ISLAMABAD: The Islamabad High Court on Tuesday deferred Muslim Commercial Bank (MCB)’s plea to stop National Accountability Bureau (NAB) from investigating the bank’s privatization.
The IHC bench comprisisng Justice Aamir Frooq and Justice Mian Gulhassan Oranzaib defered the petition due to shortage of time to date in office.
On the previous hearing, the bench had rejected the MCB’s application for staying NAB’s investigations into its privatization.
Counsel for the petitioner, Manawarul Islam, had apprised the court that the MCB was purchased by its owners in an auction, where all the rules and regulations of the Privatization Commission were observed.
He contended that NAB’s notices to the MCB were in violation of the Privatisation Commission Ordinance, 2000.
He argued that an investigation agency could only 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.
NAB prosecutor Sardar Muzafar in response told the court that NAB was a constitutional department and had authority to probe the irregularities committed by departments.
Muzafar said that related documents could not be published so if the bench desired then in-chamber documents could be examined.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.
