The Supreme Court of Pakistan (SCP) has called for actionable suggestions from the Water and Power Development Authority (WAPDA), the Auditor General, and the Attorney General regarding the effective utilization of funds in the Dams Fund case.
During the hearing, the court was informed that a thorough investigation revealed no misappropriation of the funds. A three-member bench, led by Chief Justice Qazi Faiz Isa, learned that the dam fund currently totals over Rs23 billion, comprising Rs11 billion in principal and more than Rs12 billion in markup.
Chief Justice Isa questioned whether the funds could be placed in private banks to generate additional returns. The court expressed concern over the government’s practice of paying markup to itself through T-bills, with the Additional Auditor General explaining that the government pays markup on the funds it utilizes.
Criticizing this practice, Chief Justice Isa labeled it an “eye-opener” and questioned why the government benefits from such arrangements. A legal advisor from the State Bank of Pakistan (SBP) informed the court that the government manages the fund, indicating that any allocations for WAPDA must pass through the public account.
Justice Naeem Afghan raised alarms about the government’s financial situation, warning of potential risks if the funds are not allocated to WAPDA.
Chief Justice Isa further scrutinized the legality of the Supreme Court’s execution bench, suggesting there is no constitutional basis for its existence. He emphasized that his oath is to uphold the Constitution, rather than merely following court decisions.
The hearing was adjourned until Friday, with the court requesting all parties involved to propose effective solutions for the optimal use of the dam fund.
