Rs 82 billion Ogra scam: Sifting myth from reality
Does a person who according to our right wing media and their tail wagging supporters in judiciary has caused the national exchequer a loss of Rs. 82 billion, wears handcuffs and looks haggard? Tauqeer Sadiq, a man who has been targeted for having been appointed Chairman of OGRA during the PPP government, did himself and the PPP a big favor by surrendering and returning to Pakistan. With his return, a lot of tongues will stop wagging now, because the outrageous claims of “Rs 82 billion” losses cannot be proved or substantiated.
A deeper look at the claims of “Rs 82 billion” losses would give one an opportunity to see the dirty role of our high courts and supreme court under the (dis)abled leadership of the most controversial, cheater and holier-than-thou chief justice, Iftikhar Muhammad Chaudhry. The OGRA scandal has literally been run at the behest of Jang Group and its gang led by Ansar Abbasi, Ahmed Noorani and Waseem Abbasi, who have given false reports to make a mound out of a molehill.
While the journalism followed by Jang group is without ethics and also understanding of the business, Mr. Javed Ansari in Business Recorder on July 29, 2013 has tried to dehype the myths created by media and hyped up by the mindless judges. The article is damning on the judges as it tries to highlight that the “loss” of nearly Rs. 80 billion is because of judgments of Lahore High Court and Islamabad High Court. The article is a must read and should give readers an idea about the dirty role of media and judges in making the lives of people miserable and bringing actual loss to the national exchequer. Mind you all, our Privatization and Investment program has been stalled for 7 years now, thanks to the mindless verdict on Steel Mills privatization by the Lord of the Lords, Iftikhar Muhammad Chaudhry.
Rs 82 billion Ogra scam: Sifting myth from reality
One of the most extensive goose chases in the history of Pakistan ended two weeks ago with the arrest of ex-chairman Oil and Gas Regulatory Authority (Ogra) Tauqeer Sadiq for his alleged involvement in a corruption scam of over Rs 82 billion. The appointment of Sadiq as Chairman Ogra had been challenged by Mohammad Yaseen before the Supreme Court of Pakistan. The SC had removed the then incumbent Tauqeer Sadiq from his post and had directed that NAB investigate into the allegations of corruption made by the petitioner.
As per reports, Sadiq was stated to have caused Rs 82 billion of corruption while holding the office of Chairman Ogra and, based on these figures, the SC initiated implementation proceedings in the case which saw bigwigs like the DIG Motorway Police and the then Chairman NAB Fasih Bokhari earning strong displeasure of the SC. However, now that Sadiq is in the custody of NAB it appears that the hype of Rs 82 billion scam is more of a myth than a reality.
The corruption allegations and the presumed losses caused to the national exchequer can be divided into three parts. The first comprises alleged corruption of Rs 36 billion in increasing the well-head price of gas from the Sabsabil Gas Field, owned by Deewan Petroleum Limited. The second comprises an alleged corruption figure of Rs 44 billion in setting the tariff for two major gas utility companies, whereas the remaining Rs 2 billion in corruption is said to be made up of favours to and from attorneys and grant of CNG licences. It is learnt that the figures quoted before the SC are inflated to the extent of Rs 80 billion and are misconceived and non-recoverable.
The first allegation appears to be based on misconception regarding the issue by investigation authorities. The Deewan Petroleum dispute arose from a 2007 disagreement between the Government of Pakistan and Deewan Petroleum which had asked for increased well-head price of gas from the Sabsabil Gas Field which Ogra and the government did not allow. Under the increased price, Deewan Petroleum was supposed to get Rs 36 billion over the next 25 years. However, as the facts unfolded, not a single additional paisa was actually paid to Deewan.
The then Attorney General for Pakistan (AGP), Malik Qayyum, was appointed as an arbitrator to settle the dispute between Deewan and the government. He opined that the well-head price of gas should be increased. Ogra ignored his recommendation and refused to raise the price. Deewan Petroleum then approached Lahore High Court in its writ jurisdiction. Justice Asad Munir of LHC accepted the petition filed by Deewan Petroleum and ordered that the opinion of the AGP be implemented. Ogra again showed reluctance to implement the LHC judgement. A contempt petition was filed by Deewan Petroleum against Tauqeer Sadiq (the then Chairman Ogra) in Islamabad High Court for this reluctance and the same was accepted by the court. A notification was issued on 17.02.2011 which raised the well-head price of gas. On the very same day, the Supreme Court suspended the LHC judgement and the notification was withdrawn.
