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Govt making ready to amend NAB ordinance



The federal government is contemplating altering the powers of the Nationwide Accountability Bureau (NAB) on taking motion towards politicians and paperwork. So as to obtain this 31 amendments within the NAB ordinance are more likely to be launched within the close to future.

In keeping with sources, the federal government is more likely to introduce sure amendments in NAB ordinance within the close to future underneath which disqualification of the politicians on corruption instances can be for under 5 years as an alternative of ten years and after passing the 5 years a convicted politician also can take part within the election course of. Equally, a politician can maintain the general public workplace until an finish to the suitable of attraction in case he/she is awarded punishment within the corruption case. Likewise, NAB should get approval from the court docket earlier than arresting an accused. Furthermore, NAB won’t be allowed to take motion towards the 5 years previous transactions. Moreover, after approval of the amendments in NAB ordinance, NAB should present proof as an alternative of the accused in any other case NAB will be unable to provoke an inquiry.

Sharing particulars of proposed amendments, sources additionally knowledgeable that NAB will be unable to take motion towards the Prime Minister (PM) and cupboard within the mild of the committee’s determination. The lengthy pending inquiries and underneath trial instances can be shifted to the involved authorities. Additionally, NAB will be unable to register corruption instances towards the politician and paperwork until the time the anti-corruption watchdog (NAB) doesn’t show the corruption towards them.

The proposed amendments in NAB ordinance can be despatched to the federal cupboard for consideration after consulting with the ruling alliance and Pakistan Tehreek-i-Insaf (PTI), stated sources.

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They added that PTI, Pakistan Muslim League-Nawaz and Pakistan Folks’s Occasion (PPP) will get pleasure from most profit if the federal cupboard grants its approval to the proposed amendments in NAB ordinance.

“NAB won’t have the powers to take motion relating to the federal and provincial taxations, duties and levies after cupboard’s approval on the proposed amendments,, stated the sources

Sources additional stated that the President will appoint the Prosecutor Common after consulting the PM and opposition chief. They stated that just about seven clauses of NAB ordinance can be eliminated and the amendments can be relevant from 1985 on underneath investigation instances and underneath trial instances. They stated NAB can be certain to shut an inquiry on corruption instances inside six months. NAB officers can be awarded upto one 12 months imprisonment and ten lakh value tremendous in case he/she points a public assertion, stated sources.

They added that NAB’s annual report can be positioned earlier than each higher and decrease homes of parliament for dialogue and consideration.

Accessible draft of the proposed amendments in Nationwide Accountability Ordinance, 1999 disclosed that this Act could also be referred to as the Nationwide Accountability (Modification) Act, 2022 whereas it shall come into drive without delay and shall be deemed to have come into drive from the first day of January 1985 and it’ll lengthen to the entire of Pakistan. Equally, this Act shall apply to all individuals, together with those that are or have been within the service of Pakistan, wherever they could be. Likewise, the provisions of this Act shall not apply to transactions and individuals associated thereto if the subject material thereof and/or loss to the Federal Authorities or a Provincial Authorities, because the case could also be, is lower than Pak Rupees 5 Hundred Million and shall not, in any case, apply to

 (a) transactions and issues pertaining to Federal or Provincial taxation, duties, levies or imposts, by no matter identify referred to as;

(b) issues, together with incidental issues, which have been determined by, or fall inside the jurisdiction of a regulatory physique established underneath a Federal or Provincial legislation; or

(c) selections of the Federal or Provincial Cupboard, ECC, CCI, ECNEC, or every other policy-making statutory physique established underneath the Structure,

(d) a transaction or material not involving any property, funds or fiscal curiosity of the federal or provincial authorities.

(e) offences underneath Anti Cash Laundering Act 2010.

The Prosecutor Common shall be appointed by the President in session with the Chief of the Home and the Chief of the Opposition within the Nationwide Meeting for a non- extendable time period of three years and shall not be eligible for re-appointment. The Prosecutor Common Accountability shall proceed to carry workplace till his successor enters upon his workplace offered that such continuation in workplace shall not exceed sixty days. The Prosecutor Common Accountability shall maintain unbiased workplace on whole-time foundation and shall neither maintain every other workplace concurrently nor do any non-public legislation observe. Wage construction of the Prosecutor Common Accountability shall commensurate with the Decide of the Supreme Courtroom.

