– File Photo

ISLAMABAD: The National Accountability Bureau continues its action against retired generals allegedly involved in irregularities and financial mismanagement as it started on Monday an inquiry against top officials of the Fauji Fertilisers Company Limited (FFCL).

NAB sent a letter to FFCL Chairman Lt-Gen (retd) Naeem Khalid Lohdi, asking him to submit a reply by Nov 15 to allegations that he and some other officials had paid undue visits abroad, along with their families, on the company’s expense.

The move came on the day when Chief of the Army Staff Gen Ashfaq Parvez Kayani issued a statement which analysts believe indicates the establishment’s displeasure over the trial of former generals as it brings a bad name to the army.

“The NAB under its prevention regime has sought reply from FFCL for violation of the Securities and Exchange Commission of Pakistan’s (SECP) directives and actions against the norms of financial discipline demanded by present economic state of affairs of the country,” bureau’s spokesman Zafar Iqbal said.

He said NAB had found excessive tours/visits and other actions in exorbitant and unwanted expenditures by the FFCL officials.

“NAB has also advised the SECP to inquire the financial misdemeanours in the FFCL. Similarly, inquiries/investigations are being initiated against other corporations in public and private sectors,” the spokesman said.

According to sources, the chairman and other retired military officials of the FFCL recently visited Brazil, along with their families, on the company’s expense. They said members of the company’s board had visited different countries in the past and held its meetings there. The last such meeting took place in Rio de Janeiro. The sources said that under the SECP rules, only the firms with foreign investment could conduct visits abroad. The FCCL has no foreign investment.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Return to the helm
Updated 28 Apr, 2024

Return to the helm

With Nawaz Sharif as PML-N president, will we see more grievances being aired?
Unvaxxed & vulnerable
Updated 28 Apr, 2024

Unvaxxed & vulnerable

Even deadly mosquito-borne illnesses like dengue and malaria have vaccines, but they are virtually unheard of in Pakistan.
Gaza’s hell
Updated 28 Apr, 2024

Gaza’s hell

Perhaps Western ‘statesmen’ may moderate their policies if a significant percentage of voters punish them at the ballot box.
Missing links
Updated 27 Apr, 2024

Missing links

As the past decades have shown, the country has not been made more secure by ‘disappearing’ people suspected of wrongdoing.
Freedom to report?
27 Apr, 2024

Freedom to report?

AN accountability court has barred former prime minister Imran Khan and his wife from criticising the establishment...
After Bismah
27 Apr, 2024

After Bismah

BISMAH Maroof’s contribution to Pakistan cricket extends beyond the field. The 32-year old, Pakistan’s...