KARACHI, Nov 6: A plea-bargain case in the Accountability Court here against former chairman of Pakistan Steels Mills Usman Farooqui, his wife and daughter was settled on Tuesday when they surrendered Rs265.05062 million in favour of the state in a case in reference 49/200.

According to the National Accountability Bureau here, the surrendered amount was acquired through corruption.

The accused has also been barred from holding any public office for a period of 10 years and disqualified from obtaining any financial facility from any bank for the same period.

Usman Farooqi, his wife and daughter were charged with the accumulation of assets beyond their legitimate means of income.

Usman Farooqi was involve in misusing his official position before and after becoming chairman of Pakistan Steel Mills from 1981 to 1996.

There were four court references against him — 3/2000, 49/2000, 50/2000 and 52/2000.

He was convicted in two references, 50/2000 and 52/2000, for corruption to a seven-year rigorous imprisonment. He was also disqualified to hold any public office for 21 years.

The accused was charged with causing a loss of Rs40 million to the national exchequer in the purchase of computers for Pakistan Steel Mills . He obtained pecuniary benefits for his family and himself through corrupt practices.

In reference 3/2000, the accused opted plea-bargain to settle his case.

The amount surrendered on Tuesday in the present case by the accused includes Special Savings Certificates worth Rs185.80 million on their face value (their current value is worth Rs253.836 million) which were recovered from various banks, two residential plots in Karachi’s Defence Housing Authority each worth about Rs1.6 million, jewelry worth Rs 4.67853 million, cash Rs2.324 million from the safe deposit lockers of two banks, 11,003 pounds sterling (about Rs1,0122 million) in account 21827162 in Midland Bank, Baker Street, London, and 12 gold watches, whose value could not be assessed locally.

In April this year, the accused his wife and daughter had surrendered in favour of the state Rs39.5 million in the shape of National Savings Certificates held by them in reference 3/2000. These are also acquired through corruption and corrupt practices.—APP