The SC subsequently declared the LHC judgement as illegal and therefore, not even a single paisa of the supposed loss of Rs 36 billion that the public exchequer was to suffer actually occurred. Even the IHC, while suspending an arrest warrant issued by NAB against the CEO of Deewan Petroleum, recently observed that not a single penny was actually paid. Hence, it seems that this 36 billion rupee figure, having never actually seen light of day, can be deducted from the purported Rs 82 billion. It is due to this fact that Sadiq and his sympathisers have been given an opportunity to claim innocence and state that this alleged corruption scandal arose due to the judgement of the LHC and not a decision or order of Sadiq as Chairman Ogra.
The second allegation against Sadiq is that he deprived the national exchequer of Rs 44 billion by allowing a higher UFG benchmark in the tariff determination of the two gas utility companies SNGPL and SSGC, thereby reducing the Gas Development Surcharge (GDS). The controversy arose because Ogra, under Sadiq, set the UFG benchmark of the two gas utility companies at 7 percent through decisions dated 24.09.2010 for SSGC and 15.10.2010 for SNGPL for financial year 2009-2010 and treated certain incomes as non-operating for the same year. However, only seven weeks later, ie, on 02.12.2010, in its determination for FY 2010-2011, Ogra, again under Sadiq as Chairman, backtracked on its early decision and set the UFG benchmark of the companies at 4.75 percent and disallowed treatment of those incomes as non-operating.
The companies challenged this downward revision before a high court which granted stay orders to the effect that the UFG benchmark of the companies was to be treated as 7 percent and certain incomes which had been treated as non-operating in FY 2009-10 will continue to be treated as non-operating. Subsequently for financial years 2011-12 and 2010-13, Ogra set the UFG benchmarks of the two companies at 4.5 percent and in spite of the high court stay orders, treated the disputed incomes as operating. These decisions too were challenged by the gas companies and the high courts granted stay orders in these as well.
It is the combined impact of these four years, that is, the 2009-10 determination and the stay orders granted against the 2010-11, 2011-2012 and 2012-2013 determinations which reduce GDS by Rs 44 billion and this amount would in turn go to the two gas companies. Legal experts state that GDS is not a tax or a charge, but an accounting mechanism through which gas companies are compensated for unforeseen increases in wellhead prices without having to increase the price of gas for consumers. Therefore, under no circumstances is a reduction in GDS a loss to the national exchequer.
It appears that NAB itself is uncertain regarding this Rs 44 billion loss. After submitting a report regarding the loss in GDS before the SC, NAB subsequently filed another report which stated that in fact this 44 billion rupee loss had been caused by stock market manipulation. Even this claim does not appear to be based on facts. On inspection, it is seen that in the 45-day period within which NAB claims that the national exchequer was deprived of Rs 44 billion by stock market trading, the actual total trading in the shares of the two gas utility companies was a little over Rs 1 billion only.
The major chunk of the alleged Rs 82 billion scam appears to be unfounded. No money actually appears to have been pocketed by any individual. However, the allegations with regards to the remaining 2 billion rupees need to be investigated further before a finding can be made on them. The investigators must learn to separate the wheat from the chaff and sort myth from reality. NAB needs to ensure that their investigation is not dictated by hype but by the facts and circumstances that appear on the ground.
(The writer is senior journalist. The views expressed in this article are not necessarily those of the newspaper)
Brothers, trust me, two months later no one would even remember the rs 82 billion scam as there was none. The judges will have Asif zardari to target
pls look into the bank of punjab case also, which was also exaggerated by this same group alongwith shahbaz sharif just to gain political mileage and eventually buy out the bank themselves, because of its extensive branch network, which is a big asset
i like this blog too bad you have so many unrelated comments
nike air zoom streak
[url=http://www.gallery-locator.com/sitemapartists.php?pid=2683]nike air zoom streak[/url]
I really enjoy reading on this website, it holds fantastic articles .
prix nike air max
Hello my family member! I want to say that this article is awesome, nice written and come with almost all significant infos. I¡¦d like to peer more posts like this .
portafogli Louis Vuitton
Rs 82 billion Ogra scam: Sifting myth from reality
axeidpeqodt
xeidpeqodt http://www.g0j2917030k95a6dg2qu45ey0kncpf8es.org/
[url=http://www.g0j2917030k95a6dg2qu45ey0kncpf8es.org/]uxeidpeqodt[/url]
Its not often that I search for something and actually find useful information glad I found you keep writing!
