The Supreme Court of Pakistan (SCP) has requested actionable recommendations 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 comprehensive investigation had found no evidence of fund misappropriation. A three-member bench led by Chief Justice Qazi Faiz Isa presided over the proceedings, where it was revealed that the dam fund currently exceeds Rs23 billion, comprising Rs11 billion in principal and over Rs12 billion in markup.
Chief Justice Isa inquired about the possibility of investing the fund in private banks to generate additional markup. The court expressed concern regarding the government’s practice of paying markup to itself through Treasury bills, with the Additional Auditor General clarifying that the government pays markup on the funds it utilizes.
The chief justice criticized this practice, labeling it an “eye-opener,” and questioned the rationale behind the government benefiting from its own funds. The legal advisor for the State Bank of Pakistan (SBP) stated that the management of the fund’s money lies with the government, emphasizing that any allocation to WAPDA must go through the public account.
Justice Naeem Afghan raised alarms about the government’s financial health and the potential risks if WAPDA does not receive the necessary funds. Chief Justice Isa also questioned the legality of the Supreme Court’s execution bench, noting that there is no reference to such a bench in the Constitution. He reiterated his commitment to uphold the Constitution rather than merely follow court decisions.
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The court adjourned the hearing until Friday, asking the involved parties to propose feasible solutions for the efficient management of the dam fund.
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