The Lahore High Court on Monday restrained the National Accountability Bureau (NAB) from giving a final verdict in an inquiry into privatisation of Muslim Commercial Bank (MCB). The court passed this restrictive order in response to a petition filed by a bank's director Khwaja Muhammad Javed and also sought replies from NAB Chairman, Ministry of Law and Privatisation Commission of Pakistan by October 20.
Advocate Khalid Anwer argued on behalf of the petitioner that the NAB recently started investigation against chairman of MCB Mian Mansha and its director Khwaja Javed in regard to the privatisation of the bank. The counsel argued that his clients purchased the MCB in an auction after meeting all rules and regulations of the Privatisation Commission. He said the NAB had been issuing notices to his clients to appear before it for investigation. He said the notices issued by the bureau were in violation of Sections 28 and 42 of the Privatisation Commission Ordinance, 2000. The counsel pointed out as per the law an investigation agency could only probe into irregularity, if any, within the period of one year from the privatisation of a bank/company. However, the NAB initiated an inquiry into the case in hand after a lapse of several years to the sell-off of MCB. Advocate Anwar asked the court to stop the NAB from holding the investigation into the privatisation of the bank.