PPIB MD among 3 face fraud charges

ISLAMABAD - The National Accountability Bureau (NAB) Rawalpindi Sunday arrested three accused including NA Zuberi, managing director Private Power and Infrastructure Board (PPIB), from Islamabad and two former CEOs of Lakhra Power Generation Company Limited (LPGCL - GENCO) Anwar Brohi and Muhammad Jamil from Karachi.
NAB Rawalpindi is investigating into the corruption and corrupt practices regarding illegal award of contract to M/s Karkey Karadenize Electric Uretium, a Turkish company, for installation of rental power project at Karachi. In this regard an agreement was signed between M/s Karkey and Lakhra Power Generation Company Limited (LPGCL).
The arrested accused are alleged for causing huge loss to national exchequer by extending undue favour to M/s Karkey. The estimated loss recoverable form M/s Karkey included $128.136 million along with mark up and Rs 120 million whereas a loss of about Rs 672.700 million is recoverable from responsible public office holders.
The accused persons will be produced before accountability court for obtaining physical remand.

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ppib fraud charges
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