November 11, 2008	Tuesday	Ziqa'ad 12, 1429

ISLAMABAD, Nov 10: The government came under fire in the Senate on Monday for acting ‘very late’ against illegal transfer of billions of US dollars and pound sterling from the country.

The lawmakers also criticised the government for not providing adequate relief to earthquake victims in Balochistan and seeking loans from the International Monetary Fund without taking parliament into confidence.

Minister for Law and Justice Farooq H. Naek told the house that investigations carried out by the security agencies revealed that a huge network was involved in destabilising the economy by siphoning off foreign currency. He said more names would be made public because a large number of people were involved in the racket.

The opposition criticised the State Bank of Pakistan for its delayed action against the money-changers involved in Hundi and Hawala business, which caused sharp depreciation in the value of the rupee.

Ahmed Ali and Babar Ghauri of the MQM, Salim Saifullah Khan of the PML-Q and Kamran Murtaza of the JUI-F said the SBP merely watched as billions of dollars were being taken out of the country.

The lawmakers also criticised the central bank for involving the Federal Investigation Agency in the operation against exchange companies, instead of taking legal action on its own. They demanded action against State Bank officers who had mishandled the situation.

They said that the delay in lowering interest rates was affecting businesses, resulting in the closure of a large number of industrial units.

The opposition also criticised manhandling of the main accused, Munaf Kalia.

The law minister said the money-changers had been arrested under the Currency Act of 1947 and their remand had been obtained for conducting investigation in a transparent manner.

He said that the action was needed to stop the fast deteriorating economic situation and the accused would not be maltreated in future. He assured the house that any security personnel found involved in manhandling the accused would be punished.

Mr Naek informed the Senate that the computer data and ledgers of exchange companies confiscated by law-enforcement agencies had revealed the extent of damage caused to the economy.

Babar Ghauri criticised the government for selling the Dadu Sugar Mills for Rs90 million, while the government in the past had rejected a bid for Rs450 million.

He said there was strong resentment among workers of the Qadirpur gas field, which was producing 75,000 barrels of crude oil and gas per day worth Rs80 million, over its planned privatisation.

Khalid Soomro of the JUI-F also said that there was strong resentment in Sindh over the proposed privatisation of the gas field.

Seemi Siddique of the PML-Q criticised the way a new twist had been given to the gruesome murder of Tasleem Solangi and demanded an impartial inquiry into the case.

Abdul Rahim Mandokhel of the PkMAP blamed the government for doing ‘very little’ to help the quake-hit people of Quetta and Ziarat.

He called upon the house to take cognizance of the government’s failure in supervising the relief operation and ensure that every penny received for quake victims was spent on them.