ISLAMABAD, Sept 3: The Supreme Court on Tuesday exonerated former chairman National Development Finance Corporation (NDFC) M. B. Abbasi from corruption charges by giving him the benefit of National Reconciliation Ordinance 2007.

The three-member bench of the apex court comprising Chief Justice Abdul Hameed Dogar, Justice Mohammad Qaim Jan Khan and Justice Chaudhry Ejaz Yousaf accepted the request of the accused that he was entitled to get protection under the NRO since he was a public office holder and the case was registered against him during the period covered by the ordinance. He was accused of granting financial facility of Rs40 million to a firm in 1994 in violation of rules and regulations.

Mr Abbasi, who has already been acquitted by an accountability court, had filed an application with the apex court for his acquittal under NRO.

Promulgated by former President Pervez Musharraf on October 5, 2007, the ordinance was issued on the demand of slain PPP chairperson Benazir Bhutto to provide amnesty to public office holders charged with corruption between 1986 and 1999.

As a result of the apex court order, corruption charges against PPP Co-chairperson Asif Ali Zardari, MQM members and adviser on interior Rehman Malik were also withdrawn.

On Wednesday, former Attorney General Malik Muhammad Qayyum appeared on behalf of Mr Abbasi while Attorney General Sardar Latif Khosa represented the federation.

According to the NAB reference, the NDFC had approved a trade financial facility of Rs40 million in 1994 to West Pakistan Tanks Terminal.

Subsequently, the facility was converted into working capital funds for the purchase of molasses to be exported abroad and was disbursed in January 1995.

Mr Abbasi, the then chairman NDFC, allegedly in league with the sponsors namely Sadaruddin Ganji, his son Hasham Ganji, Saleem Dawood and Sajid Ahmed of West Pakistan Tanks Terminal, committed numerous procedural and processing irregularities. The NDFC itself made inquiries into the matter with the consultation of Raza Kazim Associates.

However, the NDFC sought legal action since the loan amount was still outstanding, while an FIR was registered against the accused in July 1997.