National
February 20, 2021
ISLAMABAD: A foreign assets recovery firm had claimed $515 million as compensation after the termination of its agreement but had settled on a much lower sum of $2 million after negotiations with the National Accountability Bureau (NAB).
In its objections, the Auditor-General of Pakistan (AGP) held that against a claim of $515.6m, only $2.2m were paid and accepted by International Assets Recovery (IAR), indicating that the demand was not filed on a factual basis. Either the claim was exorbitant or there was some flaw in the agreement reached between IAR and NAB/the Pakistan government, documents show.
An amount of $.15m was also paid to Broadsheet LLC, a firm different from the one headed by Kaveh Moussavi. President Dr Arif Alvi, on the recommendation of an official committee, had approved the payment of $3.7 million [$2.2m plus $1.5m] to Broadsheet LLC and IAR by NAB as compensation after the termination of the asset recovery agreement.
Ending pacts with assets recovery firms: Co claimed $515m compensation but settled for just $2 2 million
thenews.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenews.com.pk Daily Mail and Mail on Sunday newspapers.
Ending pacts with assets recovery firms: Company claimed $515m compensation but settled for $2 2m
thenews.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenews.com.pk Daily Mail and Mail on Sunday newspapers.
Ending pacts with assets recovery firms: Company claimed $515m compensation but settled for $2 2m
thenews.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenews.com.pk Daily Mail and Mail on Sunday newspapers.