KARACHI: The Federal Investigation Agency (FIA) Anti-Corruption Circle has registered a case against a former Chairman of the Karachi Port Trust (KPT) and several others for alleged irregularities in the leasing of berths to the Karachi International Container Terminal (KICT). According to the FIA, the scam caused a staggering loss of over Rs. 50 billion to the national exchequer.
Key Findings of the Investigation
The berths were originally leased in 1996 on a Build-Operate-Transfer (BOT) basis. Under the 21-year agreement, the property was supposed to be handed back to KPT in 2017, yet the berths remained under private control even after the contract expired. The investigation revealed that no open bidding was conducted in 2017, violating the KPT Manual. Furthermore, in 2005, two additional berths were allotted to KICT, effectively extending their control until 2029 without following due process. The prosecution also maintains that legal opinions advising against the extension of Phase I and Phase II were intentionally withheld from the KPT Board.
Individuals and Entities Nominated
The FIA has nominated several key figures in the FIR, including former KPT Chairman Ahmed Hayat, former General Manager (P&D) Jamshed Zaidi, and former KICT CEO Khurram Sajjad Abbas. Additionally, foreign companies holding a 50% stake in KICT have been included as “Legal Persons” in the case.
Next Steps
The FIA has decided to approach Interpol to issue Red Notices for the arrest of the primary accused residing abroad. Further investigations are currently underway to uncover more details of the financial misappropriation.
