KARACHI, March 4: An accountability court recorded final arguments in a yellow cabs’ scam reference against a former assistant vice-president of a bank and reserved the order till March 5.

The judge of Accountability Court-I, Syed Aley Maqbool Rizvi, on Tuesday recorded the final arguments from both sides in the reference (1/2003).

The special public prosecutor, who was earlier asked to file a confirmation report on implementation of the amnesty law in the case, submitted that the National Reconciliation Ordinance could not be implemented in this case since the matter was pertaining to a financial institution.

On February 29, the court recorded the disposition of Inspector Mirza Masood Alam of the Federal Investigation Agency. He stated that he had registered an FIR against the accused on a complaint of the bank.

According to the reference, Peer Deedar Hussain Serhandi, a former assistant vice-president in the HBL, and others misused their authority and misappropriated a huge amount through an unauthorised release of impounded yellow cabs.

The accused did not deposit the amount of Rs62.354 million in the bank’s book account and misappropriated the same. All the accused in the case were released on bail.