Islamabad - The Islamabad High Court yesterday turned down Muslim Commercial Bank’s petition seeking stay orders against an inquiry of National Accountability Bureau.

A division bench (DB) of IHC comprising Justice Aamer Farooq and Justice Mian Gul Hassan Aurengzeb conducted the hearing and rejected MCB’s plea seeking stay orders.

The dual bench of IHC also issued directions to make Finance Ministry and Privatisation Commission as respondents in this matter. During the hearing, Justice Aamer Farooq remarked that NAB had not issued notices against any person rather its notices are related to investigations of embezzlement in the privatisation process of the bank. On this occasion, NAB authorities also submitted their written reply before the court saying that NAB has the authority to conduct inquiry against MCB.

The bureau adopted before the court that NAB would complete its inquiry in the fixed time. Therefore, it requested the court to dismiss MCB’s petition by terming it as non-maintainable. NAB prosecutor Sardar Muzaffar contented before the court that the privatisation of MCB is white-collar crime and many people are involved in it. He added that they have enough evidences in this regard but documents could not be made public at this stage but the same could be produced before the judges in the chamber. After hearing the arguments, the court rejected MCB’s petition and adjourned the proceedings till March 14. Earlier, Muslim Commercial Bank has approached the court against National Accountability Bureau (NAB) for seeking record of the bank.

The counsel for the petitioner had informed the court that the NAB authorities had sought record for the year 1999-2000 from the bank but the bank maintains its six year old record. He said that NAB had no authority to seek 15 years old record according to law.