Thursday, April 18, 2024

Multi-Million Dollar Scam: Former Executives of PLL Found Guilty

Former managing director of Pakistan LNG Limited (PLL) Adnan Gilani and its Chief Financial Officer (CFO) Nadeem Nazir, both now serving as OSDs (officials on special duty), have been found guilty and held liable for excess payments totaling US$27.526 million in the head of port charges.

Both top officials of PLL, which deals with LNG imports, have been found guilty of gross reckless negligence and failure to protect the 100% government-owned company’s interests. So much so that Adnan Gilani and Nadeem Nazir were found guilty of giving Singapore-based Gunvor and Italian firm ENI preferential treatment over other LNG suppliers. It has been proposed that appropriate investigation agencies such as the NAB and the FIA launch proceedings to ensure that both officials are kept accountable.

According to the survey, LNG suppliers were overpaid a total of $27.526 million. Over US$22.3834 million was paid to GUNVOR and ENI, accounting for more than 80% of the overall excess payments.

The Inquiry Committee claims that the MD and CFO overstepped their authority (i.e., they did not seek the Board’s approval) when they recommended that all suppliers be paid excessively.

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