Govt forms high-powered commission to probe loans acquired in last 10 years

ISLAMABAD: The federal government here on Friday formed a high-powered commission, headed by Hussain Asghar, to probe the soaring loans piled up over the past 10 years, ARY News reported.

According to a notification issued today, the 12-member commission comprised officials of National Accountability Bureau, Inter-Services Intelligence, Federal Investigation Agency, Intelligence Bureau, Military intelligence, Federal Board of Revenue and State Bank of Pakistan.

The federal government would hire national and international experts to conduct forensic audit of investment and expenditure of the past governments during the last 10 years, read the notification.

The high-powered commission will present its investigation report within six months, however the prime minister could extend its time frame. Meanwhile the commission would present its monthly progress report to the prime minister.

The commission would also probe all the development projects, kickbacks and contracts during 2008-2018. Embezzlement of government funds and alleged corruption in the development projects would also be investigated.

Earlier on June 15, Minister for Water Resources Faisal Vawda had said Prime Minister Imran Khan would head a high-powered inquiry commission to probe the Rs24,000 billion loans piled up over the past 10 years.

Talking to the media persons outside the Parliament House, he had said the commission would comprise of experts from Inter-Services Intelligence (ISI), Intelligence Bureau (IB), Federal Investigation Authority (FIA), Securities and Exchange Commission of Pakistan (SECP), State Bank of Pakistan (SBP) and other relevant departments.

Vawda had said the prime minister himself would supervise the high-powered inquiry commission’s investigations, adding that the nation wanted to know about the projects that had been completed utilising the loans worth Rs24,000 billion.