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Reading: NAB Saves Rs168.5 Billion in BRT Peshawar Investigation | Corruption Exposed
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NAB BRT Peshawar investigation
PhotoNews Pakistan > Business > NAB Saves Rs168.5 Billion in BRT Peshawar Investigation | Corruption Exposed
BusinessKhyber Pakhtunkhwa

NAB Saves Rs168.5 Billion in BRT Peshawar Investigation | Corruption Exposed

Web Desk
By Web Desk Published September 23, 2024 3 Min Read
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NAB announced the recovery of Rs 168.5 billion in the BRT Peshawar project, marking it largest recovery in the bureau’s 25-year history. Photo Credits: @ShamaJunejo (X)
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The National Accountability Bureau (NAB) Khyber Pakhtunkhwa announced a major success on Sunday. By concluding its investigation into the Bus Rapid Transit (BRT) Project in Peshawar, the NAB saved the exchequer Rs168.5 billion.

The anti-corruption agency protected the provincial government from a contractor’s Rs31.5 billion claim in the International Court of Arbitration (ICA). NAB started its inquiry in 2018, investigating illegal contract awards, misuse of funds, and fake performance guarantees in the BRT project.

Monumental achievement by NAB #KP! #Bureau has saved a record-breaking Rs168.5 billion for the national exchequer in the Peshawar #BRT project—the largest single-project recovery in NAB’s 25-year history.

A Rs31.5 billion contractor claim was also rejected.#SamaaTV pic.twitter.com/5h3glpc9qR

— SAMAA TV (@SAMAATV) September 23, 2024

The case saw little progress for years. However, under the current DG, the investigation sped up, saving Rs168.5 billion from a major corruption scam.

NAB credited the success to its collaboration with the KP cabinet, provincial administration, and Peshawar Development Authority (PDA). Their positive role in the settlement agreement proved essential.

Details of the Case

The investigation found that six contracts involving road and building projects were unlawfully awarded to four joint ventures (JVs), including two Pakistani and three international firms.

Contractor records showed international firms held 60-70% shares in these JVs. However, the investigation revealed the JVs existed only on paper. Local contractors fraudulently secured the contracts using the international firms’ names.

After winning the contracts, local firms performed the work. The international firms were paid 2% of the total tender value for their names. In this way, they earned nearly Rs1 billion without any actual involvement.

NAB expanded its investigation to examine over 400 bank accounts. It found local contractors had transferred money to the international firms on the same dates listed in the agreements.

PDA had paid a 20% premium to contractors to ensure international standards. They expected better resources and technology from international firms. However, the contractors failed to finish on time, and the foreign firms never visited Pakistan.

The investigation also discovered the contractors had submitted two fake local bank guarantees worth Rs2 billion. They had also provided eight foreign guarantees amounting to Rs6.5 billion, violating agreements.

Local contractors submitted bogus audit reports, which NAB later exposed with help from the Securities and Exchange Commission of Pakistan (SECP) and chartered accountants.

Further, it was revealed that the international firms’ staff visited Pakistan for only eight to ten days in the last five years despite claiming they worked on the project.

Massive Corruption in Peshawar BRT Project Uncovered, NAB Claims Major Savings 🚨

The National Accountability Bureau (NAB) has claimed to save 168.5 billion rupees in the #Peshawar BRT project by investigating illegal contracts and embezzlement. #NAB dismissed a contractor’s… pic.twitter.com/R3ak8YA9EC

— Osama Yawar (@osamayawark) September 23, 2024
TAGGED:FeaturedPak­istan
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