SHC grants pre-arrest bail to former PPL managing director

KARACHI: The Sindh High Court on Wednesday granted interim pre-arrest bail to former managing director of Pakistan Petroleum Limited in a National Accountability Bureau’s inquiry pertaining to a deal to purchase Rs1.2 billion plot between the estate broker, the AKD Real Estate, and the Pakistan Petroleum Limited allegedly made in violation of the Public Procurement Rules. Khalid Rehman, who is also named as a co-accused in the multi-billion corruption reference against former federal minister Dr. Asim Hussain, had moved the court for obtaining pre-arrest bail in NAB’s inquiry pertaining to the purchase of land for purpose of a corporate office of the PPL in violation of the procurement rules with collusion with the estate broker, the AKD Real Estate.

NAB conducted an inquiry into the purchase of 6,928 square-yards plot at a prime location of the city on a complaint that the real estate entered into the agreement with regard to purchase of the plot situated at 3/1 and 3/II sheet number 9, Civil Lines Quarters, with mala fide intention and illegal gains. 

It was alleged that the deal was made at Rs175,000 per square yard with a total consideration of Rs1,212,442,000 whereas at that time the official rate of the said property was Rs34,500 per square yard while the market rate was from Rs100,000 to Rs125,000. 

The complaint alleged that the property in question was transferred to the PPL through a conveyance deed on July 15, 2010, registered at the office of a sub-registrar in Saddar, alleging that property was purchased at a rate which was 40 percent higher than the market price to earn illegal gains and causing a loss to the national exchequer worth millions of rupees.

The counsel for the petitioner submitted that it had been learnt through the media that NAB was likely to file a reference in the subject matter, and his client apprehended arrest in the case. He submitted that the petitioner had nothing to do with the deal as the same had been approved by the board of directors of PPL after completing all the legal and codal formalities. 

The court, granting pre-arrest bail to the petitioner, issued notices to NAB and others for August 25.