RAWALPINDI: Pakistan army after an extensive inquiry held two retired generals and one civilian officer of the National Logistic Cell (NLC) accountable for illegally investing Rs4.3 billion in the stock market and causing a loss of Rs1.8 billion in the process.
After months of exhaustive sessions, evaluation of record of investments and interviews of all the witnesses, the inquiry has now been concluded and has established that two retired General Officers and one civilian officer Mr. Saeed ur Rehman were indeed responsible for making incorrect decisions of investments in violation to NLC rules and regulations thereby causing losses to the organization between 2004 and 2008.
In the light of findings of the inquiry, the two accused retired General Officers have been punished under the Pakistan Army Act, i.e. Maj Gen (retired) Khalid Zahir Akhter has been “Dismissed from Service”, which implies; forfeiture of rank, decorations, medals, honours, awards, seizure of pension, recovery of personal gains, cancellation of service benefits and all other allied facilities including medical etc.
Lt Gen (retired) Muhammad Afzal Muzaffar has been awarded “Severe Displeasure (Recordable)” which in essence is a disciplinary award due to an offence of lesser degree i.e. violation of procedures but no personal gains.
Whereas, Lt Gen (retired) Khalid Munir Khan has not been found involved in any financial irregularity or serious misconduct and therefore stands absolved from all charges.
The ISPR media release says that the Pakistan Army in line with its traditions has always and will continue to maintain highest standards of accountability, justice and fair-play.
