NAB resummons Ali Jahangir Siddiqui in embezzlement case

Author: Mustansar Abbas

LAHORE: The National Accountability Bureau (NAB) on Monday resummoned designated Ambassador to the United States and special assistant to the Prime Minister (PM) Ali Jahangir Siddiqui for an inquiry on April 17.

According to the NAB, Ali Jahangir was summoned to appear before a probing committee on March 22, but he did not present himself. Moreover, the NAB said that Ali was handed over a 2-page questionnaire which has also not been submitted.

NAB had issued a notice to Siddiqui accusing him of embezzlement in selling of shares to government institutions above the market price, costing the investors worth Rs 40 billion losses.

Among the charges as per the notice, Siddiqui was withdrawing off funds in 2008 totaling €23.758 million for the purchase of an Italian company, resulting in a loss to the shareholders and Azgard Nine Ltd.

Securities and Exchange Commission of Pakistan (SECP) in a report revealed that in 2016, Azgard Nine Ltd artificially increased its shares’ price to Rs 70 from Rs 24 in bad faith.

Share
Leave a Comment

Recent Posts

  • Business

Pakistan-Romania business delegation meets Presidential Advisor to boost trade

A delegation from the Pakistan Romania Business Council (PRBC) met with Legal Affairs Advisor to…

8 hours ago
  • Business

Pakistan joins fossil-fuel non-proliferation coalition to embrace a renewable energy future

Pakistan has joined a coalition of climate-vulnerable countries advocating for a global fossil-fuel non-proliferation treaty,…

8 hours ago
  • Business

High remittances flow crucial in financing deficit, debt repayments

The Federation of Pakistan Chambers of Commerce and Industry’s (FPCCI) Businessmen Panel (BMP) has said…

8 hours ago
  • Business

Small industry needs govt special focus to generate employment: APBF

The All Pakistan Business Forum (APBF) has said that the value-added small industry should be…

8 hours ago
  • Business

PITB team visits SCCI

A team of Punjab Information Technology Board (PITB) visited Business Facilitation Centre (BFC), and Sialkot…

8 hours ago
  • Business

China, Pakistan share latest non-wood forestry findings

Chinese and Pakistani academic achievements in resistant rootstocks for economic forests and grafted and fodder…

8 hours ago