlier submitted to PAC had not fixed responsibility of the scam. It was then sent back to the Planning Commission with the directive that those responsible be identified.
A spokesman of ISPR, however, indicated that he was unaware whether the decision of the CoAS would be a duplication of the PAC ordered inquiry as he was unaware of the nature of the probe ordered by the CoAS. The report said that pension funds of NLC employees were invested in the volatile stock market by the accused who were at the helm of affairs from 2003 onwards.
The most shocking finding of the inquiry report is that the accused borrowed Rs 2 billion from four commercial banks and played the stock market during a slump, of which Rs 1.8 billion was lost. The NLC is still paying commercial interest on these loans. The copy of the inquiry report is lying in the office of the PAC Chairman, scheduled to be taken up in the first week of December.
The report allegedly held two lieutenant generals Afzal Muzaffar who served from 15.6.2005 to 17.10.2008, and Khalid Munir Khan (15.1.2004 to 14.6.2005), along with DG, NLC Major General Khalid Tahir Akthar (25.7.2002 to 27.2.2008), DFA Najeebullah (25.10.2002 to 10.4.2007) and chief finance officer Saeedur Rehman (25.10.2002 to 10.4.2007) responsible for this flawed investment. Saeedur Rehman is now working in the Capital Development Authority (CDA) as Chief Financial Manager, while the generals have retired.
Member of Public Accounts Committee, Yasmeen Rehman said that the Planning Division has completed its inquiry and a copy of the report had been sent to PAC for consideration in the upcoming session in December. However, she was not sure whether it was the same case as the one ordered by CoAS.