Thank you for your blog post.Much thanks again. Great.
You will need to choose a set of simple buying criteria, each one of which is easy to understand and easy to evaluate, but which when used together create a powerful screen which finds you quality dividend growth stocks.
nike air max white
Maintain your fish’s health.
nike air max 1 premium
The Brahmin wedding is decided by matching the horoscopes (kundlis) of the soon – to be bride and the groom.
nike air max 1 sale
the five (Pancha) Gowda Brahmin groups were Saraswats, Kanyakubjas, Gaudas, Utkals, and Maithilas.
womens nike air max
Tier 2 capital will remain in the equation (up to 2% of total capital) but just what can be held in tier 2 is uncertain.
ray ban glasses
Spray 3 skinless chicken breast fillets with cooking spray and grill for 3 minutes each side, or until cooked through.
ray ban sunglasses
Babies of breast-feeding mothers tend to accept nipples designed for premature babies more easily.
ray ban wayfarer
, Rosetta Resources Inc.
ray ban sunglasses sale
Before wiring your car for trailer lights, it is better to check if you will need to set trailer brakes too.
ray ban sunglasses sale
tumi 3way 通販
財布 ブランド 星
coach 偽者
バッグ チャーム 付け方
フェンディ 名入れ
ニクソン 原宿
クロエ 財布 茶色
パタゴニア 上履き
Picking a good dog bone is no light matter.
nike air max ltd
For example, as most readers may know, the Dividend Champions list is comprised of 105 companies that share a vital data set.
nike air max 90 black
My outlook is neutral for the quarter, but here are a couple of interesting data points.
cheap michael kors purse
Example: suppose that we can measure information availability in some unit called INFO.
michael kors tote bag
Again, In the March 5th 10k report, on page 21, Potbelly discloses that their corporation “does not own any real property and all our company-owned shops are located in leased premises.”If Potbelly cannot negotiate re-leasing of their shop properties on favorable terms, profitability could take a substantial hit if shops are forced to close, required to relocate, or lease terms deteriorate and rent increases.
cheap michael kors wallets
Yet, there aren’t many attained gear obtaining awareness of matters.
nike air max pink
Plastic sheeting comes in a variety of thickness and components.
ray ban sunglasses sale
It is just one part of why this eating plan does work.
nike air max 90
Its favorite meal is plankton — the tiny plants and animals that drift throughout the ocean.
nike air max
* Cleaning agents.
air max shoes
Choose only the healthiest seeds from the plots.
nike air max white
But the big thing is that it was SHE who pushed poor little defenseless Brett.
nike air max 90 black
Goldfish – Generally speaking, goldfish are one of the hardiest fish that you can get, but again, that doesn’t mean they’ll live anywhere.
nike air max 90
The new system rewarded connections with the government.
nike air max 90 white
You have the option of adding an additional sonar sensor for added viewing of the fish lingering in the water.
nike air max 90 womens
The industry is full of pivot stories like this.
nike air max outlet
And make it a healthy one so that you won’t start the day with a queasy stomach before you even get into the operating room.
nike air max 1 premium
You will want to get rid of the designer manufacturers versus the color the particular nourishes to take out inside of a emissions with that glue together the surface of the guitar bottles of wine.
nike air max white
Follow your compass heading until you come to the rock pile, there is an opening area that you can go through to access the other side of the rock pile (actually more of a long rock pile, could be 60 ft long and about 20 ft high, prime area for some crab and fish.
nike air max 90 white
might Chumlee confer hubby widely is attempting to convey a piece of writing worthy, Saud Princess of the Canada emerges William REQUIRED TO.
michael kors outlet coupons
and hang designs i’m happening.
ray ban caravan
is he or she vogue? due to the fact in which i just luive it is very special and it is the underside wide? could you spin buy wow gold along
Similarly, beyond mere substitution, it is likely that electronic commerce techniques may foster completely new ways of conducting business.
ray ban sunglasses outlet
kathy5: Jul.
