The Accountability Court has issued non-bailable warrants for three accused nominated by the National Accountability Bureau for causing loss to national carrier Pakistan International Airlines in an aircraft scam case.
According to Deputy Prosecutor General NAB Brig (retd) Shafaat Nabi Khan Sherwani, during probe into the B-747 aircraft scam it transpired that Daryus Cyrus Minwala was involved in the commission of corruption and corrupt practices, which was punishable under National Accountability Ordinance-1999 and the matter was referred to Chairman NAB to ascertain factual position.
During investigation it also transpired that Minwala had received at least US$10.5 million from Cathay Pacific through his offshore companies — D M Investment and Aviation Investment Consultant Limited — to facilitate lease extension and subsequent sale of the discarded B-747 planes from Cathay Pacific to PIA, causing huge loss to the national exchequer.
Through his offshore company D M Investment, Minwala paid illegal gratification to the officers of PIA, Cathay Pacific and a private person who played a crucial rule in the execution of these agreements. It may be mentioned here that the said aircraft were manufactured in 1985 for Cathay Pacific with a validity of about 20 years, however, these were acquired by the PIA.
Sherwani said that PIA signed lease agreement with Cathay Pacific on March 18, 1999 for five aircraft bearing serial numbers 23221, 23392, 23534, 23709 and 23920 for two years against a rent of US $0.275 million per aircraft per month, besides maintenance and support agreement charges at US$1,510 per flying hour. An inspection team, which also included an accused Rashid Hassan, visited Hong Kong in February 1999 to carryout evaluation of the aircraft. It was revealed that the team physically inspected only two aircraft but gave approval for all the said B-747-300 aircraft.
According to the reference, owing to above mentioned acts of the then management, PIA suffered a cumulative loss of US$31 million. Cathay Pacific had intentionally and deliberately engaged Minwala to sell out its discarded fleet to PIA at exorbitant rates, and for this purpose the airline paid US$ 10.5 million to Minwala, of which US$5,25000 were paid to accused Pervaiz Hussain and US$2,45000 to accused Rashid Hussain.
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