ISLAMABAD, Dec 28: The National Assembly's Standing Committee on Finance and Revenue here on Tuesday constituted a five-member sub-committee to probe embezzlement and losses of billions of rupees in the National Development and Finance Corporation (NDFC).

The committee would submit its report within a month. The decision in this regard was taken at a meeting of the committee on finance and revenue. The meeting, presided over by Chaudhry Anwar Ali Cheema, was held to discuss the National Finance Development Corporation (Repeal) Bill, 2004, said an official announcement.

The committee expressed its concern over the losses in the NDFC. It was informed that before the amalgamation of the NDFC with the National Bank, the corporation was suffering heavy losses.

The NDFC had a net negative equity of Rs16.6 billion and its liabilities stood at Rs37.5 billion. The committee deferred the National Development Finance (Repeal) Bill, 2004, and constituted the sub-committee to examine thoroughly the reasons behind the NDFC's bankruptcy.