KARACHI, March 10: The National Accountability Bureau, Sindh, on Monday arranged the auction for disposal of jewellery and watches surrendered by Usman Farooqui, ex-chairman, Pakistan Steel, and his family, who opted a plea bargain in a NAB reference against him.

The auction board, after necessary scrutiny, approved the highest bid of Rs4.9 million, which was submitted by M/s Riaz and Sons.

In the said reference, the accused and his family surrendered special saving certificates worth Rs185.8 million, jewellery and watches, Rs2.34 million cash in Pakistani banks, Rs1 million in foreign banks and two plots, measuring 1,000 yards each, in the DHA.

The said cash, special saving certificates and expensive jewellery and watches were recovered from the lockers of Aneesa Farooqi and her daughter Sharmeela Farooqi.

Usman Farooqi allegedly misused his official status between 1991 and 1996. The NAB conducted necessary investigations and filed appropriate court references against him.

He has already been convicted in two NAB references for indulging in corrupt practices and undergo seven years’ RI each.—PPI