Justice for all
That justice should not just be done but seen to be done is as old an adage as the legal profession itself. And the military just added another feather to its cap with the NLC investigation and punishment awarded to two ex-generals. There was chatter about an inter-services clean up job since not long after the new chief took office; and it seems that it is more than the terrorists in the badlands that are on his mind. No doubt this case sets an important precedent, especially in the present environment. But far more needs to be done.
It took a long investigation – approximately five years – but it turns out that the NLC case was as typical a Ponzi scheme as imaginable. The now disgraced generals were mandated to oversee investments in the stock market – which is precisely where Rs1.8b out of Rs4b of pensioners’ money made its way to money heaven on account of fudged interest rates, kickbacks, and an inherent inability to understand capital markets. Large enterprises all over the world invest part of their monies in equity markets. Even governments do, through sovereign wealth funds – something still unheard of in Pakistan. And inside jobs like fiddling with bank interest rates, partnering with investors for a slice of the earnings, etc, are typical amateur tricks that are now easily caught. Hopefully the NLC case will make such investigation easier in the future.
In addition to the cleaning up, this action also sends a loud message to officers and civilians alike. Terrorism and militancy might be number one on the agenda – for obvious reasons – but winning the fight against corruption will be just as important for the country to survive. And whoever takes the boldest steps in that direction – military or the government – will be respected and loved by the majority of the people. There are signs, gladly, that these are not isolated incidents, and the axe will fall on more deceivers who are guilty of stealing from the people.