LAHORE: The Lahore High Court restrained the National Accountability Bureau (NAB) on Monday from taking a decision on an inquiry into privatisation of the Muslim Commercial Bank (MCB).

Justice Shams Mahmood Mirza issued the stay order on a petition filed by MCB Director Khwaja Mohammad Javed and sought replies from the NAB chairman, the law ministry and the Privatisation Commission.

As the proceedings started, Khalid Anwer, the counsel for the petitioner, said NAB had recently launched an investigation against MCB Chairman Mian Mansha and Director Khwaja Javed in connection with the privatisation of the bank.

He said his clients had purchased the MCB in an auction after meeting rules and regulations of the Privatisation Commission.

He said NAB had been issuing notices to his clients asking them to appear before it for the investigation and alleged that the notices were in violation of section 28 and 42 of the Privatization Commission Ordinance 2000.

As per the law, the lawyer said, an investigation agency could investigate an irregularity, if any, within one year of privatisation of a bank/company. But NAB has initiated the inquiry in the case several years after the bank’s privatisation.

He asked the court to stop NAB from proceeding with the inquiry and issuing summons to his clients.

Justice Mirza restrained NAB from passing a final order on the impugned investigation and issued pre-admission notices to the respondents for Oct 20.

Published in Dawn, October 6th , 2015

On a mobile phone? Get the Dawn Mobile App: Apple Store | Google Play