NAB Requests SBP to Provide SadaTech’s Data for Probe Against It’s Management [Update]

The National Accountability Bureau (NAB) has approached the State Bank of Pakistan (SBP), seeking information about the documents submitted by a company named M/s SadaTech (Pvt.) Ltd. for obtaining Electronic Money Institutions (EMIs) license from the regulator. In this connection, NAB has written a letter to the Director Payment System Department, SBP, Karachi. NAB has sought the information under Section 19 of the National Accountability Ordinance, 1999. According to the letter, NAB is seeking the said information in connection with an inquiry against Syed Abuzar Bukhari, CEO M/s Performance Automotive (Pvt.) Ltd., Rehan Yaseen, Senior Manager M/s Performance Automotive (Pvt.) Ltd., and others. SadaTech responded to the news item, saying: “We’d like to categorically affirm that SadaTech Pakistan Pvt Ltd has no affiliation or relation to the Porsche Pakistan scandal (Performance Automotive Ltd. and associates). It is saddening that the valuable resources of State Institutions can be distracted by what appears to be a politically motivated agenda by a competitor to disparage our company and the great things we aim to do in Pakistan’s digital financial services ecosystem. Let it be known that we are devoted to upholding the highest levels of integrity and intend to work closely with the State Bank of Pakistan to substantiate our position on this matter as a responsible financial institution.”