The Prosecutor Common Accountability could resign from his workplace by writing underneath his hand addressed to the President.

The Prosecutor Common Accountability shall not be faraway from workplace besides by the President on the grounds of elimination of a Decide of the Supreme Courtroom of Pakistan.

 In case the Prosecutor Common Accountability is absent or unable to carry out the capabilities of his workplace as a result of any purpose in anyway, senior- most Further Prosecutor Common shall be notified to behave because the Prosecutor Common Accountability by the Chairman NAB.

As per proposed amendments in NAB ordinance, corruption and corrupt practices dedicated by corporations or different physique corporate- the place an individual committing an offence underneath this act is an organization or different physique company, each one that, on the time the offence was dedicated, was answerable for such an offence shall be responsible of the offence and liable to be proceeded towards and be punished accordingly.

In the course of the course of an inquiry or investigation any property of an accused moveable or immoveable, shall not be positioned underneath any warning or restraint until the identical is sanctioned by the court docket of competent jurisdiction and the court docket is happy that upon there showing there exist cheap grounds for believing that the accused has dedicated an offence underneath this ordinance and the property in query is an end result of the identical and that the accused is more likely to eliminate the entire or any a part of the property.

 “Supplied, nevertheless, that NAB shall not conduct any inquiry or investigation or file any reference for an alleged offence after the passing of 5 years from the date of the transaction or act constituting the offence.”

Officers and employees of NAB besides prosecutors shall be appointed by the Federal Public Service Fee in accordance with related provisions of the Federal Public Service Fee Ordinance, 1977, and shall be entitled to such salaries, allowances  and  different phrases and circumstances of service commensurate with their {qualifications} and expertise, as could also be prescribed by guidelines framed underneath Federal Public Service Fee Ordinance1977.

The provisions of the Civil Servants Act, 1973 (LXXI of 1973) shall apply to the individuals appointed in or employed by the NAB.

The Chairman NAB, via Federal Public Service Fee, could appoint advisers, consultants and consultants, on fee of such payment or remuneration as could also be prescribed to help him in performing the capabilities of the NAB and the discharge of his duties underneath this Ordinance.”

The Annual Report shall be positioned earlier than each Homes of Parliament for dialogue and consideration.

No official of NAB, in any capability, shall make any assertion in public or to the media or leak any data relating to individuals concerned in any inquiry or investigation carried out by NAB till a reference has been filed towards such individuals; and whoever contravenes the provisions of part 33F shall be punished with imprisonment for a time period which can lengthen to 1 12 months however shall not be lower than one month in any case and with a tremendous of 1 million rupees.

Any individual could file a criticism or deliver a swimsuit towards any officer of NAB for bodily torture or harassment brought on by NAB officers or for falsely implicating any individual, exaggerating or fabricating fees or proof within the matter.

All orders, judgments and sentences handed underneath the Nationwide Accountability Ordinance, 1999 which have turn into remaining and in respect of which no proceedings or appeals are pending in any court docket together with the Excessive Courtroom or the Supreme Courtroom as on the date of promulgation of this Act shall, however the provisions of this Act, be deemed to have been validly made and handed.

All enquiries, investigations, references, proceedings and appeals underneath or arising from the Nationwide AccountabilityOrdinance,1999 pending on the date of this Act, shall be handled in accordance with the provisions of the Nationwide Accountability Ordinance, 1999 as amended by this Act.

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Pakistan is ready to produce gasoline to ships. How did we get right here? 



After a greater than 4 12 months hiatus, Pakistan is ready to recommence gasoline provide to seafaring ships. The change comes after Pakistan’s Nationwide Refinery Restricted (NRL)  introduced they have been profitable  in producing Very Low Sulphur Furnace Oil (VLSFO) this Monday. 

The event is vital as a result of VLSFO is the one gasoline accepted by the Worldwide Maritime Group for world sea voyages. Now that Pakistan’s nationwide refinery has the aptitude of manufacturing this oil for ships will probably be in a position to provide gasoline for freight which may additionally show to be an enormous enhance to the NRL. 

