The Pakistan Army has held two retired generals and one civilian officer of the National Logistic Cell (NLC) guilty for illegally investing Rs 4.3 billion in the stock market and causing a loss of Rs 1.8 billion in the process.

“Two retired General Officers and one civilian officer Saeed ur Rehman were indeed responsible for making incorrect decisions of investments in violation to NLC rules and regulations thereby causing losses to the organisation during this period,” an ISPR statement issued on Wednesday said.

The decision was made by a committee of senior officers, following army chief General Raheel Sharif’s orders to expedite the case.

As a result, Maj Gen (r) Khalid Zahir Akhter has been “‘Dismissed from Service’, which implies forfeiture of rank, decorations, medals, honours, awards, seizure of pension, recovery of personal gains, cancellation of service benefits and all other facilities. Lt Gen (r) Muhammad Afzal Muzaffar has been awarded “Severe Displeasure (Recordable)” which in essence is a disciplinary award due to an offence of lesser degree i.e. violation of procedures but no personal gains.”

Meanwhile, according to the statement, Lt Gen (r) Khalid Munir Khan has not been found involved in any financial irregularity or serious misconduct and therefore stands absolved from all charges.