Five remanded in Rs 63 billion oil scam

The Nation

KARACHI – An accountability court on Monday remanded Syed Zulfiqar Ali Jaffery and Dr Syed Nazar A Zaidi into NAB custody for their alleged involvement in an Rs63 billion oil scam, until July 24.
The National Accountability Bureau (NAB) investigation officer (IO) produced Syed Zulfiqar Ali Jaffery, former PSO general manager and Jinn Petroleum CEO, and Dr Syed Nazar A Zaidi, former PSO Senior General Manager (Marketing) before the accountability court.
The NAB official has informed the court about the investigation of the matter and submitted initial report by saying that the accused were involved in an Rs63 billion oil scam.
The NAB official sought further time to complete their interrogation; the court directed to produce the report in the next hearing. The court has also sent the accused to the NAB custody for physical remand.
According to the NAB, a day earlier, Zulfiqar Ali Jaffery was arrested from Islamabad and Syed Nazar A Zaidi was caught from Hunza Gilgit Baltistan.
Earlier, the Accountability Court had remanded three accused in the same charges including, Akhtar Jamil, Qaisar Jameel and Kamran Iftikhar Lari. The accused were allegedly involved in damaging national treasury over billions of rupees.
Two accused Akhtar Jameel, former PSO general manager and Qaiser Jameel, former Byco Pakistan Petroleum Ltd, president were remanded in NAB custody till July 24, while Kamran Iftikhar Lari is in the judicial custody on medical ground.
According to the prosecution, the accused in connivance with each other awarded illegal contract of crude oil supply worth Rs2.43 billion to Byco Petroleum.
In 2008-09, against which no payment was received. It was also prima facie established against the accused persons that the PSO management abused their authority in entering into an illegal contract of sale purchase of petroleum products with the Byco in 2012 for supply of petroleum products to PSO, whereas the Byco was in fact commissioned in 2013. As a result of illegal agreement, substandard products were supplied to the PSO which occasioned loss of Rs60 billion to the national exchequer.
It was also established prima facie during the course of investigation that in year 2012, the PSO management abused its authority by entering in to another illegal agreement with the Byco for sale purchase petroleum products whereby the PSO supplied superior quality imported products (HSD, Petrol) to the Byco at abnormally subsidized rates thus causing loss to the national exchequer.
Three agreements were entered into by the 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 Rs63.687 billion.

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