ISLAMABAD: The Supreme Court of Pakistan (SCP) has sought actionable suggestions from the Water and Power Development Authority (WAPDA), the Auditor General, and the Attorney General for the proper utilization of the funds in the Dams Fund case.
During the hearing, the apex court was apprised that a complete investigation found no misappropriation of the fund.
A three-member bench, headed by Chief Justice Qazi Faiz Isa, conducted the hearing, where the court was informed that the dam fund currently holds over Rs23 billion, with Rs11 billion as the principal amount and over Rs12 billion in markup.
The chief justice inquired whether the fund could be placed in private banks to generate additional markup.
During the proceedings, the court expressed concerns over the government paying markup to itself through T-bills, with the Additional Auditor General explaining that the government provides the markup on the money it uses.
Chief Justice Isa criticized this practice, calling it an “eye-opener,” and questioned why the government is essentially benefiting itself.
The State Bank of Pakistan (SBP) legal advisor informed the court that the fund’s money is managed by the government, and any funds allocated for WAPDA must go through the public account.
SC Justice Naeem Afghan raised concerns about the financial state of the government and the potential risk if the funds are not given to WAPDA.
The chief justice also questioned the legality of the Supreme Court’s execution bench, suggesting that there is no mention of such a bench in the Constitution. He reiterated that his oath is to implement the constitution, not merely court decisions.
The court adjourned the hearing until Friday, requesting the parties involved to propose workable solutions for the efficient use of the dam fund.
