Khalid Munir Khan, Mohammad Afzal Muzaffar, andKhalid Zaheer Akhtar – along with a civilian chief financial officer, Saeedur Rehman, have been found responsible for the losses at the NLC, a commercial logistics company operated by the military.
Committee Chairman Chaudhry Nisar Ali Khan said: “In the light of three inquiry reports, the public accounts committee finds serious violation of rules, the prime minister’s directives and discipline. It holds three generals and a bureaucrat responsible.”
It is understood the committee has postponed a decision on penalties, in anticipation of receiving a military internal inquiry report by 30 June.
The decision comes after months of wrangling between the public accounts committee and the military hierarchy, which had set up its own inquiry commission in November, even though the committee had been investigating the matter since February 2009.
Five people in the NLC management – three retired generals and two civil servants – were allegedly responsible for illegally borrowing Rs4.3 billion from commercial banks between 2003 and 2008 which was then invested on the Karachi Stock Exchange. The investments led to NLC losing Rs1.8 billion.
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