Karachi: MB Abbasi acquitted in corruption case
KARACHI: An accountability court on Tuesday acquitted Pakistan’s ex-ambassador to Iran MB Abbasi in a corruption reference pertaining to the provision of financial facilities to private companies in violation of rules and regulations.
Abbasi, who was already on bail given by the Sindh High Court, was accused of causing a loss to the defunct National Development Finance Corporation (NDFC) during his tenure as its chairman from 1993 to 1995.
The National Accountability Bureau (NAB) alleged that Abbasi and other defendants committed numerous procedural and processing irregularities, while granting financial facilities to private firms.
According to the NAB reference, the NDFC approved a financial facility of Rs20 million in favour of M/S NPL as trade facility in 1994. However, the facility was misused in violation of rules by MB Abbasi allegedly in league with others.
The case was reopened after the Supreme Court judgment on the National Reconciliation Ordinance (NRO). The accountability court, after hearing the case, observed that the prosecution had failed to prove its charges against the defendant and thus acquitted Abbasi.