NIPL & NLRL SCAM:Senate body directs NAB for moneytrail report on March 8

ISLAMABAD The Sub-Committee of the Senate Standing Committee on Finance, Revenue and Planning and Development and Economic Affairs and Statistics here on Wednesday directed National Accountability Bureau (NAB) to present the moneytrail report of accounts of Natover International (Pvt) Limited (NIPL) and Natover Lease and Refinance Limited (NLRL) scam in the next meeting of the committee to be held here on March 8.
The Chairman of the Sub Committee, Senator Haroon Khan said that two weeks more were also given to NAB to prepare detail report on moneytrail of all banks accounts of NIPL and NLRL.
"Until the committee does not know of money where it has gone, it will be difficult to get the money returned to depositors", he said. It is very important to know the moneytrail of the deposited amount in the accounts.
The Sub-Committee observed that the NAB was investigating the matter since last three years and it should have find the moneytrail.
The committee also recommended that the area of investigation should be extended and staff, Chartered Accountant and Auditors of companies should be included in the investigation for success of the case.
The NAB officials briefed the committee that so far our investigation had detected that both companies had maintained 54 accounts in 18 banks.
It also informed the committee that the assets worth Rs.25 billion of main accused Nadeem Shaikh were frozen and even the property of his wife was also frozen.
The Security and Exchange Commission of Pakistan (SECP) informed the committee that the commission had developed the strong system to avoid such scam in the future.
The SECP said that the commission had moved four bills in National Assembly which would address all remaining gaps of the commission but these bills were still pending.
These bills are SECP (Regulation and Enforcement) bill, Securities Bill, De-mutualization Corporation and Integration Bill and Future Trading Bill.
Of these bills, SECP (Regulation and Enforcement) bill will help to establish the tribunal to proceeds its cases within the commission.
The meeting was also attended among others by Senators Haji Muhammad Adeel and Kalsoom Perveen.
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