However why precisely has Pakistan been out  of the sport for the previous 4 years and the way has NRL instantly been in a position to produce the internationally accepted gasoline generally known as ‘bunker gasoline’? 

What’s furnace oil? 

Furnace oil, also called heavy gasoline oil (HFO), is a broad time period encompassing fuels utilised to generate movement and warmth, characterised by their notably excessive viscosity and density. The MARPOL Marine Conference of 1973 defines heavy gasoline oil as having a density exceeding 900 kg/m³ at 15°C or a kinematic viscosity surpassing 180 mm²/s at 50°C. These oils include a major proportion of heavy molecules, together with long-chain hydrocarbons and aromatics with in depth, branched facet chains, lending them their distinctive black hue.

Predominantly used as marine gasoline, HFO is at present essentially the most extensively utilised marine gasoline; nearly all medium and low-speed marine diesel engines are designed to function on heavy gasoline oil. Nevertheless, older steam locomotives and oil-fired energy crops additionally harness vitality from heavy gasoline oils.

Heavy gasoline oil is a residual product derived from the distillation of crude oil. The standard of this residual gasoline is contingent on the standard of the crude oil processed within the refinery. To fulfill varied specs and high quality requirements, these residual fuels are blended with lighter fuels reminiscent of marine fuel oil or marine diesel oil. 

A quintessential distinction of heavy gasoline oils lies of their sulphur content material. Per the requirements set by ISO 8217, the higher restrict of their sulphur content material is firmly capped at 3.5%. The principle lessons based mostly on sulphur content material are HSFO, Low Sulphur Furnace Oil (LSFO), VLSFO, and Extremely Low Sulphur Furnace Oil (ULSFO). 


Marine Gas  Most Sulphur Content material 
HSFO  3.5% 
LSFO 1.0%
VLSFO  0.5%
ULSFO 0.1% 


VLSFO is a brand new kind of marine gasoline that was launched in January 2020 to adjust to the Worldwide Maritime Group (IMO) regulation that limits the sulphur content material of ship fuels to 0.5%

The potential good points for NRL 

“From my perspective, the transition in the direction of VLSFO signifies a constructive evolution for the sector. HSFO, now an antiquated and deficit-inducing product, has been obliging refineries to curtail manufacturing ranges,” articulates Fahad Rauf, the distinguished Head of Analysis at Ismail Iqbal Securities.

“VLSFO, a most well-liked alternative of the maritime trade, may emerge as a profitable product. The tangible profit can be contingent on the magnitude of the shift from HSFO to VLSFO,” Rauf elaborates.

The capability of VLSFO to bestow fast alleviation to NRL from the plethora of obstacles beleaguering the refinery sector is noteworthy. The exigency to metamorphose the slate in the direction of merchandise boasting increased margins is intense, significantly in an epoch characterised by stringent regulatory compliance and a focus on the underside line the place each subtlety is consequential.

As well as, refineries are grappling with the duty of procuring funding for his or her brownfield enhancement incentives, that are projected to be unveiled by the federal government within the imminent months. For such large-scale endeavors, the importance of greenback fairness is paramount.

The Pakistan Nationwide Transport Company (PNSC), poised to be NRL’s fast patron, had earlier this 12 months in March formalised a memorandum of understanding with ENAR Petroleum Refining Facility for the acquisition of VLSFO. The main points of the association couldn’t be obtained on the time of writing.

Nonetheless, it  is conceivable that PNSC nonetheless harbours unmet demand that NRL may fulfil. Within the unlikely state of affairs of a disagreement, PNSC can be obligated to stick from a regulatory vantage level, rendering a pact between each entities extremely possible.

At current, NRL holds the excellence of being the solitary main oil refinery engaged within the manufacturing of VLSFO. Pakistan Refinery Restricted had launched into manufacturing two years prior however ceased operations shortly thereafter. Whereas curiosity from varied non-public refineries in producing VLSFO has been noticed, no tangible developments have come to fruition as but.

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Energy Division anticipates a restoration of round Rs 150bn inside 3-4 months



ISLAMABAD: Energy Division has to date recovered appropriately Rs.10 billion throughout its marketing campaign towards electrical energy theft and restoration from energy defaulters, whereas it anticipates a restoration of round Rs. 150 billion inside 3 -4 months.

