PESHAWAR - The Accountability Court Peshawar today while announcing its verdict on a reference filed by NAB KPK awarded five years imprisonment and a fine of Rs 59 million to Seth Nisar Ahmad in a criminal breach of trust case.

The accused imported raw material for his Steel Mill established in the name of Hayat Industries at Gadoon Amazai Industrial Estate. For this, the accused applied for credit facility to run the affairs of M/S Hayat Industries Ltd. 09 LCs amounting to US $ 3258604-08 were opened after approval.

Against the said LCs, the accused imported 100 consignments of raw material for his Steel Mill at Gadoon, which was a tax free zone. He availed the tax free facility but only 67 consignments reached the bonded warehouse at Industrial Estate Gadoon while the rest were disposed off on the way in connivance with officials of Custom Department and Allied Bank thus causing great loss to National Exchequer.

NAB (KP) taking cognizance of the fraud case initiated investigations against the accused and finally filed a reference in the Court of Law. The accused is also wanted in another case in Accountability Court Lahore.