ISLAMABAD: The National Accountability Bureau continues its action against retired generals allegedly involved in irregularities and financial mismanagement as it started on Monday an inquiry against top officials of the Fauji Fertilisers Company Limited (FFCL).
NAB sent a letter to FFCL Chairman Lt-Gen (retd) Naeem Khalid Lohdi, asking him to submit a reply by Nov 15 to allegations that he and some other officials had paid undue visits abroad, along with their families, on the company’s expense.
The move came on the day when Chief of the Army Staff Gen Ashfaq Parvez Kayani issued a statement which analysts believe indicates the establishment’s displeasure over the trial of former generals as it brings a bad name to the army.
“The NAB under its prevention regime has sought reply from FFCL for violation of the Securities and Exchange Commission of Pakistan’s (SECP) directives and actions against the norms of financial discipline demanded by present economic state of affairs of the country,” bureau’s spokesman Zafar Iqbal said.
He said NAB had found excessive tours/visits and other actions in exorbitant and unwanted expenditures by the FFCL officials.
“NAB has also advised the SECP to inquire the financial misdemeanours in the FFCL. Similarly, inquiries/investigations are being initiated against other corporations in public and private sectors,” the spokesman said.
According to sources, the chairman and other retired military officials of the FFCL recently visited Brazil, along with their families, on the company’s expense. They said members of the company’s board had visited different countries in the past and held its meetings there. The last such meeting took place in Rio de Janeiro. The sources said that under the SECP rules, only the firms with foreign investment could conduct visits abroad. The FCCL has no foreign investment.