These details and figures had been introduced by the ability division (Power Ministry) throughout a gathering of the Senate Standing Committee on Energy which met on Tuesday beneath the Chairmanship of Senator Saifullah Abro right here at Previous Pips Corridor, Parliament Lodges.

The Senate Standing Committee on Energy was additionally apprised by the ability division that the electrical energy theft marketing campaign has confirmed to be very fruitful and the ability division was in a position to get well appropriately Rs.10 billion throughout the marketing campaign. It was apprised that the marketing campaign continues in numerous districts and areas of the nation on completely different fashions. The Senate Committee acknowledged the efforts of the ability division and beneficial to offer appreciation certificates to the officers who led the marketing campaign.

The Committee chair beneficial that the restoration ought to be utilized as aid for the folks of Pakistan. The ability division anticipated {that a} restoration of round Rs. 150 billion is predicted inside 3 -4 months.

On the outset of the assembly, Senator Saifullah Abro expressed reservations on the absence of Chairman NEPRA and all its provincial Members from the Committee assembly. He mentioned that NEPRA appears to keep away from the conferences of Senate Energy Committee as a result of they don’t have the braveness to reply the questions raised by the Members on this discussion board.

The Committee chaired instantly sought particulars on the incumbency report of Extra Secretary (AS) Energy Division from January 2021 – December 2021 to find out as to why the Chairman NEPRA is absent from the Committee assembly right this moment and in addition with regard to agenda merchandise pertaining to unlawful extension of KAPCO Energy Plant.

The Chairman Committee inquired on the quantity of vitality cost made to KAPCO Energy Plant whose settlement was already expired in June 2021, the officers replied that Rs. 151 Bn was paid as Power cost to KAPCO Energy Plant out of which 95 computer had been gas costs.

The committee members inquired on the explanations of unlawful extension and mentioned that no matter work between KAPCO Energy Plant and Energy Division came about after the expiry of the settlement might deem to be unlawful. The committee chair mentioned that not even the extension was unlawful however the Energy division doesn’t even maintain the authority to offer extensions to IPPs. Concerning the funds made to IPPs, the officers knowledgeable that beneath coverage 2002 onwards the funds are been paid by NEPRA. The chairman committee inquired that in that case is the case then on which foundation, NEPRA has issued a present trigger discover and sought rationalization on the extension from CPPA-G. The committee deferred the matter for additional deliberation and inquired on the small print of breakup of Rs. 151 billion as vitality cost paid to KAPCO Energy Plant.

The committee additionally sought the advantageous charged to CPPA-G on the identical. The CPPA-G officers additionally briefed the committee concerning the Members of BoD, Kot Addu Energy Firm Restricted members together with its Chairman Lt. Basic (Retd) Sajjad Ghani. The committee sought full particulars concerning the BOD, Members earlier than the subsequent Committee assembly.

The committee whereas deliberating on agenda merchandise relating to the 765 kV double circuit transmission line from Dasu Hydro Energy Station tabled the letter issued by World Financial institution to Energy Division. The letter mentioned that the World Financial institution confirmed that the contract was procured following the World Financial institution Procurement Rules as stipulated within the authorized settlement signed between the World Financial institution and authorities of Pakistan for the US $700 million IBRD mortgage. Nonetheless, the letter mentioned that suggestions relating to the mis-procurement and re-tendering of Lot-1 is inaccurate, the letter identified. The committee apprehended that the ministry (Power Ministry) appears to mis-communicate the target behind acquiring the method particulars strictly in keeping with the WB tips and mentioned that no such particulars are offered which claims that no deviation has occurred which probably result in mis procurement.

The committee chaired inquired from the Energy Division to specify the in accuracies within the Senate suggestions by the World Financial institution. Energy Division mentioned that the NTDC is the procurement company and a committee has already been constituted by NTDC to additional deliberate upon the findings of senate suggestions. The committee chair after thorough deliberation noticed that the idea on which the World Financial institution issued the NOC and termed the venture authorized is simply on the stage sensible data and course of particulars offered by the NTDC.

