ISLAMABAD: The accountability court of Islamabad on Wednesday formally started proceedings against President of the National Bank of Pakistan Saeed Ahmed and ordered handing him a copy of the supplementary reference in which the National Accountability Bureau (NAB) has implicated him as accused.

Saeed Ahmed appeared before Accountability Judge Mohammad Bashir.

After initial process, the court adjourned the hearing to March 5.

In the interim reference, NAB informed the court that investigation against Saeed Ahmed and other suspects was in progress and a supplementary reference might be filed later.

NAB claims 7,000 shares in Hajveri Holding transferred in favour of Saeed Ahmed by Ishaq Dar’s wife

Last week, NAB filed a supplementary reference in the case related to assets of defunct finance minister Ishaq Dar.

The bureau claimed that “during the course of further investigation, it was revealed that accused Saeed Ahmed was one of the directors of Hajveri Modaraba Management Company and 7,000 shares in Hajveri Holding (Pvt) Limited were also transferred in his favour from the wife of principal accused (Mohammad Ishaq Dar)”.

The reference alleged that seven bank accounts were opened in the name of Saeed Ahmed which, as per investigation conducted so far, were prima facie used for the benefit of accused (Ishaq Dar) and his companies.

He had intentionally allowed the accused to open/operate/use bank accounts in his name to protect his ill-gotten money.

Regarding Naeem Mahmood, the reference stated that he “was one of the directors of Hajveri Modaraba…[and he] aided, abetted, assisted the main accused in commission of offence by facilitating him in the opening of bank accounts being an introducer”.

Third accused Syed Mansoor Raza Rizvi was a shareholder in First Hajveri Modaraba. As per the NAB investigation, he helped Ishaq Dar as he collected the cheque book pertaining to bank accounts of Saeed Ahmed.

Naeem Mahmood and Syed Mansoor Raza Rizvi also attended the proceedings.

The supplementary reference alleged that Ishaq Dar with the connivance of others had obtained illegal pecuniary advantages of Rs482.8 million and $4m.

NAB claimed that the said amount was disproportionate to his [Ishaq Dar’s] known sources of income for which he could not reasonably account for, and the accused had refused to answer questions or to provide information to the bureau.

It said all the accused had been found involved in the commission of offences of corruption and corrupt practices as defined by Section 9(a)(iv)(v)&(xii), punishable under Section 10 of the National Accountability Ordinance, 1999.

The reference also included a statement of NAB Chairman retired Justice Javed Iqbal, which reads: “On the appraisal of the material and the evidence collected during the investigation placed before me, I am of the opinion that it is proper and just to proceed further against the accused persons, as there is sufficient incriminating material to justify filing of this reference. Thus the matter is being referred to the court.”

The bureau pleaded before the court that “the accused persons be tried and punished by this Honorable Court in accordance with law”.

Published in Dawn, March 1st, 2018