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- Sep 25, 2018
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The National Accountability Bureau (NAB) on Sunday announced the recovery of Rs 168.5 billion in the BRT Peshawar project, marking it largest recovery in the bureau’s 25-year history, ARY News reported.
The investigation into the Bus Rapid Transit (BRT) project began in 2018, amidst allegations of illegal contract awards and misappropriation of funds.
The case saw NAB rejecting contractors’ claims of Rs 31.5 billion in the International Court of Arbitration.
Investigations revealed six major contracts were wrongly awarded to specific companies, which later breached their terms. Over 400 bank accounts were inspected, revealing further evidence of misconduct.
The contractors submitted fake guarantees and delayed project completion, leading to Rs 86 billion in damages sought by the Peshawar Development Authority (PDA).
NAB’s efforts resulted in a saving of Rs 108.5 billion, along with an additional Rs 9 billion in financial expenditure saved by completing the project within its original cost framework.
The investigation revealed that contractors failed to complete work within the stipulated timeframe, with foreign companies stepping in to finish the projects.
NAB noted that the contractors had submitted bogus audit reports, and foreign companies were investigated through their respective embassies. A claim of Rs 5 billion was made by the contractors, citing cost increases, delayed payments, and interest costs.
Through NAB’s intervention, an out-of-court settlement was reached, finalizing payments at Rs 2.6 billion.
The Peshawar High Court has since closed all related cases.
