KARACHI - An accountability court on Thursday gave another chance to National Accountability Bureau (NAB) to file a reference in a mega oil scam.

Investigation officer NAB appeared in the court and informed about the progress report, the IO stated that the investigation regarding oil scam is still under-process, thus more time is required to complete the investigation. 

The NAB official requested the court to give more time to submit corruption reference against the accused arrested earlier.

The Accountability Court granted IO request and adjourned hearing until September 24.

NAB arrested Syed Zulfiqar Ali Jaffery, former General Manager (Retail, Consumer Business) PSO and CEO Jinn Petroleum, and Dr Syed Nazar A. Zaidi, former Senior General Manager (Marketing) PSO in an Rs63 billion oil scam. Three other accused including, Akhtar Jamil, Qaisar Jameel and Kamran Iftikhar Lari are also facing the same charges. The accused were allegedly involved in damaging national treasury over billions of rupees.

According to the NAB prosecution, the accused in connivance with each other awarded illegal contract of crude oil supply worth Rs. 2.43 billion to Byco Pakistan Petroleum Ltd. In 2008-09, against which no payment was received. It was also prima facie established against the accused persons that PSO management abused their authority in entering into an illegal contract of sale purchase of petroleum products with Byco Oil Pakistan Ltd (BOPL) in 2012 for supply of petroleum products to PSO, whereas BOPL was in fact commissioned in 2013.

As a result of illegal agreement, substandard products were supplied to PSO which occasioned loss of Rs. 60 billion to the national exchequer. It was also established prima facie during the course of investigation that in year 2012, PSO management abused its authority by entering in to another illegal agreement with Byco Pakistan Petroleum Ltd (BPPL) for sale purchase petroleum products whereby PSO supplied superior quality imported products (HSD & Petrol) to BPPL at abnormally subsidized rates thus causing loss to the national exchequer.

Three agreements were entered into by PSO with mala fide and illegal considerations of extending favours to blue eyed companies in petroleum business and with intention of personal illegal gains. The entire scam caused loss to the national exchequer to the tune of Rs. 63.687 billion.