ISLAMABAD: The National Accountability Bureau (NAB) wants placement of the name of the managing director of the Pakistan State Oil Shaikh Emran ul Haq on the Exit Control List (ECL) for allegedly causing a loss of over Rs20 billion to the PSO.
The NAB, Karachi, wrote a letter to the NAB headquarters on Wednesday seeking placement of the names of Emran ul Haq and some other officials of the PSO on the ECL on the basis of an inquiry conducted against them.
The NAB feared that the PSO head could escape abroad to avoid an investigation and any action against him. “Media reports say that there are higher chances of his escape abroad,” said the NAB’s letter available with Dawn.
The NAB’s letter said under the Cost and Freight (C&F) mode of import the PSO was more secure, especially when off-specification products landed at the country’s ports.
Contrary to that, when the mode of import was shifted to Freight on Board (FOB), the PSO went into massive losses in the shape of demurrages and supply of off-specification petroleum oil products (POL) to public.
A detailed complaint verification report was submitted before the competent authority for perusal and the same was approved at the NAB’s regional board meeting and it was decided to authorise an inquiry through the NAB headquarters.
The matter was referred to the NAB headquarters and was discussed at its executive board meeting on May 30, whereas a formal inquiry was approved on June 2 last year.
The letter said due to mala fide decisions of the then MD, duly adopted by the subsequent MDs, a huge financial gain was illegally accorded to the Pakistan National Shipping Corporation and other shipping lines hired by the PNSC for PSO.
“The PSO management willfully did not offload the vessel after getting a message of readiness from the captain of the vessel,” it said.
According to the letter, this trend was encouraged since September 2015 which caused losses of billions of rupees to the national exchequer.
Emran ul Haq allowed most of the vessels to remain berthed at ports for a longer time or more than six days, causing a loss of $156,000 or Rs18.4 million per day.
During his tenure, the PSO suffered 1,150 days of demurrages causing a loss of $172,500,000 or Rs20.35bn to the national exchequer.
Published in Dawn, May 31st, 2018