ray ban 3016
Fifth Avenue socialite Ouisa Kittredge (Stockard Channing) and her purveyor of high-art husband Flan (Donald Sutherland), are pedigree parents of “two at Harvard and one at Groton.
ray ban clubmaster
The product achieves substantial surprising fingers following which worn out alone on the other hand piled.High speed email main arises industry experts touches cures that physical exercises produce a full to are utilized to online sites and does almost every holistic do homework.
michael kors sale
Some believe that regular exposure to UVB radiation can, over a period of time, contribute to cataract formation at an earlier age than normal, and may also cause the development of pterygia, which are growths of tissue that encroach over the cornea from the sides.
cheap ray ban sunglasses
Questa ГЁ una cosa preziosa
[url=http://radiobartar.com/forum/showthread.php?tid=12575]yamahasn [/url]
We start flirting young then end up getting guilted out of doing it or warned against doing it because of office politics.
nike air max 90 sale
The advantage in using a DVD-RW is that when you have writing errors, you can always overwrite your work unlike the DVD-R which you can only store data once.
nike air max 1 premium
Take simple steps to move from cost-plus to value-based pricing.
ray ban 3016
Tips to Meliorate You Prevent Rubbing Your Teeth at Dark:- Some fill aren’t alert that they individual bruxism until it’s too tardily.
ray ban shades
In dioecious plants, both the male and female flower is formed separately in the same plant.
womens nike air max
I dette tilfælde er en god udskæringen kniv med en enkelt skarpe spidse blade et must-have.
nike air max 95
Think about it; do you remain in the bath around the clock? Continual exposure to the dust could be harmful.
ray ban glasses frames
Determine TMll see your real cd-g spread on purpose reading to shell out.
official michael kors outlet
The invention utilizes a hidden hinge system which improves vehicle appearance.
nike air max 90 sale
The recovery room job was Monday to Friday, 10 am to 6 pm.
nike air max white
Her ancestry, however, is not so easily dismissed, and with the prospect of having a child comes the prospect that the child will be dark.
ray ban glasses frames
BUT I do consider them to be extensions of my advertising message.
nike air max ltd
Near Field Communication, or NFC, will be the future of payment where consumers can use their mobile phone as a debit or credit card, simply by waving their mobile device near a receptor.
air max 97
Is actually very yes, definitely notably if you are always involving mail or perhaps you end up being targeted visitor.
womens nike air max
A whole lot of coil nailers with position is undoubtedly an inductor.Purchase a hallways, main methodologies and if house showcasing furnishings and even concentrates in the room tend to be soiled more sound your are like a magnet on the athletic shoes and now it is slippers persist waiting involved with it.
air max 97
http://www.randallwalkerconsulting.com.au/online/nike-free-5.0-men.html nike free 5.0 men
cheap wow gold mainly casual with all the things. No effort to clear and so they always start looking spotless. My favourite!
Attire fully understand flexes have become odds are rating vacuuming affecting your associations for just about any jogger proven and scale back.
ray ban wayfarer
You will get a warm welcome when you visit Coffee Mug Bong site This website allows individuals to purchase the very famous and highly useful Coffee Mug Bong that was seen in hit film named “Cabin in the Woods Bong” The fact is that this is a special kind of smoking pipe that appears as an extremely unique travelling coffee mug which users can use while they are travelling It would take just few seconds for transforming this great travel coffee cup to a smoking bong This cup would become compact as well as of the same size as you get in coffee cups with 20 oz capacity If you have to use it for smoking all you need to do is unsnapping its bottom and telescoping this device out to two and a half foot lengthy bong This is great for all kinds of smoking requirement of yours This mug is ideal for every individual smoking requirements It comes with a handle that will un and it will be inserted into the base that servers as a slider for the users Mouthpiece that will be used for smoking is located on handle top horizontal portion It comes with a designing that is pretty simple and easy to use />
air max shoes
I don’t know how all that is related but they are all diseases that affect the skin.
ray ban clubmaster
Many of the jewel tones also compliment brown.
nike air max 90 sale
To begin, my current favorite definition of guarantee is written assurance or pledge that some product or service will be provided or will meet certain specifications.
michael kors duffle bag
There are several factors that can lead to this eye problem which include fatigue or some insufficient sleep as a consequence of allergies and also some other health conditions overly, which can be related to the dark groups.
ray ban glasses
LASIK eye surgery is a day surgery, meaning after your surgery, you’ll only stay for a few hours (at most) before being discharged.
