BoP scam co-accused agrees to pay Rs400m

ISLAMABAD: The Supreme Court on Wednesday ordered a co-accused in the Rs9 billion Bank of Punjab financial scam to pay back Rs400 million by Dec 11.

A bench comprising Chief Justice Iftikhar Mohammad Chaudhry, Justice Mian Shakirullah Jan and Justice Tariq Parvez also directed the National Accountability Bureau to place the name of Seth Nisar, who was present in the court, on the Exit Control List and keep his passport with it till the payment of the amount claimed against him.

Seth Nisar is elder brother of Sheikh Afzal, owner of Haris Steel Industries (HSI), Lahore, and the main accused in the BoP scam.


The BoP had granted a loan of Rs9 billion to the HSI without fulfilling legal requirements. Later, the bank filed a petition against the HSI when it defaulted on the loan.

Wasim Sajjad, counsel for Seth Nisar, presented a copy of a Rs200 million pay order in the name of BoP and said that the money would be deposited in the bank on Thursday and the remaining Rs200 million by Dec 11.
Seth Nisar assured the NAB authorities that he would pay off Rs400 million obtained from Sheikh Afzal.

At the last hearing, the court had granted protection to Seth Nisar who wanted to come back to Pakistan and make the payment.

A.K. Dogar, counsel for another accused Seth Yaqoob, sought three years’ time for paying back the money claimed against his client. The court observed that the matter would be taken up at the next hearing and adjourned the proceedings till Dec 11.

At the last hearing, Sheikh Afzal had confessed of having taken a loan of Rs8 billion from the BoP and said that 40 per cent of the money had been taken by Seth Nisar.

Sheikh Afzal and his son Haris Afzal were arrested by the FIA from Malaysia.