NAB Claims Recovery of Rs 168 Billion in Peshawar BRT Inquiry
The National Accountability Bureau (NAB) has announced a remarkable recovery of Rs 168 billion in the ongoing inquiry into the Peshawar Bus Rapid Transit (BRT) project. This achievement marks the largest recovery in NAB’s 25-year history.
According to NAB, the Khyber Pakhtunkhwa chapter secured an indirect recovery of Rs 168.5 billion related to the Peshawar BRT case. The investigation, which began in 2018, uncovered illegal contract awards and embezzlement of public funds. NAB’s current leadership intensified the probe, resulting in a savings of Rs 108.5 billion after revealing that six contracts were improperly awarded to specific companies.
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The Peshawar BRT project has incurred an annual loss of Rs 3.38 billion. NAB found that several contractors violated their contracts, receiving nearly Rs 1 billion without fulfilling any work. The bureau scrutinized over 400 bank accounts, which provided additional evidence of misconduct.
Contractors had submitted fake guarantees to the Peshawar Development Authority (PDA) and are now facing a demand for Rs 86 billion in damages due to their failure to complete the project within the stipulated six-month deadline. Notably, foreign companies involved in the project did not fulfill their contractual obligations.
NAB’s investigation also uncovered the submission of falsified audit reports, which were confirmed by the Securities and Exchange Commission of Pakistan (SECP). Foreign companies were included in the inquiry through their respective embassies.
Despite contractors filing a claim of Rs 5 billion based on interest payments, NAB ensured the project was completed at its actual cost, ultimately saving the national treasury an additional Rs 9 billion.
In a final resolution, contractors sought an out-of-court settlement with the PDA, which was concluded at Rs 2.6 billion. Following this agreement, the Peshawar High Court closed all related cases.
NAB’s extensive investigation into the Peshawar BRT project highlights the bureau’s commitment to addressing corruption and ensuring financial accountability. The recovery of Rs 168 billion stands as a testament to NAB’s ongoing efforts in safeguarding public funds.