nike air max outlet
Rolling up the dried leaves and smoking it like a cigar with deep inhalation, cures even the extreme types of Asthma where the patient doubles over.
ray ban outlet
“And what do we tell our children? Haste makes waste.
nike air max black
When this person fri acquiring to get ready his / her significant things awfully fast, he is able to reclaim trying to severed themselves from the camera right away.
ray ban sunglasses
Know your audience.
ray ban rb3025
Shades of red that are just right will be the best options for people with medium skin tone.
ray ban sale
Now more than ever, discipline is needed to push you to focus on your work.
nike air max
As you cross the threshold of early thirties, deep lines, creases, wrinkles, and puffiness under the eyes start appearing on your face.
nike air max 90
Showed back in Fairfield All of us, New york, Parrott felt decade ugly when the unit’s dads missing.
air max shoes
At last, Oxygen Style company . business definitely the colour.
ray ban polarized
There are several custom made wine racks that can be used to comfort your particular storage needs, pertaining to the availability of the space, the number of bottles to store and etc.
ray ban 2132
Gambling is one of the lucrative gaming activities in the society today.
ray ban outlet
Indonesia.
nike air max 1 premium
オロビアンコ 木村 http://www.adrianadc.com/kwo/median-8972-472-15.html
ck eternity 50ml ราคา http://www.ajcci.org.sa/xwocp/uqwvvf-calvinklein-73.html
アノラック エーグル http://rootedapparel.com/ekzkpsnyozb/saffron8zueomnvicsh4cheer5-yht6mtri0-raft4anorak.html
schTXxJV
schTXxJV http://www.pSAV6gxh3583R7kH0v57zc.com/
[url=http://www.pSAV6gxh3583R7kH0v57zc.com/]schTXxJV[/url]
If you aren’t use to thinking this way, then it can take a bit of work to re-program your brain, but you will soon begin to see the benefits.
ray ban wayfarer
If you live in a major metropolitan area that includes a zoo, find out if they offer student internships or if you can join their volunteer corps to gain further experience either before or during your college coursework.
ray ban 3183
Anywhere in Enterprising Financing is provided is sometimes surprised by the amount of expense concerning that any particular one is ideal products.
nike air max 97
Magnificent site. A lot of helpful information here. I am sending it to several pals ans additionally sharing in delicious. And naturally, thanks to your effort!
[url=http://jyc.jcrministries.com/viewtopic.php?f=3&t=6600]conradosn [/url]
Additional disclosure: I am not an investment professional and nothing I am saying in this article should be construed as advice for anybody.
womens nike air max
This is a condition where the thyroid produces too few hormones to maintain proper metabolism.
nike air max 1 premium
Hormones are to blame for the drastic mood swings pregnant women have during pregnancy.
michael kors sale
Renderà il vostro ex cominciano ad apprezzare la buona qualità.
michael kors outlet store
We can work to change this thinking by looking at ourselves and recognizing the contributions we make, taking responsibility for our life and actions, and taking steps to put a new plan of action in place.
michael kors outlet locations
The initial few provides We were thrilled.Laugh ought to an excessive amount of gals those people that autumn her giving one month, took but bear in mind position, obtained a volume, boarded complete of cross country routes, and prepare half way indoors outdoor vacation woul got up! Your woman recently been sharp and not only just blind to their own mannerisms during the huge variety attending.
nike air max 97
Certain herbs such as Gingko Biloba and Coffee Cruda also have this effect.
ray ban glasses
These instruments can be used from mild to profound loss of hearing.
ray ban outlet
Each participant received capsules of either safflower oil (rich in omega-6 fatty acids) or fish oil (rich in omega-3 fatty acids).
nike air max 1 sale
To achieve success together with your rose shrubbery you have to follow four easy steps.
cheap nike air max
Jay Skyler, Professor of Medicine for University of Miami, Associate Director of Academic Programs for the Diabetes Research Institute, a recognized expert in Diabetes and Diabetes treatment said the following about AFREZZA as the first super rapid-acting insulin, he has seen such an advance in diabetes therapy in 40 years of research and practice.
ray ban sunglasses outlet
アディダス ハイケ
ミズノ ショップ高島平
ジミーチュウ ブーツ 星
There are lots nighty has been derived from plural advanced technology on the a bare.
ray ban 3183