Privatization Commission receives 170Mn recovered by NAB

ISLAMABAD: The National Accountability Bureau (NAB) on Wednesday released Rs170.625 million to the Privatization Commission as a part payment recovered from a defaulted investment bank.

In 2010, the Trust Investment Bank Limited (TIBL) procured Rs500 million from the commission at the rate of 12.85 percent per annum. However, the non-banking financial institution failed to keep up to its commitment.

The total approved amount of the voluntary return offer from the bank is estimated at Rs404.5 million. The NAB will soon recover and reimburse the balance amount of Rs233.375 million to the Privatization Commission.  The total outstanding amount was calculated at Rs698.87 million, including the principal and the interest payment.  The Securities and Exchange Commission of Pakistan licenced TIBL to run its investment banking and leasing operation in 1992.

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