The committee chair beneficial holding a gathering with the NTDC Board and shutting the matter relating to the mis-procurement of Lot -1 & LoT-II and if the Senate Committee findings discovered incorrect be certain to confess and provides redressal. The committee sought report of the procurement committee inside a fortnight for additional deliberation.

The committee additionally obtained briefing by MD, NESPAK on their consultancy and progress of all tasks in Energy Sector and on ADP venture ACSR bunting conductor Lot -II A.  The chairman committee inquired on the technical expertise required by the M/s Newage Cables Lahore and M/s Henan Tong-Da China. The committee noticed that the expertise of bunting conductor is lacking on the ACSR bunting conductor LoT II A venture in each certified corporations. It was apprised that M/s Newage Cables Lahore emerged because the lowest evaluated substantial responsive on the idea of home desire. The Committee sought total correspondence made between NTDC and NESPAK on the venture to find out the idea of M/s Newage Cables Lahore because the lowest bidder.

The assembly was attended by Senator Bahramand Khan Tangi, Senator Muhammad Asad Ali Khan Junejo Senator Saifullah Sarwar Khan Nyazee, Senator Sana Jamali, Senator Dilawar Khan, Senator Haji Hidayatullah khan and Senator Fida Muhammad.

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Gul Ahmed Textile Mills sees income fall by almost 50% in 2023



Gul Ahmed Textile Mills Restricted (GATM) wrapped up their fiscal yr 2022-23 with an enormous fall in income. This was acknowledged in a consolidated report launched on Tuesday to the Pakistan Inventory Change (PSX) displaying a 50% lower in income, largely pushed by a excessive price of gross sales and finance prices.

The corporate posted a internet revenue of Rs4.88 billion for the yr as in comparison with Rs9.85 billion which was recorded on the similar time final yr. Because of this, GATM’s earnings per share for fiscal yr 2023 dropped from Rs13.30 final yr to Rs6.62 this yr.

This decline in profitability might be attributed to a considerable enhance in finance prices, which rose by 86.57% year-on-year to achieve Rs7.31 billion in fiscal yr 2023. The rise is attributed to a major enhance in rates of interest all year long. The corporate additionally skilled a virtually 17% year-on-year drop in different earnings, which amounted to Rs82.1 crores in fiscal yr 2023, in comparison with Rs986.92 million final yr.

Whereas the textile producer witnessed a 14% progress in whole income, reaching Rs138.93 billion in comparison with Rs121.81 billion within the earlier yr, its revenue margin contracted from 22.2% in fiscal yr 2022 to twenty% in fiscal yr 2023, as a consequence of greater price of gross sales. The corporate’s working bills elevated by almost 19% year-on-year, totaling to Rs14.69 billion in fiscal yr 2023.

Regardless of the worrying numbers, financial analyst A. A. H. Soomro advised Revenue that the outcomes may actually present a promising development on margin enchancment.

“Within the world contractionary section, fetching excessive gross sales is troublesome. That’s seen with low greenback gross sales on a year-to-year foundation. However, regardless of a 40% plus enhance in monetary prices, backside line progress is strong on a quarterly foundation and prone to proceed,” he stated.

The analyst stated heightened competitiveness in export orders is anticipated, as a consequence of substantial home crop, important forex changes – regardless of an increase in vitality bills.

“Gul Ahmed presents a robust mixture of home and export gross sales, and these outcomes ought to consolation buyers on enhancing prospects of unlocking the valuations,” Soomro acknowledged.

In a associated growth, GATM’s Board of Administrators determined to reclassify Rs23 billion from income reserves to separate capital reserves (un-distributable by the use of dividend), reflecting the character of those reserves extra precisely.

It’s pertinent to say that the board, over time, has mentioned the corporate’s enlargement and diversification efforts, together with substantial investments, have elevated enterprise worth for shareholders. Consequently, the unappropriated income are usually not totally obtainable for dividend distribution.

Gul Ahmed Group has been a textile dealer because the 1900s and initiated its manufacturing operations as Gul Ahmed Textile Mills (GATM) in 1953. Subsequently turning into a publicly listed firm in 1955. GATM, a subsidiary of Gul Ahmed Holdings (Non-public) Restricted, is a complete textile mill specializing in textile product manufacturing and gross sales. Past manufacturing, GATM has ventured into the retail sector, with over 40 shops nationwide.


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