NAB files reference against Instaphone for ‘wilful default’

The Nation

ISLAMABAD – The National Accountability Bureau (NAB) has filed a corruption reference in the Accountability Court Islamabad against Javed Feroz, Shahid Feroz and six other directors of M/s Pakcom Ltd (Instaphone) in the matter of wilful default by Pakcom (Ltd) on account of license renewal fee.
As per details, PTA on 15.04.2005 gave option to Pakcom (Ltd) of either switching to Global System for Mobile (GSM) with 10 + 10 Mhz frequency bands or Code Division Multiple Access (CDMA) with 7.38 + 7.38 Mhz frequency bands. Pakcom (Ltd) selected CDMA and signed the license. First instalment of the license fee amounting to $14.55 million was paid by M/s Pakcom Ltd on 18-04-2005. In 2005, M/s Millicom (foreign investor) was the major shareholder of M/s Pakcom who left Pakistan and sold its shares to remaining directors of M/s Pakcom including Javed Feroz and six others. In 2006, M/s Pakcom provided an undertaking to PTA that all the liabilities would be borne by them. M/s Pakcom thereafter defaulted on subsequent payments of instalments in lieu of license fee and were issued show cause notices by PTA.
PTA provided a considerable time period for payment of outstanding liabilities i.e. from 2006 to 2008, the license of Pakcom was terminated by PTA on 03.01.2008. M/s Pakcom Limited (Instaphone) failed to comply with the financial obligations in accordance with the terms and conditions contained in the license and it failed to make the payment of outstanding dues.
Meanwhile, Chairman NAB Justice (R) Javeed Iqbal said that the Bureau was absolutely committed to eradicate corrupt with an iron hand as eradication of corruption is top most priority of NAB and all efforts are being made in this regard.
NAB has devised comprehensive national anti corruption strategy which has been acknowledged by national and international organizations like PILDAT, Transparency International and World Economic Forum in their reports.
He said due to its continued efforts, NAB has recovered Rs. 297 billion looted money from corrupt elements and deposit in national exchequer which is record achievement
He said that NAB is a role model not only for the country but also for entire SAARC countries. Owing to outstanding performance of NAB, Pakistan’s corruption perception Index (CPI) has been decreased from 175th position to 116. He said that Pakistan is the only country in Asia whose corruption perception index is persistently on declining trend. The performance of NAB has been lauded by SAARC countries including India. NAB had been unanimously elected as chairman of SAARC Anti Corruption Forum which is the great achievement of Pakistan due to NAB’s efforts.

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