NAB arrests 5 accused in Rs63 billion oil scam

Islamabad Politics Report/Moazzam Raza Tabassam:  In a series of raids conducted in Karachi, Islamabad and Gilgit Baltistan yesterday, NAB Karachi arrested five accused in Rs. 63 billion PSO scam.

Accused arrested from Karachi Akhter Zameer former General Manager (Supply) PSOCL, Kamran Iftikhar Lari former Chief Operating Officer (COO) Byco Pakistan Petroleum Ltd (BPPL), Qaiser Jamal, former President Refineries, Byco Pakistan Petroleum Ltd (BPPL)  were produced before Accountability Court today for physical remand.

Syed Zulfiqar Ali Jaffery, former General Manager (Retail, Consumer Business) PSO and CEO Jinn Petroleum, and Dr Syed Nazar A. Zaidi, former Senior General Manager (Marketing) PSO,will be produced after legal formalities of transit.

The accused in connivance with each other awarded illegal contract of crude oil supply worth Rs. 2.43 billion to Byco Pakistan Petroleum Ltd. As a result of illegal agreement, substandard products were supplied to PSO which occasioned loss of Rs. 60 billion to the national exchequer.
The accused persons arrested from Karachi were produced Saturday (today) before Accountability Court today at Karachi for physical remand. Akhter Zameer and Qaiser Iqbal were remanded in NAB custody for 13 days each, whereas Kamran Iftikhar Lari was remanded to judicial custody on medical grounds.
NAB was prima facie established against the accused persons that PSO management abused their authority in entering into an illegal contract of sale purchase of petroleum products with Byco Oil Pakistan Ltd (BOPL) in 2012 for supply of petroleum products to PSO, whereas BOPL was in fact commissioned in 2013.
It was also established prima facie during the course of investigation that in year 2012, PSO management abused its authority by entering in to another illegal agreement with Byco Pakistan Petroleum Ltd (BPPL) for sale purchase petroleum products whereby PSO supplied superior quality imported products (HSD & Petrol) to BPPL at abnormally subsidized rates thus causing loss to the national exchequer.
According to NAB, Three agreements were entered into by PSO with mala fide and illegal considerations of extending favours to blue eyed companies in petroleum business and with intention of personal illegal gains. The entire scam caused loss to the national exchequer to the tune of Rs. 63.687 billion.

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