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NAB wants big broker of KSE named in Ogra case

16 January, 2014

ISLAMABAD: The Rawalpindi wing of the National Accountability Bureau (NAB) has formally sent a written request to the Bureau's headquarters to include the name of a powerful accused involved in stock market manipulation in the final reference pertaining to billions of rupees corruption in Ogra.

Sources told that NAB Rawalpindi has also forwarded the latest report of the Securities and Exchange Commission of Pakistan (SECP) to the headquarters. The SECP report confirms the role of a stock market broker in insider trading in connection with the multi-billion Ogra scam.

Sources said previously the Bureau was planning to separate the stock market manipulations from second Ogra reference pertaining to Rs76 billion corruptions. However, after objection of some officials, the Prosecutor General of NAB KK Agha convened a special meeting of senior NAB officials on Tuesday to discuss the possibility of incorporating the SECP report into draft Ogra reference.

Sources said the Chairman NAB Qamar Zaman Chaudhry will be briefed by the investigation and prosecution team about the SECP report during the next Executive Board Meeting (EBM) to be held within next few days. They added that fate of SECP report will now be determined by the chairman himself.

The SECP report was prepared by a committee of three senior officials. The report submitted to NAB explained how the broker orchestrated a scheme in connivance with government institutions, including Oil and Gas Regulatory Authority (Ogra), National Bank of Pakistan (NBP), National Investment Trust (NIT), SSGCL and SNGPL, to dump their shareholding on the national institutions by creating a hoax of change in UFG (unaccounted for gas) benchmark.

The second draft reference pertains to corruption of Rs76 billion through massive gas theft, illegal raise in UFG (unaccounted for gas) benchmark, stock market manipulation and illegal allocation of CNG stations during the tenure of ex-chairman of Oil and Gas Regulatory Authority (Ogra) Tauqeer Sadiq.

The name of former prime minister Yusuf Raza Gilani has already been excluded from the second Ogra reference as according to a NAB official the former PM will be probed only for his role in the appointment of Tauqeer Sadiq.

However the names of former Adviser for Petroleum Dr Asim Hussain, ex-Ogra Chief Tauqeer Sadiq and officials of SSGCL and SNGPL will continue to feature in the list of the accused in the Ogra reference.When contacted a NAB spokesman said the investigations into Ogra scam are still underway and further details cannot be shared with media at this stage.


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