NAB’s claim of indirect recovery of 168 billion 50 crore rupees in BRT Peshawar

NAB has claimed indirect recovery of Rs 168 billion 50 crore in BRT Peshawar.

According to the statement, the International Court of Arbitration has rejected the claim of contractors for 31.5 billion rupees, the investigation of the BRT project started in 2018.

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The recent leadership of NAB accelerated the investigation, the investigation resulted in savings of Rs 108.5 billion, 6 projects included in the contract were wrongly awarded to certain companies.

The companies breached the contract, receiving a billion rupees without work, the investigation also examined more than 400 bank accounts, which provided further evidence.

The contractors had submitted fake guarantees to the Peshawar Development Authority, as claimed by the PDA, and a compensation of Rs 86 billion was also sought.

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The contractors did not complete the work within the stipulated time nor did the foreign companies work on the project, the contractors submitted bogus audit reports, SECP also confirmed these bogus audit reports.

The statement added that NAB had investigated the foreign companies through their embassies, and the contractors had also claimed 5 billion on the basis of late payment of interest.

Due to the investigation, the project was completed at the original cost and the national exchequer was saved by 9 billion rupees.

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Due to the NAB investigation, the contractors requested an out-of-court settlement with the PDA, resulting in an agreement for the payment of Rs 2.6 billion only, after which the Peshawar High Court closed all the cases.