LAHORE, Aug 12: Chaudhry Abdul Majeed, former chairman of the defunct National Industrial Cooperative Finance Corporation (NICFC), was convicted to 14 years RI and fined Rs565 million in four corruption references decided by an accountability court on Monday.

The court also sentenced eight co-accused, awarding them fine, for having connived with principal accused (Majeed). The nine (convicts) have also been disqualified under section 15 of NAB Ordinance for 10 years to contest elections for any public office. They cannot avail any financial facility from any government-owned bank.

“Keeping in view the conduct of the accused and the nature of the offence committed by them, the court denies them the benefit of 382-B CrPC,” the court observed. Under this section the total period of detention of an accused can be adjusted against the jail term awarded by a court subject to the approval of court.

In the first reference, Chaudhry Abdul Majeed was sentenced to 14 years RI and fined Rs500 million by AC judge Rana Abdul Ghaffar Khan. The 14 years RI is maximum jail term which can be awarded as punishment to an accused under the NAB Ordinance.

The court also convicted seven former executive directors of NICFC — Barkat Ali, Sheikh Muhammad Munir, Ghulam Rasool, Mujahid Zia Butt, Mukhdoom Saleh Jilani, Muhammad Ejaz and M.A Nasir Farooq — to three years RI and Rs10 million each for having connived with Majeed.

The court accepted the Rs90 million plea bargain of co-accused Sahibzada Usman Abbasi. The former has paid Rs25 million to the NAB and clear the rest in four instalments.

The plea bargain of Hafiz Abbasi, another co-accused, was also accepted. Of the Rs30 million liability, the accused has paid Rs20 million and will clear the rest in next two months.

Proceedings against Syed Asghar Ali, another accused, have been dropped since he has died.

According to prosecution, Chaudhry Majeed issued loans to other convicts out of NICFC funds without any legal authority. All the convicts caused a loss of Rs1.8 billion to national exchequer.

In the second reference decided by the court Chaudhry Abdul Majeed was sentenced to seven years RI and fined Rs40 million for doing corruption.

Criminal proceedings against co-accused Chaudhry Khadim Hussain were dropped owing to his death while NICFC vice-chairman Chaudhry Tajamal Hussain was acquitted following the acceptance of his application for plea bargain.

Majeed sanctioned a loan of Rs143 million to Khadim against fake documents.

The court awarded seven years RI and Rs15 million fine to Chaudhry Abdul Majeed in third reference. Co-accused Shahid Mahmood was also convicted to seven years jail and fined Rs15 million. Second co-accused Muhammad Abdullah has been declared proclaimed offender.

Shahid and Abdullah approached Chaudhry Majeed for the sale of agricultural land situated in Jalo village. Though the sale of the land had been stayed by the SC, Majeed purchased it for Rs40 million out of NICFC funds.

In the last and fourth reference Chaudhry Abdul Majeed was awarded three years RI and fined Rs10 million while two co-accused, Ghulam Rasool and Sheikh Muhammad Munir, were sentenced to one-year RI each and fined Rs one million each. Third co-accused Awais Zia Butt has been declared proclaimed offender. He had been awarded three years RI in absentia under section 31-A of NAB Ordinance earlier this year.

As alleged by the prosecution, the convicts misappropriated the sale proceeds of Ahmad Mansion owned by NICFC and caused a loss of Rs25.30 million to the exchequer. All the sentences awarded to Chaudhry Abdul Majeed would run concurrently and accused has the right to file an appeal before the Lahore High Court within next 10 days.