Editor Report
ISLAMABAD: A parliamentary panel on Tuesday directed the Federal Investigation Agency (FIA) to provide details of money laundering and other legal cases against M/s Hascol Petroleum Limited (HPL) and employees of National Bank of Pakistan for extending undue favour to the company.A Public Accounts Committee’s sub-committee meeting held under its convener Syed Naveed Qamar on Tuesday examined the Finance Division’ audit report for 2014-15, 2021-22 and 2022-23.During the audit of National Bank of Pakistan Karachi for the year 2012 to 2020, it was observed that the management granted loan facility to M/s Hascol Petroleum Limited during the year 2012-21. The management of NBP extended undue favor to M/s HPL by allowing repeated credit facilities by ignoring all the negative financial factors.M/s HPL faced various operational difficulties during 2020 which included reduction of fuel oil in electricity generation, volatility in international oil market and currency devaluation in local currency besides reporting a loss after tax of Rs 25,875 million.The negative reserves of HPL stood at Rs 37,621 million in December 2020. Due to heavy losses, the HPL’s net negative equity was Rs 13,686 million during December 2020. The auditors of the borrower has also raised concern over the going concern of the company in December 2019. However, despite the above facts, the management further enhanced its credit limit amounting to Rs 14,150 million during 2021.The FIA initiated cases against Hascol and NBP officials. Following a comprehensive investigation, the FIA submitted its final challan on July 19, 2022, exonerating/acquitting nine employees and seven HPL officials. Reportedly, 11 HPL staff/directors have been acquitted. The case is at a trial stage at the banking offences court.
