LAHORE: The Lahore High Court (LHC) summoned on Thursday the record of privatisation of the Muslim Commercial Bank (MCB) on an application filed by the National Accountability Bureau (NAB) against suspension of its investigation into the bank’s privatisation.

During hearing of a petition filed by MCB Chairman Mian Mansha and MCB Director Khwaja Javed Iqbal, the NAB’s counsel said that the investigation had been initiated in the light of a Supreme Court’s order in mega corruption cases. The privatisation of the MCB was also a mega corruption scandal, he added.

He said that the bank’s chairman and other employees were not joining the investigation after a stay order issued by the court.

After promulgation of the Privatisation Commission Ordinance 2000, the NAB’s counsel argued, privatisation cases could not be taken to the high court and, therefore, it could not interfere in the investigation.

He requested the court to withdraw the stay.

After hearing the arguments, Justice Shams Mahmood Mirza directed the NAB to produce complete record of the bank’s privatisation and issued notices to Mr Mansha and the MCB director, asking them to file a reply to the points raised by the NAB’s counsel.

The judge adjourned hearing till Jan 20.

Previously, the court had restrained the NAB from finalising the investigation into the privatisation transaction and exempted the bank’s chairman and director from appearing before interrogators of the bureau.

Published in Dawn, December 11th, 2015