PESHAWAR: The Khyber Pakhtunkhwa government has served a legal notice on three PML-N MNAs asking them to unconditionally apologise within 14 days for falsely accusing it of embezzling Rs363 billion and wasting billions of rupees of the Hydel Development Fund in stock market.

The notice was issued to Daniyal Aziz, Dr Tariq Fazal Chaudhry and Malza Hameedthrough the finance secretary asking them to tender an unconditional apology in a news conference within 14 days by clearly withdrawing their `false accusations` and seeking pardon for whatever `baseless and uncalledfor accusations and aspersions` they had casted.

The three were also asked to pay Rs1 billion to the provincial government as special damages and further sum of Rs500 million as compensation for the harm and damage caused to it.

The notice said in case the MNAs failed to fulfil the demand in stipulated period, the government would initiate both civil action and criminal prosecution against them at the competent forums.

The notice served through lawyer Shumail Ahmad Butt said it was a matter of record that the provincial government maintained HDF as established under the NWFP HydelDevelopment Fund Ordinance, 2001, for pooling in liquid resources to finance hydel power projects.

It added that the fund had been managed through a board provided for in the ordinance.

`Through NWFP Hydel Development Fund (Amendment) Act, 2005, an investment committee headed by the chief secretary of the province was introduced in the law to make recommendations to the board, it said.

The notice said the current value of the fund stood at Rs26.136 billion, either deposited with Bank of Khyber or invested only in approved government securities in forms of Treasury Bills and Pakistan Investment Bonds.

It added that not a single penny from HDF had ever been put in any of the country`s stock markets or any other riskier invest-ment venture.

The notice said on Aug 21, the three MNAs held a press conference at Peshawar where they blatantly and in open words casted slur and undue aspersions and accused the government for embezzling Rs363 billion, and falsely proclaimed that billions of rupees of HDF had been wasted in stock marl
It said the MNAs had leveled baseless allegations on the government that Rs25 billion of HDF had been wagered in stock market, and further belied that public funds were being used in betting.

The notice said not only the allegations of MNAs were based on sheer mala fide and bad intention to belittle, ridicule and disgrace the government in the eyes of the people in general and the people of the province in particular but also to cause damage valuing billions of rupees to the government.