KARACHI, Jan 28: An accountability court sentenced on Wednesday Rauf B. Qadri, former chief of the defunct Banker Equity Limited (BEL), to a seven-year term in a corruption case, involving Rs287 million.

Judge Ms Qaiser Iqbal of the AC-1 also imposed a fine of Rs287.1 million on the former banker, who would have to undergo an additional one-year term in case of default on the payment.

The court also sentenced him to a three-year term and a fine of Rs100,000 for the offence under Section 477 of the Pakistan Penal Code. Mr Qadri was also disqualified for 10 years for seeking loan from any bank or financial institution or to hold any public office.

According to the prosecution, BEL was privatized in 1996 to a consortium led by accused Rauf B Qadri. As per term of privatization agreement, management of BEL was handed over to consortium after payment for 26 per cent shares of BEL and accused became its president. Additional 25 per cent shares of the BEL had to be acquired by the consortium within six months of the transfer of management.

The accused after obtaining management of BEL misappropriated its funds to tune of Rs287.1 million through various forged transactions in its accounts and the said amount was used for payment to the Privatization Commission as the purchase price for additional 25 per cent shares of BEL.

The case, sent to the accountability court by the National Accountability Bureau, was investigated by senior investigation officer, Ghulam Farooq. Special public prosecutor Shaukat Hiyat examined in all 35 prosecution witnesses, and Rauf Qadri defended himself.