KARACHI, April 28: The chairman of the National Accountability Bureau, Lt-Gen Muneer Hafeez, said on Thursday that the NAB was conducting inquiry into the allegations against former provincial minister Imtiaz Shaikh. He, however, said the NAB had received no case against the Karachi City Gorvernment.

Gen Hafeez was talking to newsmen after his closing address in the seminar on corruption in business sector and its eradication strategies.

He said there was a great need of reforms and training for the eradication of corruption in the country.

The NAB chief said the media could play a significant role in coping with the menace of corruption.

He also emphasised that the good governance was essential for containing corruption. He also urged the business sector to play its due role for ending corruption in the country.

General Hafeez said a task force was set up to monitor the Karachi Stock Exchange. “NAB will take action against those responsible of stock market plunge if any wrongdoing is found”, he warned.

He said the State Bank of Pakistan was constantly referring wilful bank loan default cases to the NAB. “Over 80 such cases are being investigated”, he added.

He said if these people reached agreement with their banks for loan settlement, they could get away, otherwise, their cases would be tried in the courts.

Earlier, in his concluding address at the seminar, the NAB chairman said that it was the duty of the regulators to come in time in the stock market during a trouble. “They should have moved in time. They should be intrusive enough to avert the instability in the market,” he remarked.

He underlined the need for a collective effort to combat corruption. “It is our collective responsibility to work for the better,” he said.

Gen Munir Hafiez also stressed upon ethics in businesses as well as in government for checking corruption. “Bring in ethics in business to bring down corruption,” he said.

The first session of the seminar was opened with the address of director general, NAB, Sindh, Maj-Gen Haroon Pasha.

Eight speakers addressed the participants in the first session.

Abdur Rehman Qureshi, acting chairman and commissioner of the SECP, spoke on the regulating and monitoring mechanism to check corruption in business sector. Aly Usman, joint director of the SECP spoke on the current crisis in the Karachi Stock Exchange.

Rashid Ahmed, Collector (enforcement) at the Sales Tax House told the audience about the CBR issues with focus on sales tax and export related taxes.

The director general of Large Tax Paying Unit spoke on the CBR issues with focus on income and import related taxes.

The secretary labour, transport and industries, Sindh, addressed the participants on the promotion of industrial and business environment in the province.

Mohammad Jehangir Bashar, secretary Board of Investment, dealt with the major issues confronting investment and privatisation with focus on causes of corruption in privatization.

Syed Akbar Hussain, chairman of Automobile Corporation of Pakistan and managing director of Sindh Engineering, also spoke.

The closing remarks were presented by Sindh Ombudsman, Khan Yousuf Jamal, in the first session. He said there was no corruption at the top level.

The second session of the seminar was opened by Dr. Mirza Ikhtiar Baig, chairman of the SITE.

Amjad Rafi, executive director of Maggoon and Sons talked on the issues related to local and foreign investors in establishing new business in Pakistan.

Arif Habib, chairman of Arif Habib Financial Services Group, discussed the major problems faced by the stock holders in the stock exchange.

Sohail Wajahat Siddiqui, managing director of Siemen, gave the viewpoint of multinational business concern on the issue of corruption.

Hameed Maker, chairman of Helpline, spoke on the consumers’ perception of corruption in business sector.

ABAD chairman Babar Mirza Chughtai discussed the issues related to construction companies.

Other speakers were Sultan Tiwana, Ayesha T Haq and Jawaid A. Siddiqui.

Former Senator, Javed Jabbar, spoke on the public perception of corruption in business sector.